BIS Working Papers

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113: The link between default and recovery rates: effects on the procyclicality of regulatory capital ratios

Edward Altman, Andrea Resti and Andrea Sironi

112: Determinants of international bank lending to emerging market countries

Serge Jeanneau and Marian Micu

111: Output trends and Okun's law

Gert Schnabel

110: A survey of the institutional and operational aspects of modern-day currency boards

Corrinne Ho

109: Optimal dynamic hedging using futures under a borrowing constraint

Akash Deep

108: The determinants of private sector credit in industrialised countries: do property prices matter?

Boris Hofmann

107: Bank runs, welfare and policy implications

Zhu Haibin

106: Bank runs without self-fulfilling prophecies

Zhu Haibin

105: Macroeconomic news and the euro/dollar exchange rate

Gabriele Galati and Corrinne Ho

104: The changing shape of fixed income markets

the Study group on fixed income Markets

103: The costs and benefits of moral suasion: Evidence from the rescue of long-term capital management

C. Furfine

102: Allocating bank regulatory powers: lender of last resort, deposit insurance and supervision

Charles Kahn and Joao Santos

101: Can liquidity risk be subsumed in credit risk? A case study from Brady bond prices

Henri Pagès

100: The impact of the euro on Europe's financial markets

Gabriele Galati and Kostas Tsatsaronis

99: The interbank market during a crisis

C. Furfine

98: Money and inflation in the Euro Area: A case for monetary indicators?

Lars Svensson and Stefan Gerlach

97: Information flows during the asian crisis: evidence from closed-end funds

Eli Remolona and Benjamin Cohen

96: The real-time predictive content of money for output

Norman Swanson and Jeffery Amato

95: The impact of corporate risk management on monetary policy transmission: some empirical evidence

Ingo Fender

94: Corporate hedging: the impact of financial derivatives on the broad credit channel of monetary policy

Ingo Fender

93: Trading volumes, volatility and spreads in foreign exchange markets: evidence from emerging market countries

Gabriele Galati

92: Recent initiatives to improve the regulation and supervision of private capital flows

William White

91: Measuring potential vulnerabilities in emerging market economies

Marc Klau and John Hawkins

90: Bank capital regulation in contemporary banking theory: a review of the literature

Joao Santos

89: Forecast-based monetary policy

Thomas Laubach and Jeffery Amato

88: Evidence on the response of US banks to changes in capital requirements

C. Furfine

87: Monetary policy in an estimated optimisation-based model with sticky prices and wages

Thomas Laubach and Jeffery Amato

86: Information, liquidity and risk in the international interbank market: implicit guarantees and private credit market failure

Henri Bernard and Joseph Bisignano

85: A defence of the expectations theory as a model of us long-term interest rates

Gregory Sutton

84: What have we learned from recent financial crises and policy responses?

William White

83: Switching from single to multiple bank lending relationships: determinants and implications

Joao Santos and Luísa Farinha

82: Sacrifice ratios and the conduct of monetary policy in conditions of low inflation

William Wascher and Palle Andersen

81: Interbank interest rates and the risk premium

Henri Pagès

80: A note on alternative measures of real bond rates

Palle Andersen

79: Pass-through of exchange rates and import prices to domestic inflation in some industrialised economies

Jonathan McCarthy

78: Banking and commerce: a liquidity approach

Joao Santos and Joseph Haubrich

77: Perceived central bank intervention and market expectations: an empirical study of the yen/dollar exchange rate, 1993 - 96

Will Melick and Gabriele Galati

76: The price of risk at year-end: evidence from interbank lending

C. Furfine

75: A note on the Gordon growth model with nonstationary dividend growth

Henri Pagès

74: The Dollar - Mark axis

Gabriele Galati

73: The Taylor rule and interest rates in the EMU area: a note

Gert Schnabel and Stefan Gerlach

72: Reserve currency allocation: an alternative methodology

Srichander Ramaswamy

71: The term structure of announcement effects

Michael Fleming and Eli Remolona

70: Interbank exposures: quantifying the risk of contagion

C. Furfine

69: Credit channels and consumption in Europe: empirical evidence

Gabe de Bondt

68: The evolution and determinants of emerging markets credit spreads in the 1990s

Steven Kamin and K von Kleist

67: The cyclical sensitivity of seasonality in US employment

Spencer Krane and William Wascher

66: Evolving international financial markets: some implications for Central Banks

William White

65: Higher profits and lower capital prices: is factor allocation optimal?

E. Yndgaard, Palle Andersen and Marc Klau

64: Precarious credit equilibria: reflections on the Asian financial crisis

Joseph Bisignano