Articles

Do interest rates play a major role in monetary policy transmission in China?

BIS Working Papers

No 714

 

Do interest rates play a major role in monetary policy transmission in China?

by Güneş Kamber and M S Mohanty

 

Monetary and Economic Department

April 2018

 

JEL classification: E31, C11, C32

Keywords: inflation; unobserved components; professional forecasts; sticky information; stochastic volatility...

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Inflation and professional forecast dynamics: an evaluation of stickiness, persistence, and volatility

BIS Working Papers

No 713

 

Inflation and professional forecast dynamics: an evaluation of stickiness, persistence, and volatility

by Elmar Mertens and James M. Nason

 

Monetary and Economic Department

April 2018

 

JEL classification: E31, C11, C32

Keywords: inflation; unobserved components; professional forecasts; sticky information...

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Firms’ credit risk and the onshore transmission of the global financial cycle

BIS Working Papers

No 712

 

Firms’ credit risk and the onshore transmission of the global financial cycle

by Ramon Moreno and Jose Maria Serena-Garralda

 

Monetary and Economic Department

March 2018

 

JEL classification: F24, F36, G15, G30

Keywords: International bonds, Credit Risk, Global risk appetite, Firm-level data

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Credit Supply and Productivity Growth

BIS Working Papers

No 711

 

Credit Supply and Productivity Growth

by Francesco Manaresi and Nicola Pierri

 

Monetary and Economic Department

March 2018

 

JEL classification: D22, D24, G21

Keywords: credit supply, productivity, export, management, IT adoption

 

This publication is available on the BIS website ...

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Exchange rate appreciations and corporate risk taking

BIS Working Papers

No 710

 

Exchange rate appreciations and corporate risk taking

by Sebnem Kalemli-Ozcan, Xiaoxi Liu and Ilhyock Shim

 

Monetary and Economic Department

March 2018

 

JEL classification: E0, F0, F1

Keywords: capital flows, exchange rates, FX borrowing, firm heterogeneity, firm leverage

 

This ...

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Does sovereign risk in local and foreign currency differ?

BIS Working Papers

No 709

 

Does sovereign risk in local and foreign currency differ?

by Marlene Amstad, Frank Packer and Jimmy Shek

 

Monetary and Economic Department

March 2018

 

JEL classification: G15, F30, G21, G28

Keywords: Global banks, dollar funding, money market funds, relationship frictions, US Money Market Fund reform

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Global imbalances from a stock perspective. The asymmetry between creditors and debtors

BIS Working Papers

No 707

 

Global imbalances from a stock perspective. The asymmetry between creditors and debtors

by Enrique Alberola, Ángel Estrada and Francesca Viani

 

Monetary and Economic Department

March 2018

 

JEL classification: E32, E40, E44, E50, E52

Keywords: monetary policy, financial stability, financial cycle, natural interest rate, inflation

 

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Monetary policy in the grip of a pincer movement

BIS Working Papers

No 706

 

Monetary policy in the grip of a pincer movement

by Claudio Borio, Piti Disyatat, Mikael Juselius and Phurichai Rungcharoenkitkul

 

Monetary and Economic Department

March 2018

 

JEL classification: E32, E40, E44, E50, E52

Keywords: monetary policy, financial stability, financial cycle, natural interest rate...

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An Explanation of Negative Swap Spreads: Demand for Duration from Underfunded Pension Plans

BIS Working Papers

No 705

 

An Explanation of Negative Swap Spreads: Demand for Duration from Underfunded Pension Plans

by Sven Klingler and Suresh Sundaresan

 

Monetary and Economic Department

February 2018

 

JEL classification: D40, G10, G12, G13, G15, G22, G23

Keywords: duration, swap spreads, balance sheet constraints, funding st...

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Are credit rating agencies discredited? Measuring market price effects from agency sovereign debt announcements

BIS Working Papers

No 704

 

Are credit rating agencies discredited? Measuring market price effects from agency sovereign debt announcements

by Mahir Binici, Michael Hutchison and Evan Weicheng Miao

 

Monetary and Economic Department

February 2018

 

JEL classification: G2

Keywords: shadow banking, wealth management products (WMPs), st...

