BIS Working Papers

From Bank for International Settlements
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222: An equilibrum model of "global imbalances" and low interest rates

Ricardo Caballero, Emmanuel Farhi and Pierre-Olivier Gourinchas

221: Phoenix miracles in emerging markets: recovering without credit from systemic financial crises

Alejandro Izquierdo, Ernesto Talvi and Guillermo Calvo

220: Financial globalisation, governance and the evolution of the home bias

Bong-Chan Kho, René Stulz and Francis Warnock

219: Democracy and globalisation

Barry Eichengreen and David Leblang

218: The euro as a reserve currency: a challenge to the pre-eminence of the US dollar?

Gabriele Galati and Philip Wooldridge

217: Estimation of Asian effective exchange rates: a technical note

San Sau Fung, Marc Klau, Guonan Ma and Robert McCauley

216: Monetary and prudential policies at a crossroads? New challenges in the new century

Claudio Borio

215: Devaluations, output and the balance sheet effect: a structural econometric analysis

Camilo Tovar

214: The pricing of portfolio credit risk

Nikola Tarashev and Zhu Haibin

213: Risk in financial reporting: status, challenges and suggested directions

Claudio Borio and Kostas Tsatsaronis

212: Risk and liquidity in a system context

Hyun Song Shin

211: Do accounting changes affect the economic behaviour of financial firms?

Anne Beatty

210: Institution-specific value

Ken Peasnell

209: Fair value accounting for financial instruments: some implications for bank regulation

Wayne Landsman

208: Including estimates of the future in today's financial statements

Mary Barth

207: The price impact of rating announcements: which announcements matter?

Marian Micu, Eli Remolona and Philip Wooldridge

206: Dynamic prudential regulation: Is prompt corrective action optimal?

Ilhyock Shim

205: Is price stability enough?

William White

204: Monetary policy regimes and macroeconomic outcomes: Hong Kong and Singapore

Petra Gerlach-Kristen and Stefan Gerlach

203: Macro factors in the term structure of credit spreads

Maurizio Luisi and Jeffery Amato

202: Time-varying exchange rate pass-through: experiences of some industrial countries

Toshitaka Sekine

201: Central banks, governments and the European monetary unification process

Alexandre Lamfalussy

200: The future of central bank cooperation

Beth Simmons

199: Architects of stability? International cooperation among financial supervisors

Ethan Kapstein

198: Almost a century of central bank cooperation

Richard Cooper

197: One hundred and thirty years of central bank cooperation: a BIS perspective

Claudio Borio and Gianni Toniolo

196: The evolving inflation process: an overview

Gabriele Galati and Will Melick

195: Interpreting Euro area inflation at high and low frequencies

Stefan Gerlach and Katrin Assenmacher

194: Output gaps and inflation in Mainland China

Stefan Gerlach and Wensheng Peng

193: Procyclicality in the financial system: do we need a new macrofinancial stabilisation framework?

William White

192: The mechanics of devaluations and the output response in a DSGE model: how relevant is the balance sheet effect?

Camilo Tovar

191: Explaining the level of credit spreads: option-implied jump risk premia in a firm value model

Martijn Cremers, Joost Driessen, Pascal Maenhout and David Weinbaum

190: The pricing of unexpected credit losses

Jeffery Amato and Eli Remolona

189: Beyond current policy frameworks

Charles Goodhart

188: Japan's deflation, problems in the financial system and monetary policy

Naohiko Baba, Shinichi Nishioka, Nobuyuki Oda, Masaaki Shirakawa, Kazuo Ueda and Hiroshi Ugai

187: External shocks, transmission mechanisms and deflation in Asia

Hans Genberg

186: Deflation in a historical perspective

Michael Bordo and Andrew Filardo

185: Has the inflation process changed?

Stephen Cecchetti and Guy Debelle

184: A nonparametric analysis of the shape dynamics of the US personal income distribution: 1962-2000

Feng Zhu

183: The fragility of the Phillips curve: A bumpy ride in the frequency domain

Feng Zhu

182: Revisiting recent productivity developments across OECD countries

Bruno Tissot and Les Skoczylas

181: Explaining credit default swap spreads with equity volatility and jump risks of individual firms

Zhu Haibin, Benjamin Zhang and Hao Zhou

180: Accounting, prudential regulation and financial stability: elements of a synthesis

Claudio Borio and Kostas Tsatsaronis

179: An empirical evaluation of structural credit risk models

Nikola Tarashev

178: Research on exchange rates and monetary policy: an overview

Jeffery Amato, Andrew Filardo, Gabriele Galati, Goetz von Peter and Feng Zhu

177: Forbearance and prompt corrective action

Ilhyock Shim and Narayana Kocherlakota

176: Debt-deflation: concepts and a stylised model

Goetz von Peter

175: Commercial property prices and bank performance

E Davis and Zhu Haibin

174: How does fiscal policy affect monetary policy in emerging market countries?

Edda Zoli

173: Measuring default risk premia from default swap rates and EDFs

Antje Berndt, Rohan Douglas, Darrell Duffie, Mark Ferguson and David Schranz