IDEAS home Printed from https://ideas.repec.org/a/bfr/bullbf/202023202.html
   My bibliography  Save this article

Lessons from the 90th Anniversary of the Bank for International Settlements. How to remain central in a changing environment
[Leçons pour les 90 ans de la Banque des règlements internationaux. Comment rester central dans un environnement mouvant]

Author

Listed:
  • Salez Paul
  • Jeudy Bruno-Philippe

Abstract

A bold creation and the first international financial institution, the Bank for International Settlements (BIS) was originally responsible for settling financial disputes arising from World War I. It managed to survive its outdated initial mission, thereby providing a number of lessons for the international financial community. Through far-reaching changes in its missions as well as its governance and shareholding structure, it has adapted to the world’s economic, financial, technological and geopolitical developments, and today occupies an important and unique place in the international financial architecture, alongside political authorities. On the occasion of its 90th anniversary, it is interesting to look back over its history, which reflects world economic history, and the issues and challenges it faces today, from the economic response to the Covid-19 pandemic to the development of public policies addressing the major climate, technological, digital, monetary and financial issues of tomorrow’s world. Création audacieuse et première institution financière internationale, chargée à l’origine du règlement des contentieux financiers issus de la Première Guerre mondiale, la BRI a survécu à l’obsolescence de sa mission initiale, ce qui est source d’enseignements. Par des évolutions profondes de ses missions comme de sa gouvernance et de son actionnariat, elle s’est adaptée aux mutations économiques, financières, technologiques, géopolitiques du monde, pour occuper aujourd’hui dans l’architecture financière internationale une place importante, mais singulière pour la communauté internationale, en marge des organes politiques. À l’occasion de ses 90 ans, il est intéressant de revenir sur son histoire, reflet de l’histoire économique mondiale, et sur les enjeux et défis auxquels elle est aujourd’hui confrontée, de la réponse économique à la pandémie de Covid 19 à l’élaboration de politiques publiques adaptées aux principaux enjeux climatiques, technologiques, numériques, monétaires et financiers du monde de demain.

Suggested Citation

  • Salez Paul & Jeudy Bruno-Philippe, 2020. "Lessons from the 90th Anniversary of the Bank for International Settlements. How to remain central in a changing environment [Leçons pour les 90 ans de la Banque des règlements internationaux. Comm," Bulletin de la Banque de France, Banque de France, issue 232.
    • Handle: RePEc:bfr:bullbf:2020:232:02
    as

    Download full text from publisher

    File URL: https://publications.banque-france.fr/sites/default/files/medias/documents/820243_bdf232-2_bri_vfinale.pdf
    Download Restriction: no
    File URL: https://publications.banque-france.fr/sites/default/files/medias/documents/820281_bdf232-x_bri_vf1311_0.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Patrick Bolton & Morgan Despres & Luiz Awazu Pereira da Silva & Frédéric Samama & Romain Svartzman, 2020. "The green swan," BIS Books, Bank for International Settlements, number 31.
    2. Patrick Bolton Patrick & Després Morgan & Pereira da Silva Luiz Awazu & Samama Frédéric & Svartzman Romain, 2020. "“Green Swans”: central banks in the age of climate-related risks [Le « Cygne Vert » : les banques centrales à l’ère des risques climatiques]," Bulletin de la Banque de France, Banque de France, issue 229.
    Full references (including those not matched with items on IDEAS)

