IDEAS home Printed from https://ideas.repec.org/p/bis/biswps/587.html
   My bibliography  Save this paper

Globalisation and financial stability risks: is the residency-based approach of the national accounts old-fashioned?

Author

Listed:
  • Bruno Tissot

Abstract

The Great Financial Crisis of 2007-09 and its aftermath have emphasised the need for a global approach when assessing financial stability risks. One difficulty is that the traditional apparatus, especially the System of National Accounts (SNA), relies on the criterion of residency to capture statistical information within countries' boundaries. This paper analyses how to collect meaningful data to assess consolidated risk exposures. In particular, it argues that data collected along the residency-based SNA concept can be usefully complemented by a nationality-based, global approach. This requires the establishment of a framework for assessing financial positions on a socalled "nationality-basis", that is, at a globally consolidated level.

Suggested Citation

  • Bruno Tissot, 2016. "Globalisation and financial stability risks: is the residency-based approach of the national accounts old-fashioned?," BIS Working Papers 587, Bank for International Settlements.
    • Handle: RePEc:bis:biswps:587
    as

    Download full text from publisher

    File URL: http://www.bis.org/publ/work587.pdf
    File Function: Full PDF document
    Download Restriction: no
    File URL: http://www.bis.org/publ/work587.htm
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Nicolas Carnot & Vincent Koen & Bruno Tissot, 2011. "Economic Forecasting and Policy," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-0-230-30644-8, September.
    2. Hans Degryse & Muhammad Ather Elahi & Maria Fabiana Penas, 2010. "Cross‐Border Exposures and Financial Contagion," International Review of Finance, International Review of Finance Ltd., vol. 10(2), pages 209-240, June.
    3. Mr. Robert M Heath, 2015. "What has Capital Liberalization Meant for Economic and Financial Statistics," IMF Working Papers 2015/088, International Monetary Fund.
    4. Robert N. McCauley & Patrick McGuire & Vladyslav Sushko, 2015. "Global dollar credit: links to US monetary policy and leverage," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 30(82), pages 187-229.
    5. Patrick McGuire & Goetz von Peter, 2012. "The Dollar Shortage in Global Banking and the International Policy Response," International Finance, Wiley Blackwell, vol. 15(2), pages 155-178, June.
    6. Patrick McGuire & Philip Wooldridge, 2005. "The BIS consolidated banking statistics: structure, uses and recent enhancements," BIS Quarterly Review, Bank for International Settlements, September.
    7. Mr. Robert M Heath & Evrim Bese Goksu, 2016. "G-20 Data Gaps Initiative II: Meeting the Policy Challenge," IMF Working Papers 2016/043, International Monetary Fund.
    8. Ingo Fender & Patrick McGuire, 2010. "Bank structure, funding risk and the transmission of shocks across countries: concepts and measurement," BIS Quarterly Review, Bank for International Settlements, September.
    9. Jonathan Fiechter & Ms. Inci Ötker & Ms. Anna Ilyina & Michael Hsu & Mr. Andre O Santos & Jay Surti, 2011. "Subsidiaries or Branches: Does One Size Fit All?," IMF Staff Discussion Notes 2011/004, International Monetary Fund.
    10. Patrick McGuire & Goetz von Peter, 2009. "The US dollar shortage in global banking," BIS Quarterly Review, Bank for International Settlements, March.
    11. Linda S. Goldberg & Craig Kennedy & Jason Miu, 2011. "Central bank dollar swap lines and overseas dollar funding costs," Economic Policy Review, Federal Reserve Bank of New York, vol. 17(May), pages 3-20.
    12. Branimir Gruic & Philip Wooldridge, 2015. "BIS debt securities statistics: a comparison of nationality data with external debt statistics," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Indicators to support monetary and financial stability analysis: data sources and statistical methodologies, volume 39, Bank for International Settlements.
    13. Patrick McGuire & Nikola Tarashev, 2008. "Bank health and lending to emerging markets," BIS Quarterly Review, Bank for International Settlements, December.
