BIS Working Papers

From Bank for International Settlements
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659: Effects of capital controls on foreign exchange liquidity

Carlos Cantú

658: The Distance Effect in Banking and Trade

Michael Brei and Goetz von Peter

657: Quality Pricing-to-Market

Raphael Auer, Thomas Chaney and Philip Sauré

656: Demographics will reverse three multi-decade global trends

Charles Goodhart and Manoj Pradhan

655: The FinTech Opportunity

Thomas Philippon

654: World changes in inequality: an overview of facts, causes, consequences and policies

François Bourguignon

653: Dollar pricing redux

Camila Casas, Federico Díez, Gita Gopinath and Pierre-Olivier Gourinchas

652: The discontinuation of the EUR/CHF minimum exchange rate in January 2015: was it expected?

Michael Funke, Julius Loermann and Richhild Moessner

651: Segmented money markets and covered interest parity arbitrage

Dagfinn Rime, Andreas Schrimpf and Olav Syrstad

650: Financial deglobalisation in banking?

Robert McCauley, Agustín Bénétrix, Patrick McGuire and Goetz von Peter

649: Monetary policy transmission and trade-offs in the United States: Old and new

Boris Hofmann and Gert Peersman

648: Credit ratings of domestic and global agencies: What drives the differences in China and how are they priced?

Xianfeng Jiang and Frank Packer

647: The evolution of inflation expectations in Japan

Masazumi Hattori and James Yetman

646: Macroprudential policy and bank risk

Yener Altunbas, Mahir Binici and Leonardo Gambacorta

645: Accounting for debt service: the painful legacy of credit booms

Mathias Drehmann, John Juselius and Anton Korinek

644: The shifting drivers of global liquidity

Stefan Avdjiev, Leonardo Gambacorta, Linda Goldberg and Stefano Schiaffi

643: The international dimensions of macroprudential policies

Pierre-Richard Agénor, Enisse Kharroubi, Leonardo Gambacorta, Giovanni Lombardo and Luiz Awazu Pereira da Silva

642: The effects of monetary policy shocks on inequality in Japan

Masayuki Inui, Nao Sudo and Tomoaki Yamada

641: China's evolving monetary policy rule: from inflation-accommodating to anti-inflation policy

Eric Girardin, Sandrine Lunven and Guonan Ma

640: Understanding the determinants of financial outcomes and choices: the role of noncognitive abilities

Gianpaolo Parise and Kim Peijnenburg

639: Supply- and demand-side factors in global banking

Mary Amiti, Patrick McGuire and David Weinstein

638: Assessing fiscal policy through the lens of the financial and the commodity price cycles

Enrique Alberola and Ricardo Sousa

637: Global value chains and effective exchange rates at the country-sector level

Nikhil Patel, Zhi Wang and Shang-Jin Wei

636: The impact of macroprudential policies and their interaction with monetary policy: an empirical analysis using credit registry data

Leonardo Gambacorta and Andrés Murcia

635: Prudential policies and their impact on credit in the United States

Paul Calem, Ricardo Correa and Seung Jung Lee

634: Evaluating the impact of macroprudential policies on credit growth in Colombia

Esteban Gómez, Angélica Lizarazo, Juan Mendoza and Andrés Murcia

633: The impact of warnings published in a financial stability report on loan-to value ratios

Andrés Alegría, Rodrigo Alfaro and Julio Cordova

632: The impact of macroprudential housing finance tools in Canada

Jason Allen, Timothy Grieder, Tom Roberts and Brian Peterson

631: Arbitrage costs and the persistent non-zero CDS-bond basis: Evidence from intraday euro area sovereign debt markets

Jacob Gyntelberg, Peter Hördahl, Kristyna Ters and Jörg Urban

630: How post-crisis regulation has affected bank CEO compensation

Vittoria Cerasi, Sebastian M Deininger, Leonardo Gambacorta and Tommaso Oliviero

629: The beneficial aspect of FX volatility for market liquidity

Jakree Koosakul and Ilhyock Shim

628: Is monetary policy less effective when interest rates are persistently low?

Claudio Borio and Boris Hofmann

627: External debt composition and domestic credit cycles

Stefan Avdjiev, Stephan Binder and Ricardo Sousa

626: Monetary policy's rising FX impact in the era of ultra-low rates

Massimo Ferrari Minesso, Jonathan Kearns and Andreas Schrimpf

625: Scarcity effects of QE: A transaction-level analysis in the Bund market

Kathi Schlepper, Heiko Hofer, Ryan Riordan and Andreas Schrimpf

624: Does exchange rate depreciation have contractionary effects on firm-level investment?

Jose Maria Serena Garralda and Ricardo Sousa

623: International inflation spillovers through input linkages

Raphael Auer, Andrei Levchenko and Philip Sauré

622: External financing and economic activity in the euro area - why are bank loans special?

Iñaki Aldasoro and Robert Unger

621: The dynamics of investment projects: evidence from Peru

Rocio Gondo Mori and Marco Vega

620: Commodity price risk management and fiscal policy in a sovereign default model

Bernabe Lopez-Martin, Julio Leal Ordóñez and André Martínez Fritscher

619: Volatility risk premia and future commodities returns

Jose Ornelas and Roberto Mauad

618: Business cycles in an oil economy

Drago Bergholt, Vegard Larsen and Martin Seneca

617: Oil, equities, and the zero lower bound

Deepa Datta, Benjamin K Johannsen, Hannah Kwon and Robert Vigfusson

616: Macro policy responses to natural resource windfalls and the crash in commodity prices

Frederick (Rick) van der Ploeg

615: Currency wars or efficient spillovers?

Anton Korinek

614: Changing business models in international bank funding

Leonardo Gambacorta, Adrian Rixtel and Stefano Schiaffi

613: Risk sharing and real exchange rates: the role of non-tradable sector and trend shocks

Hüseyin Çağrı Akkoyun, Yavuz Arslan and Mustafa Kilinc

612: Monetary policy and bank lending in a low interest rate environment: diminishing effectiveness?

Claudio Borio and Leonardo Gambacorta

611: The effects of tax on bank liability structure

Leonardo Gambacorta, Giacomo Ricotti, Suresh Sundaresan and Zhenyu Wang

610: Global impact of US and euro area unconventional monetary policies: a comparison

Qianying Chen, Marco Lombardi, Alex Ross and Feng Zhu