BDFPaper
France faces 7.4% GDP loss in NGFS climate scenarios
New short-term climate scenarios from the Network for Greening the Financial System (NGFS) indicate France could lose 7.4% of its GDP from severe weather events.
AI Paper Curation
BDIPaper
Deposit market power dampens monetary policy transmission
A new Banca d'Italia working paper reveals that banks' deposit market power and deposit funding significantly muted the pass-through from ECB policy rates to overnight deposit rates during the 2022-23 tightening cycle.
BDFPaper
Autocracies resist sanctions, wealth protects from economic bans
A Banque de France working paper finds that autocratic regimes display diverging resilience to international sanctions.
BISPaper
Unregulated crypto intermediaries pose financial stability risks
A Bank for International Settlements (BIS) paper highlights that cryptoasset service providers (CASPs) increasingly act as financial intermediaries, taking on credit, liquidity, and maturity risks without adequate prudential safeguards.
SNBPaper
Repos and SNB Bills anchor SNB monetary policy
The Swiss National Bank implements monetary policy by steering secured short-term interest rates.
BDFPaper
BISPaper
Labor market power amplifies discrimination against immigrants
A new BIS working paper finds that labor market power significantly amplifies wage and employment discrimination against immigrants.
BISPaper
Bond funds hedge currency risk, equity funds speculate
A BIS study reveals significant differences in currency risk management between bond and equity investment funds.
ECBPaper
Central banks use precision to manage market expectations
New ECB research finds central banks can strategically adjust communication precision to counter market over- or under-reactions.
HKMAPaper
Corporate flexibility buffers firms against policy uncertainty
A new study by the Hong Kong Monetary Authority finds that corporate operational flexibility serves as a buffer against economic policy uncertainty.
SARBPaper
SARB holds rates as global inflation storm brews
The South African Reserve Bank's Monetary Policy Committee held rates unchanged after a 25 basis point cut in November 2025.
BDIPaper
Asset safety switches: macroeconomic consequences
A Banca d'Italia working paper develops a model-based definition of time-varying sovereign bond safety and applies it empirically.