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The BIS Quarterly Review presents an overview of recent developments in financial markets, before turning in more detail to highlights from the latest BIS data on international banking and financial activity.
A second part presents five special feature articles, all related to the recent financial turmoil: the first on central bank operations designed to implement monetary policy; another on the drivers of international interbank rates; a third on interbank rate fixings; a fourth on the spillover of money market turbulence to FX swap and cross-currency swap markets; and the last on the linkages between credit fundamentals, ratings and value-at-risk measures for collateralised debt obligations (CDOs) and more traditional corporate bond exposures.
Documents:
Overview: markets reprice to reflect risks to growth - Full text
Highlights of international banking and financial market activity - Full text
Special features
Monetary operations and the financial turmoil - Abstract, Full text
What drives interbank rates? Evidence from the Libor panel - Abstract, Full text
Interbank rate fixings during the recent turmoil - Abstract, Full text
The spillover of money market turbulence to FX swap and cross-currency swap markets - Abstract, Full text
Credit fundamentals, ratings and value-at-risk: CDOs versus corporate exposures - Abstract, Full text