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International Settlement

The Bank for International Settlements (BIS) is an international company limited by shares owned by central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks". The BIS carries out its work through subcommittees, the secretariats it hosts and through an annual general meeting of all member banks. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.

Articles by International Settlement

Labour markets and inflation in the wake of the pandemic

17 hours ago

by Frederic Boissay, Emanuel Kohlscheen, Richhild Moessner and Daniel ReesThe pandemic had a significant effect on labour markets. Working hours fell sharply almost everywhere, but the drivers of these declines varied greatly across countries, depending on whether policies to protect worker-firm relationships were in place. Labour markets have bounced back faster than after recent recessions, …

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Indebted Demand

9 days ago

by Atif Mian, Ludwig Straub and Amir SufiThis paper explains the concomitant rise in debt and fall in interest rates by the liberalisation of the financial sector and income inequality.

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Technological capacity and firms’ recovery from Covid-19

14 days ago

by Sebastian Doerr, Magdalena Erdem, Guido Franco, Leonardo Gambacorta and Anamaria IllesBased on a large sample of firms in 17 countries, this paper shows that businesses headquartered in countries with better digital capabilities – as measured by their position in the World Digital Competitiveness Ranking – had higher revenues during the pandemic relative to their …

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Cross-border crisis simulation exercise in South America

15 days ago

This report sets out general findings and recommendations on a range of topics, including crisis management tools; recovery and resolution planning; liquidity and resolution funding; domestic decision-making procedures; and cross-border cooperation and information-sharing.

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A taxonomy of sustainable finance taxonomies

20 days ago

Sustainable finance taxonomies can play an important role in scaling up sustainable finance and, in turn, in supporting the achievement of high-level goals such as the Paris Accord and the UN sustainable development goals. This paper develops a framework to classify and compare existing taxonomies. Several weaknesses emerge from this classification and comparison, including the …

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Central bank digital currencies – executive summary

28 days ago

A group of seven central banks (Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Federal Reserve, Sveriges Riksbank and Swiss National Bank), together with the Bank for International Settlements, are working together to explore central bank digital currencies (CBDCs) for the public (“general purpose” or “retail” CBDC).

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Big tech regulation: what is going on?

29 days ago

FSI Insights No 36, September 2021. This paper reviews various regulatory initiatives developed in China, the European Union and the United States to address new challenges presented by big techs.. It offers a typology of regulatory actions and focusses on five policy domains: competition, data, conduct of business, operational resilience and financial stability.

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Global lending conditions and international coordination of financial regulation policies

August 25, 2021

by Enisse KharroubiUsing a model of strategic interactions between two countries, I investigate the gains to international coordination of financial regulation policies, and how these gains depend on global lending conditions. When global lending conditions are determined non-cooperatively, I show that coordinating regulatory policies leads to a Pareto improvement relative to the case of no …

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Could corporate credit losses turn out higher than expected?

August 18, 2021

* In a recent survey, US households say they are more likely to trust traditional financial institutions than government agencies or fintechs to safeguard their personal data. They have far less trust in big techs. * This pattern differs across demographic groups: respondents from racial minorities have less trust in financial institutions, while younger respondents …

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Macroeconomic effects of Covid-19: a mid-term review

August 11, 2021

This article provides an interim assessment of the macroeconomic consequences of the Covid-19 pandemic. Estimates suggest a median output loss of about 6.5% in 2020, a gap that is expected to narrow to around 4% of the pre-pandemic trend by the end of 2021.

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Ripple effects of monetary policy

August 6, 2021

Is conventional monetary policy transmitted through the demand for and supply of intermediate goods in an economy? Analyzing unique US data on corporate linkages, we document that downstream and upstream corporate financial health are instrumental for the transmission of monetary policy.

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Quantifying the high-frequency trading “arms race”

August 4, 2021

We use stock exchange message data to quantify the negative aspect of high-frequency trading, known as “latency arbitrage”. The key difference between message data and widely familiar limit order book data is that message data contain attempts to trade or cancel that fail.

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Humans keeping AI in check – emerging regulatory expectations in the financial sector

August 3, 2021

FSI Insights No 35, August 2021. Artificial intelligence (AI) has the potential to significantly improve the delivery of financial services. Several financial authorities have recently began developing frameworks, outlining their expectations on AI governance and use by financial institutions. These frameworks converge on common guiding principles on reliability, accountability, transparency, fairness and ethics.

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Regulating big techs in finance

August 2, 2021

BIS Bulletin No 45 – Regulating big techs in finance – Big tech firms entering financial services can scale up rapidly with user data from their existing business lines in e-commerce and social media, and by harnessing the inherent network effects in digital services. In addition to traditional policy concerns such as financial risks, consumer …

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