BIS Papers Series最新文献

{"title":"The Macroprudential Policy Framework in Colombia","authors":"Hernando Vargas, Pamela Cardozo, Andrés Murcia","doi":"10.32468/BE.1014","DOIUrl":"https://doi.org/10.32468/BE.1014","url":null,"abstract":"Macroprudential policy in Colombia is described along with a discussion of the main challenges faced by the authorities in implementing it and a review of episodes in which macroprudential measures were taken. An overview and some estimates of their effectiveness in preventing the buildup of imbalances, increasing buffers and cushioning downswings are presented.","PeriodicalId":328573,"journal":{"name":"BIS Papers Series","volume":"97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121807972","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Central Banks as Lenders of Last Resort: Experiences During the 2007-10 Crisis and Lessons for the Future","authors":"Dietrich Domanski, R. Moessner, William R. Nelson","doi":"10.2139/SSRN.2544645","DOIUrl":"https://doi.org/10.2139/SSRN.2544645","url":null,"abstract":"During the 2007-2010 financial crisis, central banks accumulated a vast amount of experience in acting as lender of last resort. This paper reviews the various ways that central banks provided emergency liquidity assistance (ELA) during the crisis, and discusses issues for the design of ELA arising from that experience. In a number of ways, the emergency liquidity assistance since 2007 has largely adhered to Bagehot's dictums of lending freely against good collateral to solvent institutions at a penalty rate. But there were many exceptions to these rules. Those exceptions illuminate the situations where the lender of last resort role of central banks is most difficult. They also highlight key challenges in designing lender of last resort policies going forward.","PeriodicalId":328573,"journal":{"name":"BIS Papers Series","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131357501","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Monetary Policy in Asia: Approaches and Implementation","authors":"Bank for International Settlements","doi":"10.2139/ssrn.1188863","DOIUrl":"https://doi.org/10.2139/ssrn.1188863","url":null,"abstract":"The papers collected in this volume were written for a conference held at the Hong Kong Monetary Authority in November 2005. It was organised jointly by the BIS Representative Office for Asia and the Pacific in Hong Kong SAR and the Hong Kong Institute for Monetary Research. The objective of the conference was to take stock of the current practice of monetary policy in a broad cross section of Asian economies. Papers on China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Thailand and Vietnam were presented and discussed at the conference and subsequently revised by the authors. In addition, the experience of a \"mature\" inflation targeter, the Reserve Bank of Australia, was presented. The result is an up-to-date account and assessment of the strategies followed by the respective central banks and monetary authorities.","PeriodicalId":328573,"journal":{"name":"BIS Papers Series","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122490788","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Asian Bond Markets: Issues and Prospects","authors":"Bank for International Settlements","doi":"10.2139/ssrn.1188862","DOIUrl":"https://doi.org/10.2139/ssrn.1188862","url":null,"abstract":"These papers were presented at a BIS/Korea University conference of central bankers, scholars and market participants held in Seoul on 21-23 March 2004. They should be read as reflecting market conditions at that time. The views expressed are those of the authors and do not necessarily reflect the views of the BIS or the central banks represented at the meeting. Individual papers (or excerpts thereof) may be reproduced or translated with the authorisation of the authors concerned.","PeriodicalId":328573,"journal":{"name":"BIS Papers Series","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127035975","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Recent Behaviour of Financial Market Volatility","authors":"Bank for International Settlements","doi":"10.2139/ssrn.1188518","DOIUrl":"https://doi.org/10.2139/ssrn.1188518","url":null,"abstract":"This BIS Paper studies the behaviour of financial market volatility since 1970, with special emphasis on the evolution in recent years. Financial market volatility plays an important role in corporate investment decisions and in the willingness and ability of banks to extend credit. This Report emphasises that the reduction in volatility seen in recent years largely represents: the consequence of improvements in the functioning and structure of global financial markets; increased market liquidity; the greater role of institutional investors; better communication between central banks and financial markets; and stronger company balance sheets The study was prepared by a study group under the Chairmanship of Mr Fabio Panetta of the Bank of Italy.","PeriodicalId":328573,"journal":{"name":"BIS Papers Series","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132097639","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Banking System in Emerging Economies: How Much Progress Has Been Made?","authors":"Bank for International Settlements","doi":"10.2139/ssrn.1188516","DOIUrl":"https://doi.org/10.2139/ssrn.1188516","url":null,"abstract":"Banking crises in emerging markets in the 1990s were associated with major macroeconomic disruptions: sharp increases in interest rates, large currency depreciations, output collapses and lasting declines in the supply of credit. Bank credit has since recovered in a number of countries, and there have been significant changes in banking structure, performance and risk management capacity. Drawing on contributions by senior central bank officials from emerging market economies and staff of the Bank for International Settlements, the volume seeks to shed light on recent developments by addressing five broad topics. Recent trends in bank credit After peaking in the second half of the 1990s, bank credit to the private sector has recently risen in a number of emerging market economies, partly because of stronger demand for loans associated with robust growth and low interest rates, and partly because of greater supply of loans associated with improved bank balance sheets. The share of bank credit to the business sector has nonetheless declined in part because lagging investment spending has curbed corporate loan demand, and also because of the availability of financing in bond and equity markets. In some countries risk averse banks have held government securities rather than lend to the corporate private sector. Financial institutions have increased lending to households but this exposes them to new forms of risk, as illustrated by difficulties in the credit sector in Korea earlier in this decade. One concern is that banks in some countries have transferred a significant amount of interest rate or exchange rate risk to households through floating rate credit or loans denominated in foreign currency. The pace of structural change Banking systems in emerging economies have been transformed by privatisation, consolidation and foreign bank entry. Bank efficiency and performance have improved, apparently