Bank for International Settlements
BISSpeech
HKMA and PBoC expand Bond Connect quota to 800 billion yuan
Hong Kong Monetary Authority Chief Executive Eddie Yue detailed 11 financial measures agreed with the People's Bank of China to deepen cross-border connectivity.
Focus
BISPaper
AI investment surge complicates central bank policy calibration
A new BIS Bulletin examines how the artificial intelligence investment boom is driving economic growth while blurring cyclical signals for central banks.
BISPaper
Covariance structure drives SVAR impulse response asymmetry
A Federal Reserve Bank of Philadelphia working paper by Arias, Rubio-Ramírez, and Waggoner demonstrates that asymmetry in structural vector autoregression impulse responses stems from reduced-form covariance structures rather than Bayesian priors over orthogonal matrices.
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BISPaper
Economy size and inflation drive exchange rate pass-through
A new Bank for International Settlements working paper examines the drivers of exchange rate pass-throughs across nearly 100 countries over four decades.
BISPaper
Hidden corporate debt distorts leverage and reduces investment
A Federal Reserve working paper documents widespread hidden leverage in nonfinancial corporations through operating leases and intra-period borrowing.
BISPaper
Auto loan default sensitivity to unemployment declines sharply
A Federal Reserve Bank of Cleveland working paper published in July 2026 reveals persistent instability in the sensitivity of auto loan defaults to unemployment.
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BISPaper
Demand shocks generate endogenous uncertainty over business cycle
A Federal Reserve working paper examines how consumer credit shocks drive endogenous uncertainty and amplify business cycles.
BISPaper
LCR buffers enable banks to maintain credit during stress
A Federal Reserve working paper shows that banks with higher regulatory liquidity buffers provided significantly more credit during the March 2020 COVID-19 stress.
BISNews
Central banks to explore AI-augmented expertise at IFC workshop
The BIS Irving Fisher Committee (IFC) announced its 5th workshop on Data Science in Central Banking, co-hosted with the Central Bank of the Republic of Türkiye.
BISPaper
Stablecoins mirror dollarisation and challenge monetary control
Stablecoins offer a new channel for US dollar access in emerging market and developing economies (EMDEs), mirroring traditional deposit dollarisation.
BISPaper
LSAPs affect yields or liquidity based on central bank intent
A new working paper reveals that central bank large-scale asset purchases (LSAPs) have distinct effects depending on their primary objective.
BISPaper
Frontier AI heightens cyber risk, asymmetric costs favor attackers
A new Bank for International Settlements (BIS) Bulletin warns that frontier artificial intelligence (AI) models significantly enhance cyber offensive capabilities.