    14. Claudio Borio, 2013. "The Great Financial Crisis: Setting priorities for new statistics," Journal of Banking Regulation, Palgrave Macmillan, vol. 14(3-4), pages 306-317, July.
    15. Bank for International Settlements, 2012. "Fiscal policy, public debt and monetary policy in emerging market economies," BIS Papers, Bank for International Settlements, number 67.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Maria Borga & Cecilia Caliandro, 2020. "Eliminating the Pass-Through: Towards FDI Statistics That Better Capture the Financial and Economic Linkages between Countries," NBER Chapters, in: Challenges of Globalization in the Measurement of National Accounts, pages 103-151, National Bureau of Economic Research, Inc.
    2. McCauley, Robert N. & Bénétrix, Agustín S. & McGuire, Patrick M. & von Peter, Goetz, 2019. "Financial deglobalisation in banking?," Journal of International Money and Finance, Elsevier, vol. 94(C), pages 116-131.
    3. Riccardo De Bonis & Matteo Piazza, 2021. "A silent revolution. How central bank statistics have changed in the last 25 years," PSL Quarterly Review, Economia civile, vol. 74(299), pages 347-371.
    4. Bruno Tissot & Burcu Tunç, 2017. "Assessing international capital flows after the Great Financial Crisis of 2007-09 - Overview," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Assessing international capital flows after the crisis, volume 42, Bank for International Settlements.
    5. Bruno Casella, . "Looking through conduit FDI in search of ultimate investors – a probabilistic approach," UNCTAD Transnational Corporations Journal, United Nations Conference on Trade and Development.
    6. Maria Borga & Cecilia Caliandro, 2018. "Eliminating the Pass-Through: Towards FDI Statistics that Better Capture the Financial and Economic Linkages between Countries," NBER Working Papers 25029, National Bureau of Economic Research, Inc.
    7. Paula Menezes & Fausto Pastoris & Carmen Picon-Aguilar & Martin Schmitz & Nuno Silva & Bruno Tissot, 2020. "Central banks and external statistics: evolution or revolution?," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Bridging measurement challenges and analytical needs of external statistics: evolution or revolution?, volume 52, Bank for International Settlements.
    8. Constantin Anghelache & Madalina-Gabriela Anghel & Alina-Georgiana Solomon, 2017. "National Accounts System: Source of Information in Macroeconomic Forecast," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 7(2), pages 76-82, April.
    9. Stefan Avdjiev & Patrick McGuire & Goetz von Peter, 2020. "International dimensions of EME corporate debt," BIS Quarterly Review, Bank for International Settlements, June.
    10. Anna Burova & Denis Koshelev & Natalia Makhankova, 2022. "Debt Service: Evidence Based on Consolidated Statements of Russian Companies," Bank of Russia Working Paper Series wps103, Bank of Russia.
    11. Stefan Avdjiev & Mary Everett & Philip R Lane & Hyun Song Shin, 2018. "Tracking the international footprints of global firms," BIS Quarterly Review, Bank for International Settlements, March.
    12. Bob Krebs, 2019. "Revisions to Quarterly National Accounts data in Luxembourg," BCL working papers 136, Central Bank of Luxembourg.
    13. Casella, Bruno, 2019. "Looking through conduit FDI in search of ultimate investors – a probabilistic approach," MPRA Paper 95188, University Library of Munich, Germany.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Stefan Avdjiev & Christian Dembiermont & Blaise Gadanecz & Branimir Gruić & Patrick McGuire & Swapan Kumar Pradhan & Paul Van den Bergh & Philip Wooldridge & Bruno Tissot & Marie-Céline Bard & Xavier-, 2015. "IAG Reference document on Consolidation and corporate groups: an overview of methodological and practical issues," IFC Reports 1, Bank for International Settlements.
    2. Bruno Tissot, 2016. "Development of financial sectoral accounts: new opportunities and challenges for supporting financial stability analysis," IFC Working Papers 15, Bank for International Settlements.
