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International Settlement

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

It takes two: Fiscal and monetary policy in Mexico

7 days ago

by Ana Aguilar, Carlos Cantú and Claudia RamírezWe model the interaction between fiscal and monetary policy and qualify their effects in a semi-structural small open economy model calibrated for Mexico. In our model, fiscal and monetary policy follow rules tied to specific targets. We estimate how fiscal policy, through deficits and public debt accumulation, and …

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The design of a data governance system

13 days ago

Technological developments over the last two decades have led to an explosion in the availability of data and their processing. Consumers often do not know the benefits of the data they generate, and find it difficult to assert their rights regarding the collection, processing and sharing of their data. We propose a data governance system …

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Are major advanced economies on the verge of a wage-price spiral?

14 days ago

by Frederic Boissay, Fiorella De Fiore, Deniz Igan, Albert Pierres Tejada and Daniel ReesInflation has returned, reaching levels not seen in decades. Whether inflation enters a persistently higher regime will depend on labour market developments, and on whether a wage-price spiral emerges. …

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Big techs, QR code payments and financial inclusion

14 days ago

by Thorsten Beck, Leonardo Gambacorta, Yiping Huang, Zhenhua Li and Han QiuUsing a unique dataset of around half a million Chinese firms that use a QR code-based mobile payment system, we find that (i) the creation of a digital payment footprint allows firms to access credit provided by the same big tech company; (ii) transaction …

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Core Principles for Effective Deposit Insurance Systems – Executive Summary

20 days ago

The International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance Systems are intended for jurisdictions that wish to establish or enhance their deposit insurance systems. The Core Principles (CPs) were originally published in 2009. In 2014, IADI issued the Revised Core Principles for Effective Deposit Insurance Systems in response to the lessons …

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CBDCs in emerging market economies

April 14, 2022

BIS Papers No 123 – Papers in this volume were prepared for a meeting of emerging market Deputy Governors organised by the Bank for International Settlements on 9–10 February 2022.

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Financial openness and inequality

March 24, 2022

by Stefan Avdjiev and Tsvetana SpasovaWe conduct a comprehensive empirical examination of the link between inequality and external financial openness for a sample of 48 countries between 1991 and 2013.

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Central banks, the monetary system and public payment infrastructures: lessons from Brazil’s Pix

March 23, 2022

by Angelo Duarte, Jon Frost, Leonardo Gambacorta, Priscilla Koo Wilkens and Hyun Song ShinPublic payment infrastructures build on the central bank’s foundational role in the monetary system by promoting competition and interoperability between payment platforms. They can reduce costs for users and promote financial inclusion. Brazil’s recent experience with the Pix retail instant payment system …

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Project Dunbar – International settlements using multi-CBDCs

March 22, 2022

Project Dunbar explores how a common platform for multiple central bank digital currencies (multi-CBDCs) could enable cheaper, faster and safer cross-border payments. It identified challenges of implementing a multi-CBDC platform shared across central banks and proposed practical design approaches to address them.

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Anchoring of inflation expectations: has past progress paid off?

March 17, 2022

by Tirupam Goel and Kostas TsatsaronisIn the decade before the pandemic, inflation expectations became less volatile worldwide, as well as more consistent with inflation targets and less sensitive to inflation surprises. This progress has paid off for many economies during the past year’s surge in inflation: long-term expectations have remained largely anchored, but with notable …

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Housing market risks in the wake of the pandemic

March 10, 2022

by Deniz Igan, Emanuel Kohlscheen and Phurichai RungcharoenkitkulHouse prices rose strongly in advanced economies during the pandemic, breaking with typical post-recession patterns. These developments support domestic demand in the short term but carry risks to the outlook if they reverse. Rapid economic recovery, fiscal support and high saving rates amid negative real interest rates explain …

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BIS Quarterly Review, March 2022

February 28, 2022

BIS Quarterly Review for March 2022 – The March 2022 Quarterly Review highlights research that relates lending patterns to financial intermediaries’ funding sources and examines long-term growth prospects.

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The NAIRU and informality in the Mexican labor market

February 23, 2022

by Ana Aguilar, Carlo Alcaraz, Claudia Ramírez and Cid Alonso Rodríguez-PérezIn this paper, we present an estimation of the traditional NAIRU for Mexico and an alternative measure that includes informality as an indicator of labor underutilization.

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The regulatory response to climate risks: some challenges

February 17, 2022

FSI Briefs No 16, February 2022. There is a need for authorities to review their prudential frameworks with a view to taking full account of the implications of climate-related financial risks for financial stability. Given the longer time horizons and the higher degree of uncertainty associated with the materialisation of climate-related financial risks, standard Pillar …

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Covid-19 and the monetary-fiscal policy nexus in Africa

February 10, 2022

The Covid-19 pandemic reinforced the already close interactions between monetary and fiscal policies in Africa. Policymakers provided support to their economies in a coordinated way. Both policies were countercyclical and complementary. Central banks reacted more forcefully than fiscal authorities, as high debt constrained the fiscal response…

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