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The negative interest rate policy and the yield curve

BIS Working Papers

No 703

 

The negative interest rate policy and the yield curve

by Jing Cynthia Wu and Fan Dora Xia

 

Monetary and Economic Department

February 2018

 

JEL classification: G2

Keywords: shadow banking, wealth management products (WMPs), structured credit intermediation, investment receivables, entrusted loans, trust lo...

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Cross-stock market spillovers through variance risk premiums and equity flows

BIS Working Papers

No 702

 

Cross-stock market spillovers through variance risk premiums and equity flows

by Masazumi Hattori, Ilhyock Shim and Yoshihiko Sugihara

 

Monetary and Economic Department

February 2018

 

JEL classification: G2

Keywords: shadow banking, wealth management products (WMPs), structured credit intermediation, inv...

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Mapping shadow banking in China: structure and dynamics

BIS Working Papers

No 701

 

Mapping shadow banking in China: structure and dynamics

by Torsten Ehlers, Steven Kong and Feng Zhu

 

Monetary and Economic Department

February 2018

 

JEL classification: G2

Keywords: shadow banking, wealth management products (WMPs), structured credit intermediation, investment receivables, entrusted loans...

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The perils of approximating fixed- horizon inflation forecasts with fixed- event forecasts

BIS Working Papers

No 700

 

The perils of approximating fixed- horizon inflation forecasts with fixed- event forecasts

by James Yetman

 

Monetary and Economic Department

February 2018

 

JEL classification: E31, E58

Keywords: deflation; inflation expectations; forecast disagreement; monetary policy

 

This publi...

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Deflation expectations

BIS Working Papers

No 699

 

Deflation expectations

by Ryan Banerjee and Aaron Mehrotra

 

Monetary and Economic Department

February 2018

 

JEL classification: E31, E58

Keywords: deflation; inflation expectations; forecast disagreement; monetary policy

 

This publication is available on the BIS website (www.bis....

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Money and trust: lessons from the 1620s for money in the digital age

BIS Working Papers

No 698

 

Money and trust: lessons from the 1620s for money in the digital age

by Isabel Schnabel and Hyun Song Shin

 

Monetary and Economic Department

February 2018

 

JEL classification: E42, E58, N13.

Keywords: Gresham’s Law; debasement; common knowledge; central banks

 

This publicat...

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Are Banks Opaque? Evidence from Insider Trading

BIS Working Papers

No 697

 

Are Banks Opaque? Evidence from Insider Trading

by Fabrizio Spargoli and Christian Upper

 

Monetary and Economic Department

January 2018

 

JEL classification: G14, G20, G21

Keywords: bank opacity, insider trading, financial stability

 

This publication is available on the BIS websit...

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Monetary policy spillovers, global commodity prices and cooperation

BIS Working Papers

No 696

 

Monetary policy spillovers, global commodity prices and cooperation

by Andrew Filardo, Marco Lombardi, Carlos Montoro and Massimo Ferrar

 

Monetary and Economic Department

January 2018

 

JEL classification: F36, F41, G20

Keywords: global value chains, dollar invoicing, global liquidity

 

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The dollar exchange rate as a global risk factor: evidence from investment

BIS Working Papers

No 695

 

The dollar exchange rate as a global risk factor: evidence from investment

by Stefan Avdjiev, Valentina Bruno, Catherine Koch and Hyun Song Shin

 

Monetary and Economic Department

January 2018

 

JEL classification: F36, F41, G20

Keywords: global value chains, dollar invoicing, global liquidity

&n...

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Exchange Rates and the Working Capital Channel of Trade Fluctuations

BIS Working Papers

No 694

 

Exchange Rates and the Working Capital Channel of Trade Fluctuations

by Valentina Bruno, Se-Jik Kim and Hyun Song Shin

 

Monetary and Economic Department

January 2018

 

JEL classification: F36, F41, G20

Keywords: global value chains, dollar invoicing, global liquidity

 

This public...

