Policy & Society (Apr 2018)
The Bank of International Settlements as a think tank for financial policy-making
Abstract
The Bank of International Settlements (BIS) is known to be the ‘bank of central banks’ and a confidential place where central bankers meet to discuss policies. However, this contribution shows that it is also far more. Economic research and policy-making are closely connected within the BIS. Researchers and analysts provide knowledge for financial regulation and introduce new approaches to policy-makers who meet within the BIS-hosted bodies, such as the Basel Committee of Banking Supervision. The Monetary and Economic Department of the BIS operates like a think tank in the field of financial policy-making. This is exemplified by the introduction of macroprudential regulation, a new approach that originated within the BIS. By combining post-structural discourse theory with the concept of discourse coalition, this paper shows how macroprudential regulation became a frame of reference promising to maintain financial stability and how the BIS benefits from this.
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