BIS Bulletins

From Bank for International Settlements
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105: US dollar's slide in April 2025: the role of FX hedging

Hyun Song Shin, Philip Wooldridge and Dora Xia

104: Household perceptions and expectations in the wake of the inflation surge: survey evidence

Fiorella De Fiore, Damiano Sandri and James Yetman

103: Investment in an increasingly uncertain global landscape

Matthias Burgert, Michael Chui, Denis Gorea and Fabrizio Zampolli

102: Regional integration amid global fragmentation

Ilhyock Shim, Torsten Ehlers, Fredy Gamboa and Han Qiu

101: Elasticity in the monetary system

Ryan Niladri Banerjee, Jon Frost, Michael Chui and Jose Maria Vidal Pastor

100: Artificial intelligence and human capital: challenges for central banks

Sarah Bell, Blaise Gadanecz, Leonardo Gambacorta, Fernando Perez-Cruz and Vatsala Shreeti

99: How far can digital innovation improve credit to small firms in emerging market economies?

Julian Caballero, Sebastian Doerr, Aaron Mehrotra and Fabrizio Zampolli

98: Macroeconomic impact of extreme weather events

Torsten Ehlers, Jon Frost, Carlos Madeira and Ilhyock Shim

97: Completing the post-pandemic landing

Boris Hofmann, Ko Munakata, Tom Rosewall and Damiano Sandri

96: Commodity prices and monetary policy: old and new challenges

Fernando Avalos, Ryan Banerjee, Matthias Burgert, Boris Hofmann, Cristina Manea and Matthias Rottner

95: Anatomy of the VIX spike in August 2024

Karamfil Todorov and Grigory Vilkov

94: Evidence of nearshoring in the Americas?

Ana Aguilar, Julian Caballero, Jon Frost and Alejandro Parada

93: Productivity in the post-pandemic world: old trend or new path?

Deniz Igan, Tom Rosewall and Phurichai Rungcharoenkitkul

92: Central clearing in government bond markets: keeping the "safe asset" safe?

Matteo Aquilina, Martin Scheicher and Andreas Schrimpf

91: Credit and resource allocation in EMEs: taking stock of two decades of falling interest rates

Ryan Banerjee, Aaron Mehrotra and Fabrizio Zampolli

90: The market turbulence and carry trade unwind of August 2024

Matteo Aquilina, Marco Lombardi, Andreas Schrimpf and Vladyslav Sushko

89: Housing costs: a final hurdle in the last mile of disinflation?

Ryan Banerjee, Denis Gorea, Deniz Igan and Gabor Pinter

88: Resilience in emerging markets: what makes it, what could shake it?

Bryan Hardy, Deniz Igan and Enisse Kharroubi

87: Next generation correspondent banking

Rodney Garratt, Priscilla Koo Wilkens and Hyun Song Shin

86: Survey evidence on gen AI and households: job prospects amid trust concerns

Iñaki Aldasoro, Olivier Armantier, Sebastian Doerr, Leonardo Gambacorta and Tommaso Oliviero

85: From financial inclusion to financial health

Carlos Cantu Garcia, Jon Frost, Tirupam Goel and Jermy Prenio

84: Artificial intelligence in central banking

Douglas Araujo, Sebastian Doerr, Leonardo Gambacorta and Bruno Tissot

83: Testing the cognitive limits of large language models

Fernando Perez-Cruz and Hyun Song Shin

82: The contribution of monetary policy to disinflation

Pongpitch Amatyakul, Fiorella De Fiore, Marco Lombardi, Benoit Mojon and Daniel Rees

81: Interest rate risk of non-financial firms: who hedges and does it help?

Ryan Banerjee, Julián Caballero, Enisse Kharroubi, Renée Spigt and Egon Zakrajšek

80: Monetary policy, financial conditions and real activity: is this time different?

Fernando Avalos, Deniz Igan, Cristina Manea and Richhild Moessner

79: Lessons from recent experiences on exchange rates, capital flows and financial conditions in EMEs

Pietro Patelli, Jimmy Shek and Ilhyock Shim

78: Mapping the realignment of global value chains

Han Qiu, Hyun Song Shin and Leanne (Si Ying) Zhang

77: Margins and liquidity in European energy markets in 2022

Fernando Avalos, Wenqian Huang and Kevin Tracol

76: The oracle problem and the future of DeFi

Chanelle Duley, Leonardo Gambacorta, Rodney Garratt and Priscilla Koo Wilkens

75: Disinflation milestones

Benoit Mojon, Gabriela Nodari and Stefano Siviero

74: The changing nexus between commodity prices and the dollar: causes and implications

Boris Hofmann, Deniz Igan and Daniel Rees

73: Stablecoins versus tokenised deposits: implications for the singleness of money

Rodney Garratt and Hyun Song Shin

72: The tokenisation continuum

Iñaki Aldasoro, Sebastian Doerr, Leonardo Gambacorta, Rodney Garratt and Priscilla Koo Wilkens

71: Fiscal and monetary policy in emerging market economies: what are the risks and policy trade-offs?

Ana Aguilar, Carlos Cantu Garcia and Rafael Guerra

70: Private debt, monetary policy tightening and aggregate demand

Miguel Ampudia, Fiorella De Fiore, Enisse Kharroubi and Cristina Manea

69: Crypto shocks and retail losses

Giulio Cornelli, Sebastian Doerr, Jon Frost and Leonardo Gambacorta

68: Why are central banks reporting losses? Does it matter?

Sarah Bell, Michael Chui, Tamara Gomes, Paul Moser-Boehm and Albert Pierres Tejada

67: Does money growth help explain the recent inflation surge?

Claudio Borio, Boris Hofmann and Egon Zakrajšek

66: Addressing the risks in crypto: laying out the options

Matteo Aquilina, Jon Frost and Andreas Schrimpf

65: London as a financial centre since Brexit: evidence from the 2022 BIS Triennial Survey

Jakub Demski, Robert McCauley and Patrick McGuire

64: Energy markets: shock, economic fallout and policy response

Fernando Avalos, Adam Cap, Deniz Igan, Enisse Kharroubi and Gabriela Nodari

63: "Front-loading" monetary tightening: pros and cons

Paolo Cavallino, Giulio Cornelli, Peter Hördahl and Egon Zakrajšek

62: Global exchange rate adjustments: drivers, impacts and policy implications

Boris Hofmann, Aaron Mehrotra and Damiano Sandri

61: Global supply chain disruptions: evolution, impact, outlook

Deniz Igan, Phurichai Rungcharoenkitkul and Koji Takahashi

60: Inflation indicators amid high uncertainty

Fiorella De Fiore, Marco Lombardi and Daniel Rees

59: Hard or soft landing?

Frédéric Boissay, Fiorella De Fiore and Enisse Kharroubi

58: Miners as intermediaries: extractable value and market manipulation in crypto and DeFi

Raphael Auer, Jon Frost and Jose María Vidal Pastor

57: DeFi lending: intermediation without information?

Sirio Aramonte, Sebastian Doerr, Wenqian Huang and Andreas Schrimpf

56: Blockchain scalability and the fragmentation of crypto

Frédéric Boissay, Giulio Cornelli, Sebastian Doerr and Jon Frost