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Family first? Nepotism and corporate investment

BIS Working Papers

No 693

 

Family first? Nepotism and corporate investment

by Gianpaolo Parise, Fabrizio Leone and Carlo Sommavilla

 

Monetary and Economic Department

January 2018

 

JEL classification: G31, G40, J33

Keywords: nepotism, investment, moral hazard, hiring practices, family ties

 

This publicatio...

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Central Bank Forward Guidance and the Signal Value of Market Prices

BIS Working Papers

No 692

 

Central Bank Forward Guidance and the Signal Value of Market Prices

by Stephen Morris and Hyun Song Shin

 

Monetary and Economic Department

January 2018

 

JEL classification: D82, E43, E58

Keywords: Central bank communication, market expectations, crowding out

 

This publication is ...

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Effectiveness of unconventional monetary policies in a low interest rate environment

BIS Working Papers

No 691

 

Effectiveness of unconventional monetary policies in a low interest rate environment

by Andrew Filardo and Jouchi Nakajima

 

Monetary and Economic Department

January 2018

 

JEL classification: E43, E44, E52, E58.

Keywords: lending rate, quantitative easing, timevarying parameter VAR model, unconventional m...

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Nonlinear state and shock dependence of exchange rate passthrough on prices

BIS Working Papers

No 690

 

Nonlinear state and shock dependence of exchange rate passthrough on prices

by Hernán Rincón-Castro and Norberto Rodríguez-Niño

 

Monetary and Economic Department

January 2018

 

JEL classification: JEL: F31, E31, E52, C51, C52

Keywords: Exchange rate pass-through to prices, prici...

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Estimating unknown arbitrage costs: evidence from a three-regime threshold vector error correction model

BIS Working Papers

No 689

 

Estimating unknown arbitrage costs: evidence from a three-regime threshold vector error correction model

by Kristyna Ters and Jörg Urban

 

Monetary and Economic Department

January 2018

 

JEL classification: G12, G14 and G15

Keywords: Transaction cost, arbitrage, basis, threshold, regime switch, intrad...

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Global Factors and Trend Inflation

BIS Working Papers

No 688

 

Global Factors and Trend Inflation

by Gunes Kamber and Benjamin Wong

 

Monetary and Economic Department

January 2018

 

JEL classification: C32, E31, F41

Keywords: Trend inflation, foreign shocks, BeveridgeNelson decomposition

 

BIS Working Papers are written by members of the Monet...

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Searching for Yield Abroad: Risk-Taking through Foreign Investment in U.S. Bonds

BIS Working Papers

No 687

 

Searching for Yield Abroad: Risk-Taking through Foreign Investment in U.S. Bonds

by John Ammer, Stijn Claessens, Alexandra Tabova, Caleb Wroblewski

 

Monetary and Economic Department

January 2018

 

JEL classification: F21, F34, G11, G20.

Keywords: low interest rates, search for yield, portfolio choice, corp...

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Determinants of bank profitability in emerging markets

BIS Working Papers

No 686

 

Determinants of bank profitability in emerging markets

by E. Kohlscheen, A. Murcia and J. Contreras

 

Monetary and Economic Department

January 2018

 

JEL classification: E32, E43, G21.

Keywords: bank profitability, credit, risk premia, emerging markets, interest rates.

 

BIS Workin...

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Why so low for so long? A long-term view of real interest rates

BIS Working Papers

No 685

 

Why so low for so long? A long-term view of real interest rates

by Claudio Borio, Piti Disyatat, Mikael Juselius and Phurichai Rungcharoenkitkul

 

Monetary and Economic Department

December 2017

 

JEL classification: E32, E40, E44, E50, E52.

Keywords: Real interest rate, natural interest rate, saving, invest...

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Triffin: dilemma or myth?

