Covered interest parity verges on a physical law in international finance. And yet it has been systematically violated since the Great Financial Crisis. Especially puzzling have been the violations since 2014, even once banks had strengthened their balance sheets and regained easy access to...

US dollar credit is growing quickly outside the United States, especially in Asia, and in some economies it has outpaced overall credit growth. Cross-border sources of credit bear watching in view of their record of outgrowing overall credit in credit booms. Foreign currency and cross-border...

The financial crisis has led to a reconsideration of banks' global business models. This special feature uses the BIS banking statistics to distinguish between “international” and “multinational” banks and their associated funding models. The crisis put these models to the test. In the...