Central Bank participants at the BIS 2008 Open Economies Meeting in Punta del Este, Uruguay, discussed trends in capital flows since 2003 and their monetary and financial stability implications. Capital flows appear to be more benign today than in the past, partly because of a greater share of...

Since its launch in September 2006, the Asian Research Programme has focused on policyoriented studies for central banks and supervisory authorities in the Asia-Pacific region. Under the programme, research projects are undertaken by economists at the BIS Representative Office for Asia and the...

The papers collected in this volume were written for a conference held at the Hong Kong Monetary Authority in November 2005. It was organised jointly by the BIS Representative Office for Asia and the Pacific in Hong Kong SAR and the Hong Kong Institute for Monetary Research. The objective of the...

On 27-29 June 2005, the BIS held its fourth Annual Conference on Past and Future of Central Bank Cooperation, as part of the Bank's 75th anniversary celebrations. The event brought together some 80 senior representatives of central banks, academic institutions and the private sector to exchange...

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...

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...

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...

This paper looks at the relevance of a central bank's own finances for its policy work. Some central banks are exposed to significant financial risks, partly due to the environment in which they operate, and partly due to the nature of policy actions. While financial exposures and losses do not...

This note reviews Korea’s fiscal policy and public debt management, and discusses some of the constraints that bind the Bank of Korea in its conduct of monetary policy. Fiscal prudence and low public debt in Korea have allowed monetary policymakers to focus on inflation control without...

This report seeks to shed light on the characteristics of currency carry trades in Latin America. Partly reflecting the degree of financial market integration and development, as well as the effects of regulation, carry trades in the region have typically been implemented by taking long forward...