BIS Working Papers

No 684

 

Triffin: dilemma or myth?

by Michael D Bordo and Robert N McCauley

 

Monetary and Economic Department

December 2017

 

JEL classification: F32, F33, F34, F41, H63.

Keywords: Triffin dilemma, Foreign exchange reserves, Gold, US current account, Safe assets, World’s banker

 

BIS ...

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Can macroprudential measures make crossborder lending more resilient?

BIS Working Papers

No 683

 

Can macroprudential measures make crossborder lending more resilient?

by Előd Takáts and Judit Temesvary

 

Monetary and Economic Department

December 2017

 

JEL codes: F34; F42; G21; G38

Keywords: Taper tantrum; cross-border claims; macroprudential policy; diff-in-diff analysis

 

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Bank business models: popularity and performance

BIS Working Papers

No 682

 

Bank business models: popularity and performance

by Rungporn Roengpitya, Nikola Tarashev, Kostas Tsatsaronis and Alan Villegas

 

Monetary and Economic Department

December 2017

 

JEL classification: D20, G21, L21, L25

Keywords: Balance sheet characteristics, cluster analysis, discriminant analysis, model tr...

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Corporate leverage in EMEs: Did the global financial crisis change the determinants?

BIS Working Papers

No 681

 

Corporate leverage in EMEs: Did the global financial crisis change the determinants?

by Snehal S. Herwadkar

 

Monetary and Economic Department

December 2017

 

JEL classification: G30, G32.

Keywords: dynamic capital structure, corporate leverage, emerging market economies, global financial crisis.

The Macroeconomic Effects of Asset Purchases Revisited

BIS Working Papers

No 680

 

The Macroeconomic Effects of Asset Purchases Revisited

by Henning Hesse, Boris Hofmann, James Weber

 

Monetary and Economic Department

December 2017

 

JEL classification: E50, E51, E52.

Keywords: unconventional monetary policy, asset purchases, monetary transmission.

 

BIS Working ...

Syndicated loans and CDS positioning

BIS Working Papers

No 679

 

Syndicated loans and CDS positioning

by Iñaki Aldasoro, Andreas Barth

 

Monetary and Economic Department

December 2017

 

JEL classification: G21, G28

Keywords: syndicated loans, CDS, speculation, capital regulation, EMIR, cross-border lending, asymmetric information

 

BIS Wo...

CoCo issuance and bank fragility

BIS Working Papers

No 678

 

CoCo issuance and bank fragility

by Stefan Avdjiev, Bilyana Bogdanova, Patrick Bolton, Wei Jiang and Anastasia Kartasheva

 

Monetary and Economic Department

November 2017

 

JEL classification: G01, G21, G28, G32

Keywords: CoCos, Contingent Convertible Capital, Bank Capital Regulation, Basel III

&n...

Macroeconomic implications of financial imperfections: a survey

BIS Working Papers

No 677

 

Macroeconomic implications of financial imperfections: a survey

by Stijn Claessens and M Ayhan Kose

 

Monetary and Economic Department

November 2017

 

JEL classification: D53, E21, E32, E44, E51, F36, F44, F65, G01, G10, G12, G14, G15, G21

Keywords: asset prices, balance sheets, credit, financial accelerator, financial intermediation, financial linkages, international linkages,...

Asset prices and macroeconomic outcomes: a survey

BIS Working Papers

No 676

 

Asset prices and macroeconomic outcomes: a survey

by Stijn Claessens and M Ayhan Kose

 

Monetary and Economic Department

November 2017

 

JEL classification: D53, E21, E32, E44, E51, F36, F44, F65, G01, G10, G12, G14, G15, G21

Keywords: equity prices, exchange rates, house prices, interest rates, credit, ou...

Macroprudential Policies in Peru: The effects of Dynamic Provisioning and Conditional Reserve Requirements

BIS Working Papers

No 675

 

Macroprudential Policies in Peru: The effects of Dynamic Provisioning and Conditional Reserve Requirements

by Elias Minaya, José Lupú and Miguel Cabello

 

Monetary and Economic Department

November 2017

 

Paper produced as part of the BIS Consultative Council for the Americas (CCA) research project on &...

