CfP Deadline Date: November 13, 2022 Conference Event: February 27-28, 2023 Event Location: London, UK Organizer(s): Bank of England The Bank of England is organising a conference focusing on New Digital Technologies and the Future Financial Landscape, as part of driving forward the Bank of England Agenda for Research (BEAR). The aim of the conference[…]
Author(s): Ṣebnem Kalemli-Özcan and Liliana Varela Date: May 2022 Abstract: We document five novel facts about Uncovered Interest Parity (UIP) deviations vis-à-vis the U.S. dollar for 34 currencies, during 1996-2018. 1) The UIP premium co-moves with global risk perception (VIX) for all currencies, whereas only for emerging market currencies there is a negative comovement between[…]
Author(s): Jean Imbs, Laurent Pauwels Date: April 2022 Abstract: We introduce a measure of exposure to foreign shocks -openness- that computes the fraction of output subjected to foreign shocks at any order. The measure is easy to obtain for any sector with input-output data; It implies that openness is much more prevalent than often thought,[…]
By Jean Imbs, Laurent Pauwels The pandemic and the war in Ukraine have resuscitated concerns over exposure to foreign shocks. But while measures of ‘openness’ abound, their ability to capture the influence of foreign developments on domestic outcomes remains speculative. This column uses an international model with rich linkages to explore the ability of several[…]
CfP Deadline Date: October 23, 2022 Conference Event: December 13, 2022 Event Location: Basel, Switzerland Keynote speaker(s): Wenxin Du (Chicago Booth) Organizer(s): Bank for International Settlements (BIS), Banca d’Italia and the European Central Bank The BIS will host the 12th workshop on “Exchange Rates”, jointly organised with the Banca d’Italia and the European Central Bank.[…]
The Covid-19 pandemic and the war in Ukraine have furthered a sustained retreat from global banking. The funding sources of local banking systems have shifted from cross-border to local and, within cross-border, from inter-office to unrelated sources. An increased share from local sources could improve the stability of funding, but greater cross-border funding from unrelated[…]
Author(s): Ricardo Correa , Julian di Giovanni, Linda S. Goldberg, and Camelia Minoiu Date: September 2022 Abstract: When trade uncertainty directly affects credit supply it can amplify other contractionary impulses from a deterioration in the international trade environment. Exploiting heterogeneity in banks’ ex-ante exposure to trade uncertainty and loan-level data for U.S. banks, we show[…]
Central banks and other supervisory authorities have made significant efforts to collect borrower-level data on debt vulnerabilities. Do such data add to the information in aggregate measures? We find that statistics about household and non-financial corporate borrowers with low repayment capacity help to explain changes in non-performing loans and bankruptcies that aggregate measures would have[…]
By Maurice Obstfeld and Haonan Zhou In May 2022, the Federal Reserve (Fed) announced that the process to reduce the size of its balance sheet would begin on June 1. With that process now underway, this post reviews the initial months of runoff. We also highlight publicly available resources that provide data to monitor the[…]
By Iñaki Aldasoro, Peter Hördahl and Sonya Zhu When financial markets come under pressure, vital functions such as the efficient allocation of capital and price formation become impaired. It is therefore important to enhance the monitoring and analysis of market conditions, in particular events that may put pressure on authorities to intervene. We introduce market[…]