Financial Systems and the Real Economy

197 Pages Posted: 29 Apr 2017

Date Written: April 2017


The great financial crisis of 2007-08 and the recession have generated active debate on the role of financial systems on the real economy. In particular, central banks have shown increased interest in how financial systems can evolve to maximise their contribution to the real economy. Many Asia-Pacific economies have also experienced a rapid growth in household debt since the crisis.

Against this background, Bank Negara Malaysia and the Bank for International Settlements (BIS) co-hosted a research conference on "Financial systems and the real economy" on 16-18 October 2016 in Kuala Lumpur. The event was the wrap-up conference of a research programme of the BIS Representative Office for Asia and the Pacific that had been approved by the Asian Consultative Council of central bank Governors in February 2015. The conference brought together senior officials and researchers from central banks, international organisations and academia.

Papers presented at the conference covered macroprudential policies and firm financing; household credit, growth and inequality; capital structure in emerging Asia; foreign banks and credit conditions in emerging market economies; household credit and the effectiveness of monetary and macroprudential policies in Asia-Pacific; and household indebtedness and debt repayment capacity. This volume is a collection of the speeches, papers and prepared discussant remarks and panel remarks from the conference.

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

Foreword to: Financial Systems and the Real Economy

What is Macroprudential Policy for? Making It Safe for Central Bankers

Credit Growth and Macroprudential Policies: Preliminary Evidence on the Firm Level

Household Credit, Growth and Inequality in Malaysia: Does the Type of Credit Matter?

Corporate Leverage in Emerging Asia

Foreign Banks and Credit Conditions in Emes

Household Credit in Asia-Pacific

Rich Debt, Poor Debt: Assessing Household Indebtedness and Debt Repayment Capacity

JEL Classification: E21, E44, E51, E58, F34, G21, G28, G32

Suggested Citation

Settlements, Bank for International, Financial Systems and the Real Economy (April 2017). BIS Paper No. 91, Available at SSRN:

Bank for International Settlements (Contact Author)

Bank for International Settlements (BIS) ( email )

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