BIS Working Papers

From Bank for International Settlements
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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

696: Monetary policy spillovers, global commodity prices and cooperation

Andrew Filardo, Marco Lombardi and Carlos Montoro

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

Stefan Avdjiev, Valentina Bruno and Catherine Koch

694: Exchange Rates and the Working Capital Channel of Trade Fluctuations

Valentina Bruno and Se-Jik Kim

693: Family first? Nepotism and corporate investment

Gianpaolo Parise and Fabrizio Leone

692: Central bank forward guidance and the signal value of market prices

Stephen Morris and Hyun Song Shin

691: Effectiveness of unconventional monetary policies in a low interest rate environment

Andrew Filardo and Jouchi Nakajima

690: Nonlinear state and shock dependence of exchange rate pass through on prices

Hernan Rincon-Castro and Norberto Rodríguez-Niño

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

Kristyna Ters and Jörg Urban

688: Global factors and trend inflation

Gunes Kamber and Benjamin Wong

687: Searching for yield abroad: risk-taking through foreign investment in U.S. bonds

John Ammer, Alexandra Tabova and Caleb Wroblewski

686: Determinants of bank profitability in emerging markets

Emanuel Kohlscheen, Andrés Murcia and Julieta Contreras

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

Claudio Borio, Piti Disyatat, John Juselius and Phurichai Rungcharoenkitkul

684: Triffin: dilemma or myth?

Michael Bordo and Robert McCauley

683: Can macroprudential measures make cross-border lending more resilient?

Elod Takats and Judit Temesvary

682: Bank business models: popularity and performance

Rungporn Roengpitya, Nikola Tarashev, Kostas Tsatsaronis and Alan Villegas

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

Snehal S Herwadkar

680: The macroeconomic effects of asset purchases revisited

Henning Hesse, Boris Hofmann and James Weber

679: Syndicated loans and CDS positioning

Iñaki Aldasoro and Andreas Barth

678: CoCo issuance and bank fragility

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

677: Macroeconomic implications of financial imperfections: a survey

Stijn Claessens and Ayhan Kose

676: Asset prices and macroeconomic outcomes: a survey

Stijn Claessens and Ayhan Kose

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

Elias Minaya and Miguel Cabello

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

João Barroso, Rodrigo Gonzalez and Bernardus Van Doornik

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

Douglas Araujo, João Barroso and Rodrigo Gonzalez

672: Capital and currency-based macroprudential policies: an evaluation using credit registry data

Horacio Aguirre and Gaston Repetto

671: Capital misallocation and financial development: A sector-level analysis

Daniela Marconi and Christian Upper

670: Policy Rules for Capital Controls

Gurnain Pasricha

669: Credit misallocation during the European financial crisis

Fabiano Schivardi, Enrico Sette and Guido Tabellini

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

Javier Garcia-Cicco, Markus Kirchner, Julio Carrillo, Diego Rodriguez Guzman, Fernando Pérez Forero, Rocio Gondo Mori, Carlos Montoro and Roberto Chang

667: Modeling Time-Varying Uncertainty of Multiple-Horizon Forecast Errors

Todd Clark, Michael McCracken and Elmar Mertens

666: Bank capital allocation under multiple constraints

Tirupam Goel, Ulf Lewrick and Nikola Tarashev

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

Gregory Sutton, Dubravko Mihaljek and Agnė Subelytė

664: Is the price right? Swing pricing and investor redemptions

Ulf Lewrick and Jochen Schanz

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

Ulf Lewrick and Jochen Schanz

662: The real effects of relationship lending

Ryan Banerjee, Leonardo Gambacorta and Enrico Sette

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

Eugenio Cerutti, Stijn Claessens and Andrew Rose

660: Informal one-sided target zone model and the Swiss franc

Yu-Fu Chen, Michael Funke and Richhild Moessner