BIS Quarterly Review

2000 - 2026

Current editor(s): Christian Upper

From Bank for International Settlements
Contact information at EDIRC.
Bibliographic data for series maintained by Martin Fessler ().

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Foreword: OTC foreign exchange and interest rate derivatives markets through the prism of the Triennial Survey: Patrick McGuire, Andreas Schrimpf and Nikola Tarashev
The post-Libor world: a global view from the BIS derivatives statistics: Wenqian Huang and Karamfil Todorov
The global foreign exchange market in a higher-volatility environment: Mathias Drehmann and Vladyslav Sushko
The internationalisation of EME currency trading: Julian Caballero, Alexis Maurin, Philip Wooldridge and Fan Dora Xia
Dollar debt in FX swaps and forwards: huge, missing and growing: Claudio Borio, Robert McCauley and Patrick McGuire
FX settlement risk: an unsettled issue: Marc Glowka and Thomas Nilsson

Commodity markets: shocks and spillovers: Fernando Avalos and Wenqian Huang
Under pressure: market conditions and stress: Iñaki Aldasoro, Peter Hördahl and Sonya Zhu
Sovereigns and sustainable bonds: challenges and new options: Gong Cheng, Torsten Ehlers and Frank Packer
Borrower vulnerabilities, their distribution and credit losses: Ryan Banerjee, Francesco Franceschi and Stéphane Riederer
Bank funding: evolution, stability and the role of foreign offices: John Caparusso and Bryan Hardy

The outsize role of cross-border financial centres: Pamela Pogliani, Goetz von Peter and Philip Wooldridge

Global growth: drivers and post-pandemic prospects: Gabriela Nodari, Daniel Rees and Phurichai Rungcharoenkitkul
Global banks' local presence: a new lens: Iñaki Aldasoro, John Caparusso and Yingyuan Chen
Non-bank lenders in the syndicated loan market: Iñaki Aldasoro, Sebastian Doerr and Haonan Zhou

DeFi risks and the decentralisation illusion: Sirio Aramonteand, Wenqian Huang and Andreas Schrimpf
Open-ended bond funds: systemic risks and policy implications: Ulf Lewrick and Stijn Claessens
Outward portfolio investment and dollar funding in emerging Asia: Patrick McGuire, Ilhyock Shim, Hyun Song Shin and Vladyslav Sushko
The rise of private markets: Sirio Aramonte and Fernando Avalos
Achievements and challenges in ESG markets: Michela Scatigna, Fan Dora Xia, Anna Zabai and Omar Zulaica

Monetary policy, relative prices and inflation control: flexibility born out of success: Claudio Borio, Piti Disyatat, Fan Dora Xia and Egon Zakrajšek
Funding for fintechs: patterns and drivers: Giulio Cornelli, Sebastian Doerr, Lavinia Franco and Jon Frost
Covid-19 policy measures to support bank lending: Catherine Casanova, Bryan Hardy and Mert Önen
Seven decades of international banking: Robert McCauley, Patrick McGuire and Philip Wooldridge

Corporate debt: post-GFC through the pandemic: Iñaki Aldasoro, Bryan Hardy and Nikola Tarashev
Enhancing the BIS government bond statistics: Bilyana Bogdanova, Tracy Chan, Kristina Micic and Goetz von Peter

Investor size, liquidity and prime money market fund stress: Fernando Avalos and Fan Dora Xia
Dollar funding of non-US banks through Covid-19: Iñaki Aldasoro, Egemen Eren and Wenqian Huang
The anatomy of bond ETF arbitrage: Karamfil Todorov
How much stress could Covid put on corporate credit? Evidence using sectoral data: Benoit Mojon, Daniel Rees and Christian Schmieder

The broad dollar exchange rate as an EME risk factor: Boris Hofmann and Taejin Park
Changes in monetary policy operating procedures over the last decade: insights from a new database: Adam Cap, Mathias Drehmann and Andreas Schrimpf
Tools for managing banking distress: historical experience and lessons for today: Frédéric Boissay, Stijn Claessens and Alan Villegas
The financial vulnerabilities driving firms to the exit: Ryan Banerjee and Enisse Kharroubi
Retail payments in Latin America and the Caribbean: present and future: Viviana Alfonso C, Alexandre Tombini and Fabrizio Zampolli
International banking amidst Covid-19: resilience and drivers: Bryan Hardy and Elod Takats

Cross-border commercial real estate investment in Asia-Pacific: Xiaoxi Liu, Ilhyock Shim and Vladyslav Sushko
Green bonds and carbon emissions: exploring the case for a rating system at the firm level: Torsten Ehlers, Benoit Mojon and Frank Packer
Mind the buybacks, beware of the leverage: Sirio Aramonte
Cross-border links between banks and non-bank financial institutions: Iñaki Aldasoro, Wenqian Huang and Esti Kemp

International dimensions of EME corporate debt: Stefan Avdjiev, Patrick McGuire and Goetz von Peter

Shaping the future of payments: Agustín Carstens
Innovations in payments: Morten Bech and Jenny Hancock
On the global retreat of correspondent banks: Tara Rice, Goetz von Peter and Codruta Boar
Payments without borders: Morten Bech, Umar Faruqui and Takeshi Shirakami
On the future of securities settlement: Morten Bech, Jenny Hancock, Tara Rice and Amber Wadsworth
The technology of retail central bank digital currency: Raphael Auer and Rainer Boehme

FX and OTC derivatives markets through the lens of the Triennial Survey: Philip Wooldridge
Sizing up global foreign exchange markets: Andreas Schrimpf and Vladyslav Sushko
FX trade execution: complex and highly fragmented: Andreas Schrimpf and Vladyslav Sushko
Offshore markets drive trading of emerging market currencies: Nikhil Patel and Fan Dora Xia
The evolution of OTC interest rate derivatives markets: Torsten Ehlers and Bryan Hardy
OTC derivatives: euro exposures rise and central clearing advances: Sirio Aramonte and Wenqian Huang
Euro repo market functioning: collateral is king: Patrick Schaffner, Angelo Ranaldo and Kostas Tsatsaronis

Non-bank counterparties in international banking: Pablo Garcia Luna and Bryan Hardy
Playing it safe: global systemically important banks after the crisis: Tirupam Goel, Ulf Lewrick and Aakriti Mathur
Green bonds: the reserve management perspective: Ingo Fender, Mike McMorrow, Vahe Sahakyan and Omar Zulaica
Financial conditions and purchasing managers' indices: exploring the links: Burcu Erik, Marco Lombardi, Dubravko Mihaljek and Hyun Song Shin

Concentration in cross-border banking: Iñaki Aldasoro and Torsten Ehlers

Emerging markets' reliance on foreign bank credit: Bryan Hardy
Beyond LIBOR: a primer on the new benchmark rates: Andreas Schrimpf and Vladyslav Sushko
Impact of financial regulations: insights from an online repository of studies: Frédéric Boissay, Carlos Cantu Garcia, Stijn Claessens and Alan Villegas
Following the imprint of the ECB's asset purchase programme on global bond and deposit flows: Stefan Avdjiev, Mary Everett and Hyun Song Shin
The zero lower bound, forward guidance and how markets respond to news: Richhild Moessner and Phurichai Rungcharoenkitkul