BIS Working Papers

From Bank for International Settlements
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389: Currency intervention and the global portfolio balance effect: Japanese lessons

Petra Gerlach-Kristen and Robert McCauley

388: Monetary policy in a downturn: Are financial crises special?

Morten Bech and Leonardo Gambacorta

387: Does US GDP stall?

Wai-Yip Alex Ho and James Yetman

386: The Social Value of Policy Signals

Stefan Avdjiev and Patrick McGuire

385: Ageing, property prices and money demand

Kiyohiko Nishimura and Elod Takats

384: The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound: A Cross-Country Analysis

Leonardo Gambacorta, Boris Hofmann and Gert Peersman

383: Public recapitalisations and bank risk: evidence from loan spreads and leverage

Michael Brei and Blaise Gadanecz

382: Risk-on/risk-off, capital flows, leverage and safe assets

Robert McCauley

381: Reassessing the impact of finance on growth

Stephen Cecchetti and Enisse Kharroubi

380: Characterising the financial cycle: don't lose sight of the medium term!

Mathias Drehmann, Claudio Borio and Kostas Tsatsaronis

379: When capital adequacy and interest rate policy are substitutes (and when they are not)

Stephen Cecchetti and Marion Kohler

378: Ensuring price stability in post-crisis Asia: lessons from the recovery

Andrew Filardo

377: Rapid credit growth and international credit: Challenges for Asia

Stefan Avdjiev, Robert McCauley and Patrick McGuire

376: Systemic risk in global banking: what can available data tell us and what more data are needed?

Eugenio Cerutti, Stijn Claessens and Patrick McGuire

375: Loan loss provisioning practices of Asian banks

Frank Packer and Haibin Zhu

374: A Comprehensive Look at Financial Volatility Prediction by Economic Variables

Charlotte Christiansen, Maik Schmeling and Andreas Schrimpf

373: Collateral requirements for mandatory central clearing of over-the-counter derivatives

Daniel Heller and Nicholas Vause

372: Inflation Dynamics in the Presence of Informal Labour Markets

Paul Castillo and Carlos Montoro

371: Stochastic Herding in Financial Markets Evidence from Institutional Investor Equity Portfolios

Makoto Nirei, Theodoros Stamatiou and Vladyslav Sushko

370: Credit at times of stress: Latin American lessons from the global financial crisis

Carlos Montoro and Liliana Rojas-Suarez

369: Stress-testing macro stress testing: does it live up to expectations?

Claudio Borio, Mathias Drehmann and Kostas Tsatsaronis

368: The sustainability of pension schemes

Srichander Ramaswamy

367: Is the long-term interest rate a policy victim, a policy variable or a policy lodestar?

Philip Turner

366: Currency Momentum Strategies

Lukas Menkhoff, Lucio Sarno, Maik Schmeling and Andreas Schrimpf

365: Was This Time Different?: Fiscal Policy in Commodity Republics

Luis Cespedes and Andrés Velasco

364: Perceptions and misperceptions of fiscal inflation

Eric Leeper and Todd Walker

363: The Liquidation of Government Debt

Carmen Reinhart and M. Belen Sbrancia

362: The "Austerity myth": Gain Without Pain?

Roberto Perotti

361: Long-term fiscal sustainability in major economies

Alan Auerbach

360: China's evolving reserve requirements

Guonan Ma, Yan Xiangong and Liu Xi

359: Bank heterogeneity and interest rate setting: What lessons have we learned since Lehman Brothers?

Leonardo Gambacorta and Paolo Emilio Mistrulli

358: News driven business cycles and data on asset prices in estimated DSGE models

Stefan Avdjiev

357: Rescue packages and bank lending

Michael Brei, Leonardo Gambacorta and Goetz von Peter

356: The Impact of the International Financial Crisis on Asia and the Pacific: Highlighting Monetary Policy Challenges from a Negative Asset Price Bubble Perspective

Andrew Filardo

355: Anchoring countercyclical capital buffers: the role of credit aggregates

Mathias Drehmann, Claudio Borio and Kostas Tsatsaronis

354: Rediscovering the macroeconomic roots of financial stability policy: journey, challenges and a way forward

Claudio Borio

353: Central banking post-crisis: What compass for uncharted waters?

Claudio Borio

352: The real effects of debt

Stephen Cecchetti, Madhusudan Mohanty and Fabrizio Zampolli

351: Weathering the financial crisis: good policy or good luck?

Stephen Cecchetti, Michael King and James Yetman

350: The value of repeat lending

Blaise Gadanecz, Alper Kara and Philip Molyneux

349: How do inflation expectations form? New insights from a high-frequency survey

Gabriele Galati, Peter Heemeijer and Richhild Moessner

348: The international propagation of the financial crisis of 2008 and a comparison with 1931

William Allen and Richhild Moessner

347: On harnessing the potential of financial inclusion

Peter Dittus and Michael Klein

346: Global imbalances and the financial crisis: Link or no link?

Claudio Borio and Piti Disyatat

345: The bank lending channel: lessons from the crisis

Leonardo Gambacorta and David Marques-Ibanez

344: Dislocations in the won-dollar swap markets during the crisis of 2007-09

Naohiko Baba and Ilhyock Shim

343: Market structures and systemic risks of exchange-traded funds

Srichander Ramaswamy

342: Measuring the systemic importance of interconnected banks

Nikola Tarashev and Mathias Drehmann

341: Securitization is not that evil after all

Ugo Albertazzi, Ginette Eramo, Leonardo Gambacorta and Carmelo Salleo

340: Cyclical fiscal policy, credit constraints, and industry growth

Philippe Aghion, David Hemous and Enisse Kharroubi