in response to a more competitive climate. More recently, reforms appear to have slowed, in part because the easy work had been done and because of alternative approaches to reform. For example, rather than engaging in full scale privatisation, countries like China and India are only gradually transferring ownership of major state-owned banks to the private sector. As for bank consolidation, it has been market-driven and foreign banks have played an important role in central and eastern Europe and Mexico, while the state has played a larger role in Asia. Increased concentration was not seen as a threat to competition and access to bank financing had improved with the growing presence of foreign banks. However foreign banks raised political concerns because of perceived high profits and were also difficult to supervise because parent banks' global goals and information flows did not always coincide with the needs of host country supervisors. Evolution in and management of risks facing banks Macroeconomic vulnerabilities (particularly to external shocks) app","PeriodicalId":328573,"journal":{"name":"BIS Papers Series","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115583571","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Past and Future of Central Bank Cooperation: Policy Panel Discussion","authors":"Bank for International Settlements","doi":"10.2139/ssrn.1188802","DOIUrl":"https://doi.org/10.2139/ssrn.1188802","url":null,"abstract":"On 27-29 June 2005, the BIS held its fourth Annual Conference on Past and Future of Central Bank Cooperation, as part of the Bank's 75th anniversary celebrations. The event brought together some 80 senior representatives of central banks, academic institutions and the private sector to exchange views on this topic. The conference was opened with addresses by Tommaso Padoa-Schioppa (former member of the Executive Board, ECB) and William White (Economic Adviser, BIS). It was closed with a Policy Panel discussion: \"Reflections on the future of central bank cooperation\". The panel discussion was chaired by the BIS General Manager Malcolm D Knight. The panellists were Andrew D Crockett (JP Morgan Chase), Jacques de Larosiýre (Paribas), Allan Meltzer (Carnegie Mellon University), Paul Volcker (International Accounting Standards Committee), and Yutaka Yamaguchi (former Deputy Governor, Bank of Japan). Their contributions are contained in this BIS Paper.","PeriodicalId":328573,"journal":{"name":"BIS Papers Series","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114727499","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Zero-Coupon Yield Curves: Technical Documentation","authors":"Bank for International Settlements","doi":"10.2139/ssrn.1188514","DOIUrl":"https://doi.org/10.2139/ssrn.1188514","url":null,"abstract":"Following a meeting on the estimation of zero-coupon yield curves held at the BIS in June 1996, participating central banks have since been reporting their estimates to the Bank for International Settlements. The BIS Data Bank Services provide access to these data, which consist of either spot rates for selected terms to maturity or represent estimated parameters from which spot and forward rates can be derived. In the case estimated parameters are reported, the Data Bank Services provides, in addition to the parameters also the generated spot rates. The purpose of this document is to facilitate the use of these data. It provides information on the reporting central banks' approaches to the estimation of the zero-coupon yield curves and the data transmitted to the BIS Data Bank. In most cases, the contributing central banks adopted the so-called Nelson and Siegel approach or the Svensson extension thereof. A brief overview of the relevant estimation techniques and the associated mathematics is provided below. General issues concerning the estimation of yield curves are discussed in Section 1. Sections 2 and 3 document the term structure of interest rate data available from the BIS. The final section provides examples of estimated parameter and selected spot and forward rates derived thereof. A list of contacts at central banks can be found after the references. The remainder of this document consists of brief notes provided by the reporting central banks on approaches they have taken to estimate the yield curves. Since the last release of this manual in March 1999 there have been four major changes: Switzerland started to report their estimates of the yield curve to the BIS in August 2002. Furthermore, Sweden began to use a new estimation method in 2001, the United Kingdom since September 2002 and Canada since January 2005. These changes are included in Tables 1 and 2.","PeriodicalId":328573,"journal":{"name":"BIS Papers Series","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122202074","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Globalisation and Monetary Policy in Emerging Markets","authors":"Bank for International Settlements","doi":"10.2139/ssrn.1188511","DOIUrl":"https://doi.org/10.2139/ssrn.1188511","url":null,"abstract":"Global financial integration has substantially increased in recent decades. Initially, it manifested itself in growing capital flows between developed countries. In response to the removal of capital controls, financial innovation and technological progress, financial integration has subsequently spread to emerging market countries. Gross and net capital flows between developed and emerging economies have increased. Financial integration has also been evident in frequently high correlations between asset yields or prices, particularly for certain asset classes such as high-yield corporate bonds and sovereign bonds and equities in developed and emerging markets.","PeriodicalId":328573,"journal":{"name":"BIS Papers Series","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121730516","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Fiscal Issues and Central Banking in Emerging Economies","authors":"Bank for International Settlements","doi":"10.2139/ssrn.1188109","DOIUrl":"https://doi.org/10.2139/ssrn.1188109","url":null,"abstract":"Central banks have an incentive to monitor the fiscal position of the government for at least two reasons. First fiscal policy can constrain the implementation of monetary policy, particularly when governments call on the central bank to fund government programmes. Second, fiscal policy measures can affect aggregate demand as well as the condition of the financial sector. Fiscal measures therefore affect the central bank's ability to achieve macroeconomic and financial stability. Three key issues are: (i) How should central banks assess fiscal positions? (ii) What is the experience with countercyclical fiscal policy? and (iii) How do fiscal operations affect central bank balance sheets, and does this raise any problems? Senior officials from a number of emerging economies discussed these issues at a meeting in Basel in December 2002. This volume contains revised versions of the papers prepared by participants describing experiences in their own economies, and the background papers prepared by BIS staff.","PeriodicalId":328573,"journal":{"name":"BIS Papers Series","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122481883","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}