Policy
with Sirio Aramonte
What lessons do the gilt market disruptions in September 2022 have for other pension fund systems and NBFIs?
Box from BIS Quarterly Review, Overview, December 2022 [Download pdf]
Coverage in Financial Times
with Sirio Aramonte
Shifting buyer composition in MBS markets highlights risks of market dysfunction.
Box from BIS Quarterly Review, Overview, December 2022 [Download pdf]
Coverage in Financial Times
A critical essay on central banks' quest to safeguard financial stability in the wake of the Great Financial Crisis. Despite its many virtues, I argue macroprudential policy has not absolved monetary policy of its financial stability duties.
A chapter in "Central Banks and Supervisory Architecture in Europe", Robert Holzmann and Fernando Restoy (editors), Elgar, October 2022 [Chapter in pdf]
with Deniz Igan and Koji Takahashi
Why have global bottlenecks been so persistent? We look back on the causes, provide an update on the situation and ask what may lie ahead. A continued easing of global supply chain disruptions holds the key for inflation to stabilise sustainably.
BIS Bulletin no 61, September 2022 [Download pdf]
with Deniz Igan and Emanuel Kohlscheen
House prices continued to surge undeterred by the pandemic recession. What's different this time? Would this uptrend continue even as central banks tighten monetary policy? We examine these questions and assess their macroeconomic risks.
BIS Bulletin no 50, March 2022 [Download pdf]
Coverage in Financial Times
with Daniel Rees
Global bottleneck is a perfect storm of pandemic supply disruptions, large shifts in demand composition, lean global production network, and suppliers' attempt to simultaneously stock up (causing the 'bull-whip' effects). Some factors are longer-lasting than others, with important macroeconomic implications.
BIS Bulletin no 48, November 2021 [Download pdf]
Coverage in Financial Times [1], Financial Times [2], Financial Times [3], Bloomberg, The New Yorker, Paul Krugman's Op-ed, Christine Lagarde's speech
with Frederic Boissay and Daniel Rees
Facing the difficult tradeoff between lives and livelihood, how do policymakers strike a balance? Can lockdown policies be justified on social welfare grounds? We take a closer look.
BIS Bulletin no 19, May 2020 [Download pdf]
with Frederic Boissay
An early literature review in the first few months of the pandemic. It reviews early discussion, highlighting similarities and differences with previous pandemics.
BIS Bulletin no 7, April 2020 [Download pdf]
with Emanuel Kohlscheen
External factors are changing monetary policy transmission, exposing limits to domestically-focused policy framework.
BIS Papers no 83, November 2015 [Download pdf]
A simple quantitative model is used to simulate potential growth forecast and conduct growth diagnostics for Cambodia. Part of analytical inputs into the Article IV mission.
IMF Working Paper WP/12/96, April 2012 [Download pdf]
Published in book "Cambodia: Entering a new phase of growth" 2014 [Chapter in pdf]
A strategic roadmap for developing the interbank market while promoting dedollarisation in Cambodia. Part of analysis for the Article IV mission.
Published in book "Cambodia: Entering a new phase of growth" 2014 [Chapter in pdf]