 | Behind the Scenes of Central Bank Digital Currency Author/Editor: Gabriel Soderberg, Marianne Bechara, Wouter Bossu, Natasha X Che, Sonja Davidovic, John Kiff, Inutu Lukonga, Tommaso Mancini Griffoli, Tao Sun, Akihiro Yoshinaga. Release Date:February, 2022 Central banks are increasingly pondering whether to issue their own digital currencies to the general public, so-called retail central bank digital currency (CBDC). The majority of IMF member more...
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 | Applying the Central Clearing Mandate: Different Options for Different Markets Author/Editor: John Kiff, Alessandro Gullo, Cory Hillier, Panagiotis Papapaschalis. Release Date:January, 2022 Back in 2009, G-20 leaders have called for all standardized over-the-counter (OTC) derivatives to be cleared through central counterparties (CCPs). By now, 18 of the 24 Financial Stability Board more...
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 | A Survey of Research on Retail Central Bank Digital Currency Author/Editor: John Kiff, Jihad Alwazir, Sonja Davidovic, Aquiles Farias, Ashraf Khan, Tanai Khiaonarong, Majid Malaika, Hunter K Monroe, Nobu Sugimoto, Hervé Tourpe, Peter Zhou. Release Date:June, 2020 This paper examines key considerations around central bank digital currency (CBDC) for use by the general public, based on a comprehensive review of recent research, central bank experiments, and more...
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 | Rating Through-the-Cycle: What does the Concept Imply for Rating Stability and Accuracy? Author/Editor: John Kiff, Michael Kisser, Liliana Schumacher. Release Date:March, 2013 Credit rating agencies face a difficult trade-off between delivering both accurate and stable ratings. In particular, its users have consistently expressed a preference for rating stability, driven more...
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 | The Impact of Longevity Improvements on U.S. Corporate Defined Benefit Pension Plans Author/Editor: Michael Kisser, John Kiff, Stefan E. Oppers, Mauricio Soto. Release Date:June, 2012 This paper provides the first empirical assessment of the impact of life expectancy assumptions on the liabilities of private U.S. defined benefit (DB) pension plans. Using detailed actuarial and more...
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 | Are Rating Agencies Powerful? An Investigation Into the Impact and Accuracy of Sovereign Ratings Author/Editor: John Kiff, Sylwia Nowak, Liliana Schumacher. Release Date:January, 2012 We find that Credit Rating Agencies (CRA)'s opinions have an impact in the cost of funding of sovereign issuers and consequently ratings are a concern for financial stability. While ratings produced more...
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 | Asset Securitization and Optimal Retention Author/Editor: John Kiff, Michael Kisser. Release Date:March, 2010 This paper builds on recent research by Fender and Mitchell (2009) who show that if financial institutions securitize loans, retaining an interest in the equity tranche does not always induce the more...
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 | Credit Derivatives : Systemic Risks and Policy Options? Author/Editor: John Kiff, Jennifer A. Elliott, Elias G. Kazarian, Jodi G. Scarlata, Carolyne Spackman. Release Date:November, 2009 Credit derivative markets are largely unregulated, but calls are increasingly being made for changes to this hands off stance, amidst concerns that they helped to fuel the current financial crisis, more...
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 | Canadian Residential Mortgage Markets : Boring But Effective? Author/Editor: John Kiff. Release Date:June, 2009 Klyuev (2008) concluded that the Canadian market for housing finance is highly advanced and sophisticated, but financing options were somewhat limited, particularly at terms longer than five years. more...
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 | Foreclosure Mitigation Efforts in the United States: Approaches and Challenges : Approaches and Challenges Release Date:January, 2009 Home foreclosure rates have risen in the United States to the highest levels since the Great Depression. With house prices falling, lending standards tightening, unemployment rising, and interest more...
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