Chapter 2.2 of the Yearbook presents some interesting  BIS central bankers’ speeches  1  findings on projects run by the One Acre Fund which aim to support smallholders in East Africa; findings which are consistent with those of similar projects and of research in the region.
In the American Economic Review this year, they show that pricing in US option markets implied that the price of insuring against a US financial sector stock market crash was low, relative to prices of insurance against individual banks’ stock price falls during the 2007–2009 financial crisis in the US.7 Thus, a large amount of tail risk was actually missing from the cost of financial sector crash insurance during the crisis.