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Recent innovations in international banking (Cross Report)

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  • Bank for International Settlements

Abstract

At the request of central-bank Governors of the Group of Ten countries a Study Group was established in early 1985 to examine recent innovations in, or affecting, the conduct of international banking. The Study Group carried out extensive discussions with international commercial and investment banks that are most active in the market for the main new financial instruments. The purposes were both to improve central-bank knowledge of those instruments and their markets as the situation existed in the second half of 1985, and to provide a foundation for considering their implications for the stability and functioning of international financial insti tutions and markets, for monetary policy, and for banks' financial reporting and the statistical reporting of international financial developments. Alongside this work the Basle Supervisors' Committee has undertaken a study of the prudential aspects of banking innovations and a report on the management of banks' off-balance-sheet exposures and their supervisory implications was published by that Committee in March 1986. The Study Group's aim was not to recommend detailed policy changes but rather to develop a general framework in which the Group of Ten central banks and the BIS could consider their implications for the evolution of the structure and functioning of the international banking system. While the main purpose of the report is to raise issues for internal discussion it is being published in the hope that the general framework offered may contribute to what is likely to be a continuing public debate, both internationally and within countries, on these issues. The report should be considered solely as the product of the Study Group's work and not as necessarily representing the views of either the central banks of the Group of Ten countries or the BIS. The members of the Study Group were: Chairman: Mr. Sam Y. Cross - Federal Reserve Bank of New York Belgium: M. Jean-Jacques Rey - National Bank of Belgium Canada: Mr. William E. Alexander - Bank of Canada France: M. Jean-Paul Redouin - Bank of France Germany: Mr. Gerhard Laske - Deutsche Bundesbank Italy: Dr. Giovanni Cristini - Bank of Italy Japan: Mr. Keiji Matsuda - The Bank of Japan Luxembourg: Mme Andree Billon - Luxembourg Monetary Institute Netherlands: Mr. Wouter L. Benard - Netherlands Bank Sweden: Mr. Ake Tornqvist - Bank of Sweden Switzerland: Dr. Bruno Muller - Swiss National Bank United Kingdom: Mr. Lionel D.D. Price - Bank of England United States: Mr. Charles M. Lucas - Federal Reserve Bank of New York BIS: Dr. Helmut W. Mayer Secretariat: Dr. Julian S. Alworth - BIS

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  • Bank for International Settlements, 1986. "Recent innovations in international banking (Cross Report)," CGFS Papers, Bank for International Settlements, number 01, december.
    • Handle: RePEc:bis:biscgf:01
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    Cited by:

    1. Grung Moe, Thorvald, 2015. "Shadow banking: policy challenges for central banks," Journal of Financial Perspectives, EY Global FS Institute, vol. 3(2), pages 31-42.
    2. Studart, Rogerio, 2000. "Financial opening and deregulation in Brazil in the 1990s Moving towards a new pattern of development financing?," The Quarterly Review of Economics and Finance, Elsevier, vol. 40(1), pages 25-44.
    3. John Kambhu, 1998. "Dealers' hedging of interest rate options in the U.S. dollar fixed-income market," Economic Policy Review, Federal Reserve Bank of New York, vol. 4(Jun), pages 35-58.
    4. Stephen F. Quinn & John T. Harvey, 1998. "Speculation and the Dollar in the 1980s," Journal of Economic Issues, Taylor & Francis Journals, vol. 32(2), pages 315-323, June.
    5. Velauthapillai, Jeyakrishna, 2015. "Makroprudenzielle Regulierung – eine kurze Einführung und ein Überblick," EconStor Preprints 116781, ZBW - Leibniz Information Centre for Economics.
    6. E Philip Davis, 1996. "The Role of Institutional Investors in the Evolution of Financial Structure and Behaviour," RBA Annual Conference Volume (Discontinued), in: Malcom Edey (ed.),The Future of the Financial System, Reserve Bank of Australia.
    7. Mr. Robert M Heath, 2015. "What has Capital Liberalization Meant for Economic and Financial Statistics," IMF Working Papers 2015/088, International Monetary Fund.
    8. Piet Clement & Ivo Maes, 2013. "The BIS and the Latin American debt crisis of the 1980s," Working Paper Research 247, National Bank of Belgium.
    9. Ugo Sacchetti, 2010. "Global imbalances: a gathering storm," PSL Quarterly Review, Economia civile, vol. 63(252), pages 7-38.
    10. Piet Clement, 2010. "The term “macroprudential”: origins and evolution," BIS Quarterly Review, Bank for International Settlements, March.
    11. Goodhart, Charles, 1989. "The Conduct of Monetary Policy," Economic Journal, Royal Economic Society, vol. 99(396), pages 293-346, June.
    12. David T LLEWELLYN & Mark J HOLMES, 1991. "In Defence Of Mutuality: A Redress To An Emerging Conventional Wisdom," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 62(3), pages 319-354, July.
    13. Richard Herring, 1994. "International Financial Integration: The Continuing Process," Center for Financial Institutions Working Papers 94-23, Wharton School Center for Financial Institutions, University of Pennsylvania.
    14. Lee,Jeong Yeon, 2000. "The role of foreign investors in debt market development - conceptual frameworks and policy issues," Policy Research Working Paper Series 2428, The World Bank.
    15. Fernando J. Cardim De Carvalho, 1997. "Financial Innovation and the Post Keynesian Approach to the “Process of Capital Formation”," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 19(3), pages 461-487, March.
    16. Ivo Maes, 2010. "Alexandre Lamfalussy and the origins of the BIS macro-prudential approach to financial stability," PSL Quarterly Review, Economia civile, vol. 63(254), pages 265-292.
    17. Andrew Cornford, 1996. "Some Recent Innovations in International Finance: Different Faces of Risk Management and Control," Journal of Economic Issues, Taylor & Francis Journals, vol. 30(2), pages 493-508, June.
    18. C.P. Kindleberger, 1995. "Asset inflation and monetary policy," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 48(192), pages 17-37.
    19. Ivo Maes, 2009. "On the origins of the BIS macro-prudential approach to financial stability: Alexandre Lamfalussy and financial fragility," Working Paper Research 176, National Bank of Belgium.
    20. Gabriele Galati & Richhild Moessner, 2013. "Macroprudential Policy – A Literature Review," Journal of Economic Surveys, Wiley Blackwell, vol. 27(5), pages 846-878, December.
    21. C.P. Kindleberger, 1995. "Asset inflation and monetary policy," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 48(192), pages 17-37.
    22. Idil Uz Akdogan, 2020. "The effects of macroprudential policies on managing capital flows," Empirical Economics, Springer, vol. 58(2), pages 583-603, February.
    23. William R. White, 1996. "International agreements in the area of banking and finance: accomplishments and outstanding issues," BIS Working Papers 38, Bank for International Settlements.
    24. L. Randall Wray, 1992. "Alternative Approaches to Money and Interest Rates," Journal of Economic Issues, Taylor & Francis Journals, vol. 26(4), pages 1145-1178, December.

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