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Research
10 Oct

Liquidity regulation and the implementation of monetary policy (Working Paper)

In addition to revamping existing rules for bank capital, Basel III introduces a new global framework for liquidity regulation. One part of this framework is the liquidity coverage ratio (LCR), which requires ...

04 Oct

Transmitting global liquidity to East Asia: policy rates, bond yields, currencies and dollar credit (Working Paper)

We review extant work on the transmission of monetary policy, both conventional and unconventional, of the major advanced economies to East Asia through monetary policy reactions, integrated bond markets and ...

17 Sep

Asymmetric effects of FOREX intervention using intraday data: evidence from Peru  (Working Paper)

Asymmetric effects of Central Bank foreign exchange (forex) intervention have not been extensively studied in the literature, even though in practice Central Bank's motives for purchasing and for selling foreign currency ...

17 Sep

On central bank interventions in the Mexican peso/dollar foreign exchange market  (Working Paper)

In recent years the Bank of Mexico has made a series of rules-based interventions in the peso/dollar foreign exchange market. We assess the effectiveness of two specific interventions that ...

17 Sep

The impact of pre-announced day-to-day interventions on the Colombian exchange rate   (Working Paper)

The adoption of a managed regime assumes that interventions are relatively successful. However, while some authors consider that foreign exchange interventions are not effective, ...

 17 Sep

Interventions and inflation expectations in an inflation targeting economy   (Working Paper)

In this paper we explore the role that exchange rate interventions may play in determining inflation expectations in Chile. To that end, we consider a set of nine deciles of inflation expectations coming from ...

17 Sep

Order Flow and the Real: Indirect Evidence of the Effectiveness of Sterilized Interventions   (Working Paper)

This study presents indirect evidence of the effectiveness of sterilized interventions in Brazil based on the complete records of daily customer order flow data reported by Brazilian dealers, as well as foreign ...

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Speeches
Central bankers' speeches
16 Oct
15 Oct
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BIS Management speeches
14 Oct

by Stephen G Cecchetti: Central bank independence - a path less clear

It is always a pleasure to return to Mexico City; especially so on this important occasion. Anniversaries are always a good time to reflect on the past in an effort to learn and to plan for the future...

12 Sep

by Stephen G Cecchetti: Assessing the macroeconomic impact of OTC derivatives regulatory reforms

Today I would like to discuss the findings of the Macroeconomic Assessment Group on Derivatives (MAGD). The Group, which I chaired, brought together nearly 30 member institutions of the Financial Stability Board (FSB)...

08 Jul

by Jaime Caruana: Debt, global liquidity and the challenges of exit

Recent volatility in financial markets suggests that, notwithstanding the many efforts of the authorities to support growth in the past six years, full normality...

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23 Jun

by Jaime Caruana: General Manager's speech: Making the most of borrowed time

Since the beginning of the financial crisis almost six years ago, central banks and fiscal authorities have supported the global economy with unprecedented measures...

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