Cross-Border Financial Linkages: Challenges for Monetary Policy and Financial Stability

212 Pages Posted: 19 Oct 2015

Date Written: October 2015

Abstract

Ever more extensive global financial linkages are changing in ways that have significant implications for policy. Asia-Pacific countries have experienced a particularly rapid growth in financial flows since the crisis. Against this background, the BIS's Representative Office for Asia and the Pacific and the Reserve Bank of New Zealand (RBNZ) co-hosted a conference on cross-border financial linkages with a view to fostering research on implications of these important developments. The conference marked the completion of the BIS Asian Office's research programme in this area.

The event brought together senior officials and researchers from central banks, international organisations and academia. Governor Graeme Wheeler of the Reserve Bank of New Zealand made the opening remarks. Papers presented at the conference covered patterns of cross-border linkages, foreign exchange markets and exchange rate risks, financial market spillovers in Asia-Pacific, and policies to deal with capital flows and their effectiveness. The volume comprises the opening speech and papers presented at the conference.

While the full publication can be downloaded using the above link, individual contributions are available separately:

Cross-border Portfolios: Assets, Liabilities, and Non-flow Adjustments

Channels and Determinants of Foreign Bank Lending

Development and Functioning of FX Markets in Asia and the Pacific

Exchange Rates, Expected Returns and Risk: What Can We Learn from Asia-Pacific Currencies?

The Influence of Chinese and US Financial Markets on Asia-Pacific

Effectiveness of Macroprudential and Capital Flow Measures in Asia and the Pacific

JEL Classification: F31, F65, G15

Suggested Citation

Settlements, Bank for International, Cross-Border Financial Linkages: Challenges for Monetary Policy and Financial Stability (October 2015). BIS Paper No. 82. Available at SSRN: https://ssrn.com/abstract=2668657

Bank for International Settlements (Contact Author)

Bank for International Settlements (BIS) ( email )

Centralbahnplatz 2
Basel, Basel-Stadt 4051
Switzerland

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