(2014-16) (International Journal of Central Banking 2017) International Banking and Liquidity Risk Transmission: Lessons from across Countries (2013) (IMF Economic Review 2015)  3/10  BIS - Central bankers' speeches  2 Lessons from the IBRN for cross-country policy evaluation Ten years of analytical work conducted by the IBRN allow drawing a number of lessons for cross-country policy evaluation.
This first set of lessons is related to substance – how do we need to set up policy evaluations in order to fully reflect the relevant adjustment dynamics and causal effects? Work conducted in the IBRN provides some answers: 1. Effects of policy measures may not show up at the aggregate level or for the average bank, but disaggregation shows heterogeneous effects across banks.