On 28-29 March 2003, the BIS held a conference on "Monetary stability, financial stability and the business cycle". The event brought together central bankers, academics and market participants to exchange views on this issue (see the conference programme and list of participants). This publication contains the opening speech by the BIS General Manager and the prepared remarks of the four participants on the policy panel. The papers from the conference are being published in the BIS working paper series, together with the discussants' comments on each paper (see Working papers 136, 137, 138, 139, 140, 141).
{"title":"Monetary Stability, Financial Stability and the Business Cycle: Five Views","authors":"Bank for International Settlements","doi":"10.2139/ssrn.1188107","DOIUrl":"https://doi.org/10.2139/ssrn.1188107","url":null,"abstract":"On 28-29 March 2003, the BIS held a conference on \"Monetary stability, financial stability and the business cycle\". The event brought together central bankers, academics and market participants to exchange views on this issue (see the conference programme and list of participants). This publication contains the opening speech by the BIS General Manager and the prepared remarks of the four participants on the policy panel. The papers from the conference are being published in the BIS working paper series, together with the discussants' comments on each paper (see Working papers 136, 137, 138, 139, 140, 141).","PeriodicalId":328573,"journal":{"name":"BIS Papers Series","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124996446","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Arrangements that replace independent national currencies (regional currency areas, currency boards, official or unofficial use of a foreign currency) have become increasingly popular. However, they raise at least three broad questions. First, do their benefits (notably lower transactions costs) exceed the costs (reduced policy flexibility)? Second, which of these regimes is most suitable for a particular economy? Third, must institutions be developed to ensure economic convergence and other complementary measures that will guarantee the success of a common currency, or are convergence and complementary measures a likely consequence of adopting a common currency? Senior central bankers from Africa, Asia, Europe, the Middle East and the United States discussed experiences and research on these questions at a two-day meeting held at the BIS in September 2002. The first day focused on economic issues and the second on legal and practical issues.
{"title":"Regional Currency Areas and the Use of Foreign Currencies","authors":"Bank for International Settlements","doi":"10.2139/ssrn.1188244","DOIUrl":"https://doi.org/10.2139/ssrn.1188244","url":null,"abstract":"Arrangements that replace independent national currencies (regional currency areas, currency boards, official or unofficial use of a foreign currency) have become increasingly popular. However, they raise at least three broad questions. First, do their benefits (notably lower transactions costs) exceed the costs (reduced policy flexibility)? Second, which of these regimes is most suitable for a particular economy? Third, must institutions be developed to ensure economic convergence and other complementary measures that will guarantee the success of a common currency, or are convergence and complementary measures a likely consequence of adopting a common currency? Senior central bankers from Africa, Asia, Europe, the Middle East and the United States discussed experiences and research on these questions at a two-day meeting held at the BIS in September 2002. The first day focused on economic issues and the second on legal and practical issues.","PeriodicalId":328573,"journal":{"name":"BIS Papers Series","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127566395","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This volume collects the papers presented at the joint BIS/SAFE seminar on Capital account liberalisation in China: international perspectives, held on 12-13 September 2002 in Beijing, China. Seminar participants from outside China were mostly experienced practitioners and policymakers from 13 economies across four continents. Chinese participants consisted mainly of staff from the State Administration of Foreign Exchange, the People's Bank of China and the Chinese Academy of Social Sciences. The main aim of the seminar was to draw on the diverse international experiences in managing cross-border capital flows and to shed light on how China should proceed to implement capital account liberalisation in the years ahead, following its recent historic entry into the WTO. The present collection includes 16 seminar papers, which are organised under the following six topics: Overview Japanese experience Bank-related capital flows Corporate and non-bank flows Equity portfolio flows Offshore banknote flows Our introduction should be read in close conjunction with the welcome speech by SAFE Deputy Director General Ma Delun and with the SAFE summary chapter by Wang Yungui and Xie Yuelan, which follow immediately.
