BIS research papers
Research papers from the Bank for International Settlements, including the Quarterly Review, BIS Papers and BIS Working Papers series.



31Jan/Weathering financial crises: bond markets in Asia and the Pacific (Jan 31)
The Bank for International Settlements (BIS) and the Bank of Japan (BOJ) jointly organised a high-level seminar on "The development of regional capital markets" in Yokohama, Japan, on 21-22 November 2011. The seminar brought together senior officials of 12 central banks in Asia and the Pacific, the European Central Bank, the Bank of Mexico, the Bank of England and the Federal Reserve Bank of New York, as well as an academic and a private sector participant. Masaaki Shirakawa, Governor of the BOJ and Chair of the Asian Consultative Council of the BIS, and Jaime Caruana, General Manager of the BIS, delivered welcoming remarks. The seminar consisted of five sessions on (1) development of domestic bond markets; (2) development of off-shore bond markets; (3) credit derivatives and structured finance in Asia and the Pacific; (4) credit rating agencies; and (5) market liquidity. It concluded with a panel discussion on the impact of capital flows on bond market development in Asia. This vol...


18Jan/Stress-testing macro stress testing: does it live up to expectations? (Jan 18)
Abstract of BIS Working Papers No 369


17Jan/Report on OTC derivatives data reporting and aggregation requirements - final report (Jan 17)
Abstract of "Report on OTC derivatives data reporting and aggregation requirements - final report", January 2012


11Jan/Financial sector regulation for growth, equity and stability (Jan 11)
The financial crisis has demonstrated the need to better understand the complex interactions between the financial system and the real economy. While stability has become the main focus of the regulatory changes, the implications for growth and equity are also important. To think through these issues and provide an emerging market perspective, CAFRAL, in collaboration with the Bank for International Settlements, organised an international conference of central banks and regulators on "Financial regulation and its implications for growth equity and stability in the post crisis world" in Mumbai on 15th and 16th November 2011. Several international experts and 26 representatives from 21 central banks/regulators joined Reserve Bank of India's Governor Duvvuri Subbarao and BIS General Manager Jaime Caruana at this conference. This volume is a collection of the speeches, papers and summaries of discussions in the conference.


11Jan/Currency internationalisation: lessons from the global financial crisis and prospects for the future in Asia and the Pacific (Jan 11)
On 19-20 March 2009, the BIS Asian Office and the Bank of Korea co-hosted a high-level seminar on currency internationalisation in Seoul. Participants from 12 central banks as well as academic scholars and BIS economists attended the seminar. The purpose of the seminar was to review experiences of economies in the Asia-Pacific region with currency internationalisation and to assess the prospects for further internationalisation, emphasising the policy implications facing central banks if current trends continue. Lessons learned about currency internationalisation since the intensification of the strains in global markets in mid-2007 were also discussed. This volume is a collection of the speeches, presentations and papers from the seminar.


04Jan/Statistics on payment, clearing and settlement systems in the CPSS countries - Figures for 2010 (Jan 4)
Abstract of "Statistics on payment, clearing and settlement systems in the CPSS countries - Figures for 2010", published by the Committee on Payment and Settlement Systems (CPSS), January 2012.


03Jan/The sustainability of pension schemes (Jan 3)
Abstract of BIS Working Papers No 368


21Dec/Application of own credit risk adjustments to derivatives - consultative document (Dec 21)
Abstract of "Application of own credit risk adjustments to derivatives - consultative document", December 2011. A deterioration in a bank's own creditworthiness can lead to an increase in the bank's common equity as a result of a reduction in the value of its liabilities. The Basel III rules seek to prevent this. Paragraph 75 of the Basel III rules requires a bank to "[d]erecognise in the calculation of Common Equity Tier 1, all unrealised gains and losses that have resulted from changes in the fair value of liabilities that are due to changes in the bank's own credit risk". The application of paragraph 75 to fair valued derivatives is not straightforward since their valuations depend on a range of factors other than the bank's own creditworthiness. The consultative paper proposes that debit valuation adjustments (DVAs) for over-the-counter derivatives and securities financing transactions should be fully deducted in the calculation of Common Equity Tier 1. It briefly reviews othe...


20Dec/Core principles for effective banking supervision - consultative document (Dec 20)
Abstract of "Core principles for effective banking supervision - consultative document", December 2011. Both the existing Core Principles and the associated assessment methodology have served their purpose well in terms of helping countries to assess their supervisory systems and identify areas for improvement. While conscious efforts were made to maintain continuity and comparability as far as possible, the Committee has merged the Core Principles and the assessment methodology into a single comprehensive document. The revised set of twenty-nine Core Principles have also been reorganised to foster their implementation through a more logical structure, highlighting the difference between what supervisors do themselves and what they expect banks to do


19Dec/Principles for the supervision of financial conglomerates - consultative document (Dec 19)
Abstract of Joint Forum publication "Principles for the supervision of financial conglomerates - consultative document", December 2011.