The BIS supports central banks' pursuit of monetary and financial stability through international cooperation.

The BIS publishes select speeches delivered by its senior management, focusing on topics that align with the organisation's mission.

In this paper, we argue that the effect of monetary and fiscal policies on the exchange rate depends on the fiscal regime. A contractionary monetary (expansionary fiscal) shock can lead to a ...

The BIS supports central banks' pursuit of monetary and financial stability through international cooperation.

This newsletter summarises key themes and challenges discussed in recent supervisory exchanges and workshops related to Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT). These ...

We explore the structural drivers of bank and nonbank credit cycles using a medium-scale DSGE model with two types of financial intermediation. We posit economy-wide and sectoral disturbances in both ...

Hyun Song Shin was BIS Economic Adviser from May 2014 to March 2026 and also served as Head of the Monetary and Economic Department from January 2025.

Boris Hofmann is the Head of Monetary Policy in the Monetary and Economic Department. Before taking up his current position, he was the Research Adviser (2018-23) and Senior/Principal Economist ...

Sebastian Doerr joined the BIS in 2019. His research interests cover financial intermediation and macroeconomics, with a focus on how innovation and the rise of non-bank financial institutions affects ...

The BIS supports central banks' pursuit of monetary and financial stability through international cooperation.

The BIS supports central banks' pursuit of monetary and financial stability through international cooperation.

The BIS supports central banks' pursuit of monetary and financial stability through international cooperation.