{"title":"China's Capital Account Liberalisation: International Perspective","authors":"Bank for International Settlements","doi":"10.2139/ssrn.1188022","DOIUrl":"https://doi.org/10.2139/ssrn.1188022","url":null,"abstract":"This volume collects the papers presented at the joint BIS/SAFE seminar on Capital account liberalisation in China: international perspectives, held on 12-13 September 2002 in Beijing, China. Seminar participants from outside China were mostly experienced practitioners and policymakers from 13 economies across four continents. Chinese participants consisted mainly of staff from the State Administration of Foreign Exchange, the People's Bank of China and the Chinese Academy of Social Sciences. The main aim of the seminar was to draw on the diverse international experiences in managing cross-border capital flows and to shed light on how China should proceed to implement capital account liberalisation in the years ahead, following its recent historic entry into the WTO. The present collection includes 16 seminar papers, which are organised under the following six topics: Overview Japanese experience Bank-related capital flows Corporate and non-bank flows Equity portfolio flows Offshore banknote flows Our introduction should be read in close conjunction with the welcome speech by SAFE Deputy Director General Ma Delun and with the SAFE summary chapter by Wang Yungui and Xie Yuelan, which follow immediately.","PeriodicalId":328573,"journal":{"name":"BIS Papers Series","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115102660","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Asian financial crisis in 1997 revealed important deficiencies in the monitoring of short-term external debt, often the most important and also most volatile component of countries' external obligations. As underlined in the report prepared by the Working Group on Capital Flows of the Financial Stability Forum, "short-term flows entail liquidity risk and, therefore, are of special concern from a financial stability perspective". As a result, "special attention to the build-up of short-term debt is warranted". The new Joint BIS IMF-OECD-World Bank Statistics on External Debt collaboratively published by the four international organisations since March 1999 facilitate the monitoring of external debt. They bring together in one place and on a consistent basis creditor and market data disseminated by the individual agencies, and major components of short-term debt are identified separately. Conceptual and statistical discrepancies between creditor- and debtor-based statistics have, however, caused concern. As a consequence, the BIS, with support from a number of emerging market central banks, has undertaken a study to compare existing creditor and debtor data on external debt. The results are presented in this report, which mainly serves the following purposes: First, we explain conceptual and practical differences between creditor short-term external claims series, which are supplied mainly by the BIS, and the corresponding debtor series. Second, we discuss possible options for adapting the presentation of the BIS data (assuming unchanged reporting) to reduce perceived differences between creditor and debtor data. Third, senior statisticians and economists from nine emerging market central banks provide a description of the current collection and publication of external debt statistics in their respective countries. The report is divided into two parts. Part I of the report contains the results of the BIS comparative study, while Part II covers the national contributions on external debt statistics. Part I consists of four chapters. Chapter 1 describes recent progress in improving the accuracy of BIS creditor data. In Chapter 2 the main conceptual differences between official guidelines for the reporting of external debt, on the one hand, and reporting conventions for the main source of creditor data, the BIS consolidated and locational banking statistics, on the other, are discussed. There is currently no prospect of changing the reporting of BIS data, because these data are not collected for external debt monitoring purposes. However, one can adjust components of both BIS data sets to approximate more closely standard external debt concepts. On the basis of a survey of 22 developing countries and follow up visits to eight countries, Chapter 3 compares short-term creditor and debtor data in practice. The chapter identifies both general and specific sources of differences and describes the feasibility and limits of reconciliation. Chapter 4 disc
{"title":"Comparison of Creditor and Debtor Data on Short-Term External Debt","authors":"Bank for International Settlements","doi":"10.2139/ssrn.1187822","DOIUrl":"https://doi.org/10.2139/ssrn.1187822","url":null,"abstract":"The Asian financial crisis in 1997 revealed important deficiencies in the monitoring of short-term external debt, often the most important and also most volatile component of countries' external obligations. As underlined in the report prepared by the Working Group on Capital Flows of the Financial Stability Forum, \"short-term flows entail liquidity risk and, therefore, are of special concern from a financial stability perspective\". As a result, \"special attention to the build-up of short-term debt is warranted\". The new Joint BIS IMF-OECD-World Bank Statistics on External Debt collaboratively published by the four international organisations since March 1999 facilitate the