Credit supply responses to reserve requirement: loan-level evidence from macroprudential policy

BIS Working Papers

No 674

 

Credit supply responses to reserve requirement: loan-level evidence from macroprudential policy

by João Barata R. B. Barroso, Rodrigo Barbone Gonzalez and Bernardus F. Nazar Van Doornik

 

Monetary and Economic Department

November 2017

 

Paper produced as part of the BIS Consultative Council for the Americas (C...

Loan-to-value policy and housing finance: effects on constrained borrowers

BIS Working Papers

No 673

 

Loan-to-value policy and housing finance: effects on constrained borrowers

by Douglas Kiarelly Godoy de Araujo, Joao Barata Ribeiro Blanco Barroso and Rodrigo Barbone Gonzalez

 

Monetary and Economic Department

November 2017

 

Paper produced as part of the BIS Consultative Council for the Americas (CCA) research pro...

Capital and currencybased macroprudential policies: an evaluation using credit registry data

BIS Working Papers

No 672

 

Capital and currencybased macroprudential policies: an evaluation using credit registry data

by Horacio Aguirre and Gastón Repetto

 

Monetary and Economic Department

November 2017

 

Paper produced as part of the BIS Consultative Council for the Americas (CCA) research project on “The impact of macroprude...

Capital misallocation and financial development: A sector-level analysis

BIS Working Papers

No 671

 

Capital misallocation and financial development: A sector-level analysis

by Daniela Marconi and Christian Upper

 

Monetary and Economic Department

November 2017

 

JEL classification: E22, E23, O16, O47

Keywords: Factor allocation, Total factor productivity, Financial development

 

B...

Policy rules for capital controls

BIS Working Papers

No 670

 

Policy rules for capital controls

by Gurnain Kaur Pasricha

 

Monetary and Economic Department

November 2017

 

JEL classification: F3, F4, F5, G0, G1

Keywords: capital controls, macroprudential policy, competitiveness motivations, capital flows, emerging markets, policy rules

 

BIS W...

Credit misallocation during the European financial crisis

BIS Working Papers

No 669

 

Credit misallocation during the European financial crisis

by Fabiano Schivardi, Enrico Sette and Guido Tabellini

 

Monetary and Economic Department

October 2017

 

JEL classification: D23, E24, G21

Keywords: bank capitalization, zombie lending, capital misallocation

 

BIS Working Pap...

Financial and real shocks and the effectiveness of monetary and macroprudential policies in Latin American countries

BIS Working Papers

No 668

 

Financial and real shocks and the effectiveness of monetary and macroprudential policies in Latin American countries

by Javier Garcia-Cicco, Markus Kirchner, Julio Carrillo, Diego Rodriguez, Fernando Perez, Rocio Gondo, Carlos Montoro and Roberto Chang

 

Monetary and Economic Department

October 2017

 

JEL classifica...

Modeling Time-Varying Uncertainty of MultipleHorizon Forecast Errors

BIS Working Papers

No 667

 

Modeling Time-Varying Uncertainty of Multiple Horizon Forecast Errors

by Todd E Clark, Michael W McCracken and Elmar Mertens

 

Monetary and Economic Department

October 2017

 

JEL classification: E37, C53

Keywords: Stochastic volatility, survey forecasts, fan charts

 

BIS Working Pap...

Bank Capital Allocation under Multiple Constraints

BIS Working Papers

No 666

 

Bank Capital Allocation under Multiple Constraints

By Tirupam Goel, Ulf Lewrick and Nikola Tarashev

 

Monetary and Economic Department

October 2017

 

JEL classification: G21, G28, G3

Keywords: Internal capital market, Value-at-Risk, Leverage ratio, Risk-adjusted return on capital

 

Interest rates and house prices in the United States and around the world

BIS Working Papers

No 665

 

Interest rates and house prices in the United States and around the world

by Gregory D Sutton, Dubravko Mihaljek and Agne Subelyte

 

Monetary and Economic Department

October 2017

 

JEL classification: E39, E43, E58, G12, R31, R32.

