Promoting Global Monetary and Financial Stability: The Bank for International Settlements after Bretton Woods, 1973-2020

As the global organisation of central banks, the Bank for International Settlements (BIS) has played a significant role in the momentous changes the international monetary and financial system has undergone over the past half century. This book offers a key contribution to understanding these changes. It explores the rise of the emerging market economies, the resulting shifts in the governance of the international financial system, and the role of central bank cooperation in this process. In this truly multidisciplinary effort, scholars from the fields of economics, history, political science and law unravel the most poignant episodes that marked this period, including European monetary unification, the paradigm shifts in economic and financial analysis, the origins and influence of macro-financial stability frameworks, the rise of soft law in international financial governance, central bank crisis management in the wake of the Great Financial Crisis, and, finally, the institutional evolution of the BIS itself.

Claudio Borio is Head of the Monetary and Economic Department at the Bank for International Settlements.

Stijn Claessens is Head of Financial Stability Policy and Deputy Head of the Monetary and Economic Department at the Bank for International Settlements.

Piet Clement is historian at the Bank for International Settlements. He is a member of the Academic Council of the European Association for Banking and Financial History.

Robert N. McCauley was a senior economist and adviser at the Bank for International Settlements from 1994 until his retirement in 2019.

Hyun Song Shin is Economic Adviser and Head of Research at the Bank for International Settlements.