monitoring of external debt. They bring together in one place and on a consistent basis creditor and market data disseminated by the individual agencies, and major components of short-term debt are identified separately. Conceptual and statistical discrepancies between creditor- and debtor-based statistics have, however, caused concern. As a consequence, the BIS, with support from a number of emerging market central banks, has undertaken a study to compare existing creditor and debtor data on external debt. The results are presented in this report, which mainly serves the following purposes: First, we explain conceptual and practical differences between creditor short-term external claims series, which are supplied mainly by the BIS, and the corresponding debtor series. Second, we discuss possible options for adapting the presentation of the BIS data (assuming unchanged reporting) to reduce perceived differences between creditor and debtor data. Third, senior statisticians and economists from nine emerging market central banks provide a description of the current collection and publication of external debt statistics in their respective countries. The report is divided into two parts. Part I of the report contains the results of the BIS comparative study, while Part II covers the national contributions on external debt statistics. Part I consists of four chapters. Chapter 1 describes recent progress in improving the accuracy of BIS creditor data. In Chapter 2 the main conceptual differences between official guidelines for the reporting of external debt, on the one hand, and reporting conventions for the main source of creditor data, the BIS consolidated and locational banking statistics, on the other, are discussed. There is currently no prospect of changing the reporting of BIS data, because these data are not collected for external debt monitoring purposes. However, one can adjust components of both BIS data sets to approximate more closely standard external debt concepts. On the basis of a survey of 22 developing countries and follow up visits to eight countries, Chapter 3 compares short-term creditor and debtor data in practice. The chapter identifies both general and specific sources of differences and describes the feasibility and limits of reconciliation. Chapter 4 disc","PeriodicalId":328573,"journal":{"name":"BIS Papers Series","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2002-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134359646","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The papers in this volume were presented and discussed at the Autumn Central Bank Economists' Meeting held at the BIS on 15-16 October 2001. The meeting focused on recent changes in market functioning and their impact on central bank policy. A number of structural developments seem to have had a significant influence on the functioning of financial markets. The most important of these developments are the introduction of the euro, the spread of electronic trading, changes in the constellation and behaviour of market participants and falling supplies of government debt. There is some evidence that such structural changes resulted in shifts in liquidity among different market segments and, moreover, that liquidity is less robust than in the past. The process of price formation and the information conveyed by prices also appears to have been affected. This poses various challenges for central bank policy, including how best to gauge market expectations and conduct monetary policy operations.
{"title":"Market Functioning and Central Bank Policy","authors":"Bank for International Settlements","doi":"10.2139/ssrn.1187576","DOIUrl":"https://doi.org/10.2139/ssrn.1187576","url":null,"abstract":"The papers in this volume were presented and discussed at the Autumn Central Bank Economists' Meeting held at the BIS on 15-16 October 2001. The meeting focused on recent changes in market functioning and their impact on central bank policy. A number of structural developments seem to have had a significant influence on the functioning of financial markets. The most important of these developments are the introduction of the euro, the spread of electronic trading, changes in the constellation and behaviour of market participants and falling supplies of government debt. There is some evidence that such structural changes resulted in shifts in liquidity among different market segments and, moreover, that liquidity is less robust than in the past. The process of price formation and the information conveyed by prices also appears to have been affected. This poses various challenges for central bank policy, including how best to gauge market expectations and conduct monetary policy operations.","PeriodicalId":328573,"journal":{"name":"BIS Papers Series","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2002-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114397413","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Proceedings of a BIS Workshop on Market Liquidity.
国际清算银行市场流动性研讨会论文集。
{"title":"Market Liquidity: Proceedings of a Workshop Held at the BIS","authors":"Bank for International Settlements","doi":"10.2139/ssrn.1168055","DOIUrl":"https://doi.org/10.2139/ssrn.1168055","url":null,"abstract":"Proceedings of a BIS Workshop on Market Liquidity.","PeriodicalId":328573,"journal":{"name":"BIS Papers Series","volume":"105 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124216426","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：