Using data on four USD-pegged stablecoins and 27 fiat currencies, this paper documents spillovers from stablecoin-based foreign exchange (FX) to traditional FXmarkets. We document a gap between the co...

Currency risk is a structural constraint in development finance, and this is even more pronounced in climate finance. Climate and infrastructure projects generate revenues in local currency, yet finan...

Offshore activity has become an integral part of international finance, with companies increasingly issuing bonds via financial affiliates abroad while banks and other financial firms channel credit t...

La Comisión Nacional de Valores (CNV) informa al público inversor que se ha realizado una intimación al cese inmediato de determinadas actividades en el ámbito de la oferta pública en la República Arg...

Research shows they don’t just retreat in a crisis — they run for the exit

Posted 12:42:23 PM. At the Bank for International Settlements (BIS), our mission is to support central banks' pursuit…See this and similar jobs on LinkedIn.

Abstract. For a large sample of countries, this article shows that non-banks curtail their syndicated lending by significantly more than banks during finan

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Private credit is poised for wider participation from retail investors through the rapid growth of business development companies and, more recently, private credit exchange-traded funds (ETFs). ETFs ...

When the world’s dullest industry gets very exciting

Concerns that the U.S. trade deficit will drag down the dollar are overdone.

The global financial crisis of 2008 has led economists, historians, and policymakers alike to re-examine the foundations of our financial infrastructure. This column revisits the world of credit before the rise of modern banking to draw insights for contemporary reform. Drawing on historical research from early modern Europe, it reveals that communities long relied on deeply embedded, interpersonal credit systems grounded in trust, reciprocity, and flexibility. These informal networks, while imperfect, were often more adaptive and inclusive than current models. This historical perspective invites us to imagine credit systems that are more humane, responsive, and socially embedded.

Using newly constructed market condition indicators (MCIs) for three pivotal US markets (Treasury, foreign exchange, and money markets), we demonstrate that tree-based machine learning (ML) models sig...

Abstract. Patient capital (PC) has gained traction in discussions about how finance can better serve society. While PC is a central concept in comparative

Elham Saeidinezhad delves into the plumbing of derivatives, funding, payment, and collateral chains. This series uncovers hidden microstructures that shape financial systems, challenging theories that...