    3. Eugenio Cerutti & Stijn Claessens & Patrick McGuire, 2012. "Systemic Risks in Global Banking: What Available Data Can Tell Us and What More Data Are Needed?," NBER Chapters, in: Risk Topography: Systemic Risk and Macro Modeling, pages 235-260, National Bureau of Economic Research, Inc.
    4. Bruno Tissot & Burcu Tunç, 2017. "Assessing international capital flows after the Great Financial Crisis of 2007-09 - Overview," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Assessing international capital flows after the crisis, volume 42, Bank for International Settlements.
    5. Claudia Buch & Catherine Koch & Michael Koetter, 2016. "Crises and rescues: liquidity transmission through international banks," BIS Working Papers 576, Bank for International Settlements.
    6. Cetorelli, Nicola & Goldberg, Linda S., 2012. "Liquidity management of U.S. global banks: Internal capital markets in the great recession," Journal of International Economics, Elsevier, vol. 88(2), pages 299-311.
    7. Mr. Thierry Tressel, 2010. "Financial Contagion Through Bank Deleveraging: Stylized Facts and Simulations Applied to the Financial Crisis," IMF Working Papers 2010/236, International Monetary Fund.
    8. McCauley, Robert N. & Bénétrix, Agustín S. & McGuire, Patrick M. & von Peter, Goetz, 2019. "Financial deglobalisation in banking?," Journal of International Money and Finance, Elsevier, vol. 94(C), pages 116-131.
    9. Marco A. Espinosa‐Vega & Juan Solé, 2011. "Cross‐border financial surveillance: a network perspective," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 3(3), pages 182-205, August.
    10. Emese Kuruc & Bruno Tissot & Philip Turner, 2017. "Looking at aggregate currency mismatches and beyond," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Uses of central balance sheet data offices' information, volume 45, Bank for International Settlements.
    11. Irving Fisher Committee, 2017. "Uses of central balance sheet data offices' information," IFC Bulletins, Bank for International Settlements, number 45.
    12. Miroslav Titze, 2016. "Federal Reserve Swap Lines - International Lender of the Last Resort [Swapové linky federálneho rezervného systému - medzinárodný veriteľ poslednej inštancie]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2016(4), pages 3-23.
    13. William R. White, 2014. "The Prudential Regulation of Financial Institutions: Why Regulatory Responses to the Crisis Might Not Prove Sufficient," OECD Economics Department Working Papers 1108, OECD Publishing.
    14. Bruno Tissot, 2016. "Closing information gaps at the global level - what micro data can bring," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Combining micro and macro data for financial stability analysis, volume 41, Bank for International Settlements.
    15. Stijn Claessens & Neeltje van Horen, 2015. "The Impact of the Global Financial Crisis on Banking Globalization," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 63(4), pages 868-918, November.
    16. Eugenio Cerutti & Stijn Claessens & Patrick McGuire, 2012. "Systemic risk in global banking: what can available data tell us and what more data are needed?," BIS Working Papers 376, Bank for International Settlements.
    17. Irving Fisher Committee, 2016. "Combining micro and macro statistical data for financial stability analysis," IFC Bulletins, Bank for International Settlements, number 41.
    18. Mary Amiti & Patrick McGuire & David E. Weinstein, 2017. "Supply- and Demand-side Factors in Global Banking," NBER Working Papers 23536, National Bureau of Economic Research, Inc.
    19. Rose, Andrew K. & Spiegel, Mark M., 2012. "Dollar illiquidity and central bank swap arrangements during the global financial crisis," Journal of International Economics, Elsevier, vol. 88(2), pages 326-340.
    20. Bouvatier, Vincent & Delatte, Anne-Laure, 2015. "Waves of international banking integration: A tale of regional differences," European Economic Review, Elsevier, vol. 80(C), pages 354-373.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bis:biswps:587. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Christian Beslmeisl (email available below). General contact details of provider: https://edirc.repec.org/data/bisssch.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.