    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. Oustry Antoine & Erkan Bunyamin & Svartzman Romain & Weber Pierre-François, 2020. "Climate-related Risks and Central Banks’ Collateral Policy: a Methodological Experiment," Working papers 790, Banque de France.
    2. Alessandro Moro, 2021. "Can capital controls promote green investments in developing countries?," Temi di discussione (Economic working papers) 1348, Bank of Italy, Economic Research and International Relations Area.
    3. Régis MARODON, 2020. "Les banques de développement peuvent-elles relever le défi du développement durable ?," Working Paper 8eb18544-95bf-404e-bbfe-e, Agence française de développement.
    4. Agarwala, Matthew & Burke, Matt & Klusak, Patrycja & Mohaddes, Kamiar & Volz, Ulrich & Zenghelis, Dimitri, 2021. "Climate Change And Fiscal Sustainability: Risks And Opportunities," National Institute Economic Review, National Institute of Economic and Social Research, vol. 258, pages 28-46, November.
    5. Massimo Mariani & Fabio Pizzutilo & Alessandra Caragnano & Marianna Zito, 2021. "Does it pay to be environmentally responsible? Investigating the effect on the weighted average cost of capital: Environmental commitment and the cost of capital," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(6), pages 1854-1869, November.
    6. Kakuho Furukawa & Hibiki Ichiue & Noriyuki Shiraki, 2020. "How Does Climate Change Interact with the Financial System? A Survey," Bank of Japan Working Paper Series 20-E-8, Bank of Japan.
    7. Michele Catalano & Lorenzo Forni & Emilia Pezzolla, 2020. "Fiscal tools to reduce transition costs of climate change mitigation," "Marco Fanno" Working Papers 0265, Dipartimento di Scienze Economiche "Marco Fanno".
    8. Yannis Dafermos, 2022. "Climate change, central banking and financial supervision: beyond the risk exposure approach," Chapters, in: Sylvio Kappes & Louis-Philippe Rochon & Guillaume Vallet (ed.), The Future of Central Banking, chapter 8, pages 175-194, Edward Elgar Publishing.
    9. Liebich, Lena & Nöh, Lukas & Rutkowski, Felix & Schwarz, Milena, 2020. "Current developments in green finance," Working Papers 05/2020, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
    10. Ricardo Marques, 2021. "Assessment of the exposure of the Portuguese banking system to non-financial corporations sensitive to climate transition risks," Working Papers o202101, Banco de Portugal, Economics and Research Department.
    11. Régis MARODON, 2020. "Can development banks step up to the challenge of sustainable development?," Working Paper 8eb18544-95bf-404e-bbfe-e, Agence française de développement.
    12. Emmanuel Pannier & Toan Canh Vu & Etienne Espagne & Gwenn Pulliat & Thi Thu Ha Nguyen, 2020. "The Three Dialectics of Adaptation Finance in Vietnam," Sustainability, MDPI, vol. 12(18), pages 1-24, September.
    13. Apostolou, Apostolos & Papaioannou, Michael, 2021. "Towards Greening Finance: Integration of Environmental Factors in Risk Management & Impact of Climate Risks on Asset Portfolios," MPRA Paper 106779, University Library of Munich, Germany.
    14. Faiella, Ivan & Lavecchia, Luciano & Michelangeli, Valentina & Mistretta, Alessandro, 2022. "A climate stress test on the financial vulnerability of Italian households and firms," Journal of Policy Modeling, Elsevier, vol. 44(2), pages 396-417.
    15. Dikau, Simon & Volz, Ulrich, 2021. "Central bank mandates, sustainability objectives and the promotion of green finance," Ecological Economics, Elsevier, vol. 184(C).
    16. Francesca Diluiso & Barbara Annicchiarico & Matthias Kalkuhl & Jan C. Minx, 2020. "Climate Actions and Stranded Assets: The Role of Financial Regulation and Monetary Policy," CESifo Working Paper Series 8486, CESifo.
    17. Chia‐Chi Lee & Shih‐Yun Kuo & Huang‐Hsiung Hsu & Tung‐Li Mo & En‐Yu Chang & Kuan‐Chun Huang, 2023. "How does the research community contribute to corporate climate‐related risk disclosures? The gap between ideals and reality," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(2), pages 927-940, March.
    18. Reghezza, Alessio & Altunbas, Yener & Marques-Ibanez, David & Rodriguez d’Acri, Costanza & Spaggiari, Martina, 2022. "Do banks fuel climate change?," Journal of Financial Stability, Elsevier, vol. 62(C).
    19. Müller, Henrik & Hornig, Nico, 2020. ""I heard the News today, oh Boy": An updated Version of our Uncertainty Perception Indicator (UPI) – and some general thoughts on news-based economic indicators," DoCMA Working Papers 2-2020, TU Dortmund University, Dortmund Center for Data-based Media Analysis (DoCMA).
    20. Chen, Shi & Duan, Xiaoyu & Chiu, Shiu-Chieh & Lin, Jyh-Horng, 2024. "Insurer hedging amidst the interplay of black and green swans toward SDGs 3 and 7," Energy Economics, Elsevier, vol. 135(C).

    More about this item

    Statistics

    Access and download statistics

    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:bfr:bullbf:2020:232:02. 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: Michael brassart (email available below). General contact details of provider: https://edirc.repec.org/data/bdfgvfr.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.