(2018), “Macroeconomic implications of increasing protectionism”, Economic Bulletin, Issue 6, ECB. [25] Bruno, V. and Shin, H. S. (2015), “Cross-border Banking and Global Liquidity”, Review of Economic Studies, vol. 82(2), pp. 535-564 describe the consequences of the correlation between US dollar exchange rates and the leverage of global banks.
2 / 13  BIS central bankers' speeches  Last month, National Treasurer Rosalia de Leon and I signed a memorandum of agreement linking the BSP’s Monetary Operations System (MOS) and the BTr’s National Registry of Scripless Securities (NRoSS).