Cross-border financial linkages - challenges for monetary policy and financial stability

Bank for International Settlements

No 82 in BIS Papers from Bank for International Settlements

Abstract: Ever more extensive global financial linkages are changing in ways that have significant implications for policy. Asia-Pacific countries have experienced a particularly rapid growth in financial flows since the crisis. Against this background, the BIS's Representative Office for Asia and the Pacific and the Reserve Bank of New Zealand (RBNZ) co-hosted a conference on cross-border financial linkages with a view to fostering research on implications of these important developments. The conference marked the completion of the BIS Asian Office's research programme in this area. The event brought together senior officials and researchers from central banks, international organisations and academia. Governor Graeme Wheeler of the Reserve Bank of New Zealand made the opening remarks. Papers presented at the conference covered patterns of cross-border linkages, foreign exchange markets and exchange rate risks, financial market spillovers in Asia-Pacific, and policies to deal with capital flows and their effectiveness. The volume comprises the opening speech and papers presented at the conference.

Date: 2015 Written 2015-10
ISBN: 978-92-9197-279-1
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Chapters in this book:

Introduction , pp v-ix

Frank Packer and Chang Shu

Cross-border Financial Linkages: Challenges for Monetary Policy and Financial Stability , pp 1-5

Graeme Wheeler

The influence of Chinese and US financial markets on Asia-Pacific , pp 7-24

Chang Shu, Dong He, Honglin Wang and Jinyue Dong

Cross-border portfolios: assets, liabilities, and non-flow adjustments , pp 7-24

E Curcuru, Charles Thomas and Francis Warnock

Comment on: Cross-border portfolios: assets, liabilities and wealth transfers , pp 25-28

Martin Berka

Channels and determinants of foreign bank lending , pp 29-68

Torsten Ehlers and Philip Wooldridge

Comments on: Channels and determinants of foreign bank lending , pp 69-73

Jennifer Corbett

Development and functioning of FX markets in Asia and the Pacific , pp 75-132

Richard M Levich and Frank Packer

Comments on Levich and Packer: “Development and functioning of FX markets in Asia and the Pacific” , pp 133-135

Takatoshi Ito

Exchange rates, expected returns and risk: what can we learn from Asia-Pacific currencies? , pp 137-166

Anella Munro

Comment on: Exchange rates, expected returns and risk: what can we learn from Asia-Pacific currencies? , pp 167-169

Hugo Vega

Comment on: The influence of China and US financial markets on Asia-Pacific , pp 183-184

Ilan Noy

Effectiveness of macroprudential and capital flow measures in Asia and the Pacific , pp 185-192

Valentina Bruno, Ilhyock Shim and Hyun Song Shin

Comments on: Effectiveness of macroprudential and capital flow measures in Asia and the Pacific , pp 193-196

Christie Smith

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