report June 10, 2021 The accountability regime of banking supervisors: with great power comes great responsibility FSI Briefs No 14, June 2021. Following the Great Financial Crisis, many supervisors have been tasked with a multitude of new objectives layered atop the core safety and soundness (S&S) mandate, which is difficult to define. Some of these... Bank of International Settlements
report June 9, 2021 The natural interest rate in China We estimate the natural interest rate in China. The natural interest rate averaged between 3 and 5 per cent between the late 1990s and 2010, but declined over the next decade to around 2 per cent. We attribute around... Bank of International Settlements
report June 8, 2021 Central bank digital currency: the quest for minimally invasive technology CBDCs should let central banks provide a universal means of payment for the digital era. At the same time, such currencies must safeguard consumer privacy and maintain the two-tier financial system. We set out the economic and operational requirements... Bank of International Settlements
report June 7, 2021 Money, technology and banking: what lessons can China teach the rest of the world? Technology companies entering the financial services industry have become a global phenomenon over the past decade. This trend is most remarkable in China where two large technology firms (BigTechs) have emerged as important market players, especially in payment services.... Bank of International Settlements
report June 7, 2021 BIS Quarterly Review, June 2021 BIS Quarterly Review for June 2021 - Since 2009, international debt issued by non-financial firms has risen in advanced and emerging market economies.... Bank of International Settlements
report June 1, 2021 The pricing of carbon risk in syndicated loans: which risks are priced and why? Do banks price the risks of climate policy change? Combining syndicated loan data with carbon intensity data (CO2 emissions relative to revenue) of borrowers across a wide range of industries, we find a significant "carbon premium" since the Paris... Bank of International Settlements
report May 28, 2021 US monetary policy and the financial channel of the exchange rate: evidence from India The effect of US monetary policy on EMEs is one of the fiercely debated issues in international finance. We contribute to this debate using micro- and macro-level analyses from India over the period 2004-2019. Using a dynamic panel estimation... Bank of International Settlements
report May 27, 2021 Cyber resilience practices – Executive Summary Cyber resilience practices - Executive Summary... Bank of International Settlements
report May 27, 2021 Climate and environmental risks – guide for supervisors – Executive Summary Climate and environmental risks - guide for supervisors - FSI Executive Summary... Bank of International Settlements
report May 27, 2021 Whom do consumers trust with their data? US survey evidence * In a recent survey, US households say they are more likely to trust traditional financial institutions than government agencies or fintechs to safeguard their personal data. They have far less trust in big techs. * This pattern differs... Bank of International Settlements
report May 26, 2021 Income inequality, financial intermediation, and small firms This paper shows that rising income inequality reduces job creation at small firms. High-income households save relatively less in the form of bank deposits while small firms depend on banks. We argue that a higher share of income accruing... Bank of International Settlements
report May 25, 2021 Income inequality and the depth of economic downturns Using an international panel data set, we analyze the implications of rising income inequality for aggregate consumption. We document that greater concentration of (after-tax) income in the top decile is associated with a significantly larger and more persistent contraction... Bank of International Settlements
report May 19, 2021 FX policy when financial markets are imperfect We study the monetary-fiscal mix in the European Monetary Union. The medium and long-run effects of conventional and unconventional monetary policy can be analysed by combining monetary policy shocks identified in a Structural VAR, and the general government budget... Bank of International Settlements
report May 19, 2021 The digitalisation of money The ongoing digital revolution may lead to a radical departure from the traditional model of monetary exchange. We may see an unbundling of the separate roles of money, creating fiercer competition among specialized currencies.... Bank of International Settlements
report May 19, 2021 Monetary-fiscal crosswinds in the European Monetary Union We study the monetary-fiscal mix in the European Monetary Union. The medium and long-run effects of conventional and unconventional monetary policy can be analysed by combining monetary policy shocks identified in a Structural VAR, and the general government budget... Bank of International Settlements
report May 19, 2021 The constraint on public debt when r < g but g < m With real interest rates below the growth rate of the economy, but the marginal product of capital above it, the public debt can be lower than the present value of primary surpluses because of a bubble premia on the... Bank of International Settlements