Keywords: interest rates, house prices, monetary policy, bank lending channel, random walk, hous...

Is the price right? Swing pricing and investor redemptions

BIS Working Papers

No 664

 

Is the price right? Swing pricing and investor redemptions

by Ulf Lewrick and Jochen Schanz

 

Monetary and Economic Department

October 2017

 

JEL classification: G01, G23, G28, C72

Keywords: Financial stability, mutual funds, regulation, market liquidity

 

BIS Working Papers are wri...

Liquidity risk in markets with trading frictions: What can swing pricing achieve?

BIS Working Papers

No 663

 

Liquidity risk in markets with trading frictions: What can swing pricing achieve?

by Ulf Lewrick and Jochen Schanz

 

Monetary and Economic Department

October 2017

 

JEL classification: G01, G23, G28, C72

Keywords: Financial stability, mutual funds, regulation, liquidity insurance, trading frictions

<...

The real effects of relationship lending

BIS Working Papers

No 662

 

The real effects of relationship lending

by Ryan N. Banerjee, Leonardo Gambacorta and Enrico Sette

 

Monetary and Economic Department

September 2017

 

JEL classification: E44, G21

Keywords: relationship banking, real effects of credit, credit supply

 

BIS Working Papers are written ...

How important is the Global Financial Cycle? Evidence from capital flows

BIS Working Papers

No 661

 

How important is the Global Financial Cycle? Evidence from capital flows

by Eugenio Cerutti, Stijn Claessens and Andrew K Rose

 

Monetary and Economic Department

August 2017

 

JEL classification: F32, F36, F65, G15

Keywords: empirical, data, centre, country, panel, fit, VIX, equity, bonds, FDI, credit

...

Informal One-Sided Target Zone Model and the Swiss Franc

BIS Working Papers

No 660

 

Informal one-sided target zone model and the Swiss Franc

by Yu-Fu Chen, Michael Funke and Richhild Moessner

 

Monetary and Economic Department

August 2017

 

JEL classification: F31, E42, C61

Keywords: Swiss Franc, target zone model, exchange rate interventions

 

BIS Working Papers a...

Effects of Capital Controls on Foreign Exchange Liquidity

BIS Working Papers

No 659

 

Effects of capital controls on foreign exchange liquidity

by Carlos A Cantú García

 

Monetary and Economic Department

August 2017

 

JEL classification: F31, F38, G11, G15

Keywords: capital flow management policies, foreign exchange market, market liquidity, market depth

 

...

The Distance Effect in Banking and Trade

BIS Working Papers

No 658

 

The Distance Effect in Banking and Trade

by Michael Brei and Goetz von Peter

 

Monetary and Economic Department

August 2017

 

JEL classification: F14, F34, F65, G21

Keywords: Globalization, gravity framework, distance, international trade, international banking

 

BIS Working Papers...

Quality Pricing-to-Market

BIS Working Papers

No 657

 

Quality Pricing-to Market

by Raphael A Auer, Thomas Chaney and Philip Sauré

 

Monetary and Economic Department

August 2017

 

JEL classification: E3, E41, F12, F4, L13

Keywords: exchange rate pass-through, intra-industry trade, monopolistic co...

Demographics will reverse three multi-decade global trends

BIS Working Papers

No 656

 

Demographics will reverse three multi-decade global trends

by Charles Goodhart and Manoj Pradhan

 

Monetary and Economic Department

August 2017

 

JEL classification: J11, J18, E43, D63, E31, H63

Keywords: demography,...

The FinTech Opportunity

BIS Working Papers

No 655

 

The FinTech Opportunity

by Thomas Philippon

 

Monetary and Economic Department

August 2017

 

JEL classification: E2, G2, N2

Keywords: FinTech, financial innovation, regulation, rents

 

BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for ...

