BIS Working Papers

From Bank for International Settlements
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746: What drives local lending by global banks?

Stefan Avdjiev, Uluc Aysun and Ralf Hepp

745: Financial stress in lender countries and capital outflows from emerging market economies

Ilhyock Shim and Kwanho Shin

744: Why you should use the Hodrick-Prescott filter - at least to generate credit gaps

Mathias Drehmann and James Yetman

743: An intermediation-based model of exchange rates

Semyon Malamud and Andreas Schrimpf

742: Quantitative or qualitative forward guidance: Does it matter?

Gunda-Alexandra Detmers, Ozer Karagedikli and Richhild Moessner

741: Reserve requirements and capital flows in Latin America

Michael Brei and Ramon Moreno

740: The macroeconomic effects of macroprudential policy

Björn Richter, Moritz Schularick and Ilhyock Shim

739: The economics of revoking NAFTA

Raphael Auer, Barthélémy Bonadio and Andrei Levchenko

738: Bank solvency risk and funding cost interactions in a small open economy: evidence from Korea

Iñaki Aldasoro and Kyounghoon Park

737: Transmission of monetary policy through global banks: whose policy matters?

Stefan Avdjiev, Catherine Koch, Patrick McGuire and Goetz von Peter

736: The role of household debt heterogeneity on consumption: Evidence from Japanese household data

Jouchi Nakajima

735: Gauging procyclicality and financial vulnerability in Asia through the BIS banking and financial statistics

Stefan Avdjiev, Bat-el Berger and Hyun Song Shin

734: Payments, credit and asset prices

Monika Piazzesi and Martin Schneider

733: A risk-centric model of demand recessions and macroprudential policy

Ricardo Caballero and Alp Simsek

732: The global factor in neutral policy rates: Some implications for exchange rates, monetary policy, and policy coordination

Richard Clarida

731: The likelihood of effective lower bound events

Michal Franta

730: US monetary policy and fluctuations of international bank lending

Stefan Avdjiev and Galina Hale

729: Has inflation targeting become less credible?

Nathan Sussman and Osnat Zohar

728: Accumulation of foreign currency reserves and risk-taking

Rasmus Fatum and James Yetman

727: Recent RMB policy and currency co-movements

Robert McCauley and Chang Shu

726: Residential investment and economic activity: evidence from the past five decades

Emanuel Kohlscheen, Aaron Mehrotra and Dubravko Mihaljek

725: Identifying oil price shocks and their consequences: the role of expectations in the crude oil market

Takuji Fueki, Hiroka Higashi, Naoto Higashio, Jouchi Nakajima, Shinsuke Ohyama and Yoichiro Tamanyu

724: Do small bank deposits run more than large ones? Three event studies of contagion and financial inclusion

Dante B Canlas, Johnny Noe E Ravalo and Eli Remolona

723: The cross-border credit channel and lending standards surveys

Andrew Filardo and Pierre Siklos

722: The enduring link between demography and inflation

John Juselius and Elod Takats

721: Effects of asset purchases and financial stability measures on term premia in the euro area

Richhild Moessner

720: Could a higher inflation target enhance macroeconomic stability?

José Dorich, Nicholas Labelle St-Pierre, Vadym Lepetyuk and Rhys Mendes

719: Channels of US monetary policy spillovers to international bond markets

Elias Albagli, Luis Ceballos, Sebastian Claro and Damian Romero

718: Breaking the trilemma: the effects of financial regulations on foreign assets

David Perez-Reyna and Mauricio Villamizar-Villegas

717: Financial and price stability in emerging markets: the role of the interest rate

Lorenzo Menna and Martin Tobal

716: Macro-financial linkages: the role of liquidity dependence

Alexey Ponomarenko, Anna Rozhkova and Sergei Seleznev

715: A time series model of interest rates with the effective lower bound

Benjamin K Johannsen and Elmar Mertens

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

Gunes Kamber and Madhusudan Mohanty

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

Elmar Mertens and James Nason

712: Firms' credit risk and the onshore transmission of the global financial cycle

Ramon Moreno and Jose Maria Serena Garralda

711: Credit supply and productivity growth

Francesco Manaresi and Nicola Pierri

710: Exchange rate appreciations and corporate risk taking

Sebnem Kalemli-Ozcan, Xiaoxi Liu and Ilhyock Shim

709: Does sovereign risk in local and foreign currency differ?

Marlene Amstad, Frank Packer and Jimmy Shek

708: Business models and dollar funding of global banks

Iñaki Aldasoro, Torsten Ehlers and Egemen Eren

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

Enrique Alberola, Angel Estrada and Francesca Viani

706: Monetary policy in the grip of a pincer movement

Claudio Borio, Piti Disyatat, John Juselius and Phurichai Rungcharoenkitkul

705: An explanation of negative swap spreads: demand for duration from underfunded pension plans

Sven Klingler and Suresh Sundaresan

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

Mahir Binici, Michael M Hutchison and Evan Weicheng Miao

703: The negative interest rate policy and the yield curve

Fan Dora Xia and Jing Cynthia Wu

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

Masazumi Hattori, Ilhyock Shim and Yoshihiko Sugihara

701: Mapping shadow banking in China: structure and dynamics

Torsten Ehlers, Steven Kong and Feng Zhu

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

James Yetman

699: Deflation expectations

Ryan Banerjee and Aaron Mehrotra

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

Isabel Schnabel and Hyun Song Shin

697: Are banks opaque? Evidence from insider trading

Fabrizio Spargoli and Christian Upper