Claudio Borio and Hyun Song Shin summarise the December 2023 Quarterly Review and answer journalists’ questions about financial market developments and the economic outlook.

Which trends might shape Asia’s economic outlook? Which challenges do emerging markets currently face? Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue discusses these questions with Chief Representative of Office for Asia and the Pacific, Tao Zhang. The HKMA has been a member of the BIS for over 25 years. Chief Executive Yue also spoke about the evolution of this relationship and about what developments such as digital innovation and climate change might mean for Hong Kong SAR and the wider region.

Do stablecoins live up to their name and can they serve as a reliable means of payment and store of value? Senior Economist Anneke Kosse discusses these questions based on the BIS paper “Will the real stablecoin please stand up?” She also highlights how significant data gaps regarding the users and uses of stablecoins make it difficult to ascertain the risks they pose to the smooth functioning of payment systems and financial stability.

Claudio Borio and Hyun Song Shin summarise the September 2023 Quarterly Review and answer journalists’ questions about financial market developments and the economic outlook.

The last mile to price stability will be most challenging, says Agustín Carstens, discussing the risks to the global economy laid out in the BIS Annual Economic Report.

Claudio Borio offers a historic perspective on the interaction of fiscal and monetary policy to better understand the challenges facing the global economy today, and draw some lessons for the future. Read more.

Hyun Song Shin explains the main elements of the unified ledger and how tokenisation can be a game changer for the monetary system. Read more. 

Over the past 40 years, income inequality within countries has risen inexorably. A book by BIS authors explains why this has profound implications for the design of macroeconomic stabilisation policies.

In a speech, Agustín Carstens argues that central banks need to think big to reap the greatest benefits from innovation. He discusses the options with Sopnendu Mohanty, Chief Fintech Officer of the Monetary Authority of Singapore. Read the speech here: https://www.bis.org/speeches/sp230222.htm

How did the 2022 turmoil in the crypto market affect small, retail investors compared with large or insider investors? Was there any spillover to traditional financial markets?  Jon Frost, Head of Economics for the Americas, and Giulio Cornelli, Senior Financial Market Analyst, provide some answers based on their recent BIS Bulletin Crypto shocks and retail losses, co-authored with Sebastian Doerr and Leonardo Gambacorta.