BIS Working Papers

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129: Are credit ratings procyclical?

C. Furfine and Jeffery Amato

128: Towards a macroprudential framework for financial supervision and regulation?

Claudio Borio

127: A tale of two perspectives: old or new challenges for monetary policy?

Claudio Borio, Wiliam English and Andrew Filardo

126: A survey of cyclical effects in credit risk measurement model

Linda Allen and Anthony Saunders

125: The institutional memory hypothesis and the procyclicality of bank lending behaviour

Allen Berger and Gregory Udell

124: Credit constraints, financial liberalisation and twin crises

Zhu Haibin

123: Communication and monetary policy

Jeffery Amato, Hyun Song Shin and Stephen Morris

122: Positive feedback trading under stress: Evidence from the US Treasury securities market

Benjamin Cohen and Hyun Song Shin

121: Implications of habit formation for optimal monetary policy

Jeffery Amato and Thomas Laubach

120: Changes in market functioning and central bank policy: an overview of the issues

Marvin Barth, Philip Wooldridge and Eli Remolona

119: A VAR analysis of the effects of monetary policy in East Asia

Ben Fung

118: Should banks be diversified? Evidence from individual bank loan portfolios

Iftekhar Hasan, Anthony Saunders and Viral Acharya

117: Internal ratings, the business cycle and capital requirements: some evidence from an emerging market economy

Philip Lowe and Miguel Segoviano

116: Credit risk measurement and procyclicality

Philip Lowe

115: China's asset management corporations

Guonan Ma and Ben Fung

114: Asset prices, financial and monetary stability: exploring the nexus

Philip Lowe and Claudio Borio

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