什么时候更少更多？银行流动性安排与央行支持（英）（2025）.pdfVIP

BISWorkingPapers

No1307

Whenislessmore?Bank

arrangementsfor

liquidityvscentralbank

support

byViralVAcharya,RaghuramRajan,ZhiQuan(Bill)Shu

MonetaryandEconomicDepartment

November2025

JELclassification:E58,G01,G21.

Keywords:Bankingcrises,financialstabilitypolicies

BISWorkingPapersarewrittenbymembersoftheMonetaryandEconomic

DepartmentoftheBankforInternationalSettlements,andfromtimetotimebyother

economists,andarepublishedbytheBank.Thepapersareonsubjectsoftopical

interestandaretechnicalincharacter.Theviewsexpressedinthispublicationare

thoseoftheauthorsanddonotnecessarilyreflecttheviewsoftheBISoritsmember

centralbanks.

ThispublicationisavailableontheBISwebsite().

©BankforInternationalSettlements2025.Allrightsreserved.Briefexcerptsmaybe

reproducedortranslatedprovidedthesourceisstated.

ISSN1020-0959(print)

ISSN1682-7678(online)

i

Foreword

The24thBISAnnualConferencetookplaceinBasel,Switzerlandon27June2025.

TheeventbroughttogetheradistinguishedgroupofcentralbankGovernors,leading

academicsandformerpublicofficialstoexchangeviewsonthetheme“Central

bankingintimesofdigitalisationandfragmentation”.Thepaperspresentedatthe

conferencearereleasedasBISWorkingPapers,nos1306and1307.

BISPaperno162containsaspeechbyAgustínCarstensandremarksfromtwo

paneldiscussions,on“Perspectivesonpolicymaking–atributetoAgustínCarstens”

and“Challengesforcentralbanksinachangingworld”.

i

Contents

Forewordi

Whenislessmore?Bankarrangementsforliquidityvsce