BIS Papers No 172 Global pension asset allocations and debt markets

Russian stock market: corporate events, budget risks and the debt market

This article analyzes the current situation on the Russian stock market, characterized by negative dynamics in key indices, declining share prices of major issuers, and growing tensions in the corporate debt segment. The reasons for the precipitous decline in individual company shares are examined, related to dividend...

Fiscal sustainability when public debt is high: The role of portfolio liquidity

This paper studies how the prevailing level of public debt shapes the transmission of fiscal and monetary policy shocks in a tractable heterogeneous three-agent New Keynesian model. When households rely on the liquidity services of government bonds to self-insure against idiosyncratic risk, higher public indebtedness a...

Essays on the economic consequences of pension accounting

Corporate pension plans represent one of the largest long-term obligations for many firms and have significant implications for financial reporting, investment decisions, and capital markets. Over the past decades, changes in pension accounting standards have sought to improve the transparency and comparability of fina...

Portfolio of Financial Cash Management Instruments in the Public Sector: Structure and Development Trends

The article examines the portfolio of financial cash management instruments in the public sector of the Russian Federation. The relevance of the study is determined by the transition from passive holding of funds in the treasury single account to active management of temporarily available liquidity. The paper systemati...

Capital Share Risk

This article surveys evidence on the evolution of the capital share—the portion of output accruing to firm owners as after-tax profits—and its contribution to asset prices, arguing that capital share risk is a dominant driver of equity values. Using aggregate data on the US corporate sector, we show that the capital sh...

Corporate debt structure and monetary policy transmission: a general equilibrium approach