Gatekeeping the gatekeepers: when big techs and fintechs own banks – benefits, risks and policy options
FSI Insights No 39, January 2022. The latest FSI Insight looks into the strategies that authorities can employ to meet those challenges and the implications for public backstops.
Bank opacity – patterns and implications
by Stefan Avdjiev and Maximilian JagerWe investigate the patterns and implications of bank opacity in Europe using a rich bank-level data set.
Monetary policy and endogenous financial crises
by Frederic Boissay, Fabrice Collard, Jordi Galí and Cristina ManeaWe study whether a central bank should deviate from its objective of price stability to promote financial stability.
Informational switching costs, bank competition, and the cost of finance
by José Renato Haas Ornelas, Marcos Soares da Silva and Bernardus F Nazar Van DoornikThis paper studies the links between competition in the lending market and spreads of bank loans in Brazil.
Central bank digital currencies (CBDCs) in Latin America and the Caribbean
by Viviana Alfonso C, Steven Kamin and Fabrizio ZampolliOur statistical analysis identifies important drivers of engagement in CBDC development: the extent of innovation, the presence of fast payment systems, government effectiveness, financial account ownership, financial development more generally and the extent of the public’s interest in CBDCs.
Project Helvetia Phase II: Settling tokenised assets in wholesale CBDC
The BIS, the Swiss National Bank and SIX successfully tested integration of wholesale CBDC settlement with commercial banks
The premia on state-contingent sovereign debt instruments
by Deniz Igan, Taehoon Kim and Antoine LevyThis paper fills this gap in the literature by examining GDP-linked warrants issued by Argentina, Greece and Ukraine.
Zombies on the brink: Evidence from Japan on the reversal of monetary policy effectiveness
by Gee Hee Hong, Deniz Igan and Do LeeThis paper offers a corporate finance perspective on the effects and limitations of unconventional monetary policy.
Platform-based business models and financial inclusion
by Karen Croxson, Jon Frost, Leonardo Gambacorta and Tommaso VallettiWe show that platforms have helped to achieve impressive gains in financial inclusion, both in emerging market and developing economies and in advanced economies such as the United Kingdom.
Building benchmarks portfolios with decreasing carbon footprints
by Eric Jondeau, Benoit Mojon and Luiz Awazu Pereira da SilvaIn this paper, we build portfolios with a progressively falling carbon footprint, which passive investors could use as a new Paris-consistent (PC) benchmark while keeping their risk-adjusted returns at the same level as those of business-as-usual (BAU) benchmarks.