World changes in inequality: an overview of facts, causes, consequences and policies

BIS Working Papers

No 654

 

World changes in inequality: an overview of facts, causes, consequences and policies

by François Bourguignon

 

Monetary and Economic Department

August 2017

 

JEL classification: D31, D33, H24, F60

Keywords: inequality, labour share, redistribution, globalisation, taxation

 

B...

Dollar Pricing Redux

 

BIS Working Papers

No 653

 

“Dollar pricing redux”

by Camila Casas, Federico Díez, Gita Gopinath, Pierre-Olivier Gourinchas

 

Monetary and Economic Department

August 2017

 

JEL classification: F1, F2, F3, F4

Keywords: dominant currency, terms of trade, pass-through, monetar...

The Discontinuation of the EUR/CHF Minimum Exchange Rate in January 2015: Was it Expected?

BIS Working Papers

No 652

 

The discontinuation of the EUR/CHF minimum exchange rate in January 2015: was it expected?

by Michael Funke, Julius Loermann and Richhild Moessner

 

Monetary and Economic Department

July 2017

 

JEL classification: C53, F31, F37

Keywords: Swiss franc, forecasting, options, risk-neutral probability densi...

Segmented Money Markets and Covered Interest Parity Arbitrage

BIS Working Papers

No 651

 

Segmented money markets and covered interest parity arbitrage

by Dagfinn Rime, Andreas Schrimpf and Olav Syrstad

 

Monetary and Economic Department

June 2017

 

JEL classification: E43, F31, G15

Keywords: Covered Interest Parity; Money Market Segmentation; Funding Liquidity Premia; FX Swap Market; U.S. Doll...

Financial deglobalisation in banking?

BIS Working Papers

No 650

 

Financial deglobalisation in banking?

by Robert N McCauley, Agustín S Bénétrix, Patrick M McGuire and Goetz von Peter

 

Monetary and Economic Department

June 2017

 

JEL classification: F36, F4, G21

Keywords: Financial globalisation, international banking; consolidation; ownership

...

Monetary Policy Transmission and Trade-offs in the United States: Old and New

BIS Working Papers

No 649

 

Monetary Policy Transmission and Tradeoffs in the United States: Old and New

by Boris Hofmann and Gert Peersman

 

Monetary and Economic Department

June 2017

 

JEL classification: E52

Keywords: monetary policy trade-offs, monetary transmission mechanism, inflation, credit,...

Credit ratings of domestic and global agencies: What drives the differences in China and how are they priced?

BIS Working Papers

No 648

 

Credit ratings of domestic and global agencies: What drives the differences in China and how are they priced?

by Xianfeng Jiang and Frank Packer

 

Monetary and Economic Department

June 2017

 

JEL classification: G12, G18, G23, G24

Keywords: Credit ratings, split ratings, state-owned firms, Chinese bond ma...

The evolution of inflation expectations in Japan

BIS Working Papers

No 647

 

The evolution of inflation expectations in Japan

by Masazumi Hattori and James Yetman

 

Monetary and Economic Department

June 2017

 

JEL classification: E31, E58

Keywords: Inflation expectations, decay function, inflation targeting, deflation

 

BIS Working Papers are written by mem...

Macroprudential policy and bank risk

BIS Working Papers

No 646

 

Macroprudential policy and bank risk

by Yener Altunbas, Mahir Binici and Leonardo Gambacorta

 

Monetary and Economic Department

June 2017

 

JEL classification: E43, E58, G18, G28

Keywords: macroprudential policies, effectiveness, bank risk

 

BIS Working Papers are written by member...

Accounting for Debt Service The Painful Legacy of Credit Booms

BIS Working Papers

No 645

 

Accounting for debt service: the painful legacy of credit booms

by Mathias Drehmann, Mikael Juselius and Anton Korinek

 

Monetary and Economic Department

June 2017

 

JEL classification: E17, E44, G01, D14

Keywords: new borrowing, debt service, financial cycle, real-financial linkages

 

BIS Working Papers are written by members of the Monetary and Econo...

