Over the past decade, many emerging markets have increased their dependence on credit from foreign banks. However, the ongoing financial crisis may prompt banks to reassess their exposures to these economies. Panel regression analysis of data since the early 1990s indicates that a deterioration...

Global financial integration has substantially increased in recent decades. Initially, it manifested itself in growing capital flows between developed countries. In response to the removal of capital controls, financial innovation and technological progress, financial integration has...

The volume presents and summarises the proceedings of the high level seminar jointly organised by the Bank of Russia and the Bank for International Settlements in Moscow on 18-20 July 2013 during the G20 meetings. Governors and deputy governors from around 30 BIS shareholder banks participated...

On 2 and 3 December 2004, the BIS hosted a meeting of Deputy Governors of central banks from major emerging market economies to discuss foreign exchange market intervention. Some flavour of the discussion can be gleaned from the following central bank papers, along with papers prepared by BIS...

Central banks have an incentive to monitor the fiscal position of the government for at least two reasons. First fiscal policy can constrain the implementation of monetary policy, particularly when governments call on the central bank to fund government programmes. Second, fiscal policy measures...