4  BIS central bankers’ speeches  Thank You Jeff Wagner of FT, Stefen Bird CEO Asia Pacific Citi and David Pilling Asia editor Financial Times for having me here this beautiful afternoon and thanks for the patient hearing. BIS central bankers’ speeches  5
12  For causal evidence that lower interest rates lead to more risk-taking by banks, see Jimenez, G., Peydro, J., Ongena, S. and J. Saurina, 2012, “Hazardous time for monetary policy: What do 23 million loans say about the impact of monetary policy on credit risk-taking?”, Econometrica, forthcoming.