The shifting drivers of global liquidity

BIS Working Papers

No 644

 

The shifting drivers of global liquidity

by Stefan Avdjiev, Leonardo Gambacorta, Linda S. Goldberg and Stefano Schiaffi

 

Monetary and Economic Department

June 2017

 

JEL classification: G10, F34, G21

Keywords: Global liquidity, international bank lending, international...

The International Dimensions of Macroprudential Policies

BIS Working Papers

No 643

 

The international dimensions of macroprudential policies

by Pierre-Richard Agénor, Enisse Kharroubi, Leonardo Gambacorta,  Giovanni Lombardo and Luiz Pereira da Silva

 

Monetary and Economic Department

June 2017

 

JEL classification: E3, E5, F3, F5, G1

Keywo...

The Effects of Monetary Policy Shocks on Inequality in Japan

 

BIS Working Papers

No 642

The effects of monetary policy shocks on inequality in Japan

by Masayuki Inui, Nao Sudo and Tomoaki Yamada

 

 

Monetary and Economic Department

June 2017

 

 

JEL classification: E3, E4, E5

Keywords: Monetary Policy; Income, Consumption, and W...

China's evolving monetary policy rule: from inflation-accommodating to anti-inflation policy

BIS Working Papers

No 641

 

China’s evolving monetary policy rule: from inflationaccommodating to antiinflation policy

by Eric Girardin, Sandrine Lunven and Guonan Ma

 

Monetary and Economic Department

May 2017

 

JEL classification: E52, E58, O11, O52.

Keywords: monetary policy in China, People’...

Understanding the Determinants of Financial Outcomes and Choices: The Role of Noncognitive Abilities

BIS Working Papers

No 640

 

Understanding the determinants of financial outcomes and choices: the role of noncognitive abilities

by Gianpaolo Parise and Kim Peijnenburg

 

Monetary and Economic Department

May 2017

 

JEL classification: D10; D14; G02

Keywords: Noncognitive abilities, financial distress, financial choices, saving, unsec...

Understanding the determinants of financial outcomes and choices: the role of noncognitive abilities

 

 

 

BIS Working Papers

No 640

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Supply- and demand- side factors in global banking

 

 

BIS Working Papers

No 639

Supply- and demand- side factors in global banking...

Assessing fiscal policy through the lens of the financial and the commodity price cycles

 

 

BIS Working Papers

No 638

Assessing fiscal policy through the lens of the financial and the commodity price cycles

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Global value chains and effective exchange rates at the country-sector level

 

BIS Working Papers

No 637

The impact of macroprudential policies and their interaction with monetary policy: an empirical analysis using credit registry data

 

 

 

 

 

BIS Working Papers

No 636

The impact of macroprudential policies and their interaction with monetary policy: an empirical analysis using credit registry data

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Prudential policies and their impact on credit in the United States

 

 

BIS Working Papers

No 635

Prudential policies and their impact on credit in the United States

by Paul Calem, Ricardo Correa and Seung Jung Lee

Evaluating the impact of macroprudential policies on credit growth in Colombia

 

 

 

 

 

BIS Working Papers

No 634

Evaluating the impact of macroprudential policies on credit growth in Colombia

by Esteban Gómez, Ang...

The impact of warnings published in a financial stability report on loan-to- value ratios

 

 

 

BIS Working Papers

No 633

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Is monetary policy less effective when interest rates are persistently low?

Introduction

Interest rates in the core advanced economies have been persistently low for about eight years now (Graph 1). Short-term nominal rates have on average remained near zero since early 2009 (left-hand panel) and have been even negative in the euro area and Japan, respectively, since 2014 and 2016. The drop in short-term nominal rates has gone along with a fall in real (inflation-adjusted) rates to persistently negative levels. Long-term rates have also trended down, albeit more gradually, over this period: in nominal terms, they fell from between 3–4% in 2009 to below 1% in 2016, on average (Graph 1, centre pa...