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The Role of the Financial Stability Institute of the Bank for International Settlements

In: Financial Intermediation in the 21st Century

Author

Listed:
  • John G. Heimann

    (Financial Institutions)

Abstract

In 1998, turbulent and inadequately supervised financial systems threatened global instability. Since the height of that concern the G-7 has supported a number of actions to put in place disciplines to promote greater stability, and the worlds economic growth prospects are now substantially better. To some degree a sense of complacency has grown that should cause concern. We must not forget that the instability of 1998 saw the fastest growing economies in East Asia suffering contractions in output that were even greater than that experienced during the Great Depression of the 1930s; Russia going into default beneath its cloud of corruption; in the US, the mounting of one of the biggest ever emergency refinancings, not for a bank but for a hedge fund; free enterprise Hong Kong taking publicly owned stakes in all of its private companies; and Japan nationalising its banks.

Suggested Citation

  • John G. Heimann, 2001. "The Role of the Financial Stability Institute of the Bank for International Settlements," Palgrave Macmillan Books, in: Zuhayr Mikdashi (ed.), Financial Intermediation in the 21st Century, chapter 14, pages 133-139, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-29412-7_14
    DOI: 10.1057/9780230294127_14
    as

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