Claudio Borio

Claudio Borio has been Head of Research at the Bank for International Settlements (BIS) and one of the most influential central banking researchers. He developed and popularized the concept of the "financial cycle" — the medium-term cycle of credit and asset prices that runs over 15-20 years and is distinct from the shorter business cycle. His research argues that ignoring the financial cycle leads to systematic under-appreciation of systemic financial risk, and that monetary policy should take financial stability into account as a primary objective alongside inflation. His work has been foundational for macroprudential policy design globally and has shaped how central banks think about the interaction between monetary policy and financial stability. His empirical measurement of financial cycle turning points across countries has given macroprudential authorities a practical toolkit for calibrating counter-cyclical capital buffers and other prudential tools in real time.