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This note was prepared for the Eurofi/G20 high-level seminar on the benefits and challenges of a long term perspective in financial activities, held in Paris on 17-18 February 2011. The note outlines the benefits of long-term investing to growth, sustainable development and financial stability, and the barriers which may be preventing institutional investors from acting over extended time frames.
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New restrictions on the short selling of sovereign debt have been proposed in response to major threats to financial market stability and market confidence. This article voices the concerns of debt managers that the proposed changes could push their borrowing costs up.
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Ten years ago, corporate governance was a nascent concept in the Middle East and North Africa (MENA). This article charts the evolution of corporate governance across the MENA region over this time and proposes potential avenues for future work in this area.
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This article looks at the types of risks that may be associated with complex financial groups and analyses the available policy options for satisfying the core policy objectives of safety and soundness, systemic stability, and conduct of business.
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Europe has been beset by an interrelated banking crisis and sovereign debt crisis. Bond spreads faced by Greece and Ireland, and to a lesser extent Portugal followed by Spain, have increased. This paper explores these issues from the perspective of financial markets, focusing mainly on the four countries in the frontline of these pressures: Greece and Portugal, on the one hand, where the problems are primarily fiscal in nature; and
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This paper provides a detailed chronological account of the governance-cum-management reform of National Pension Fund in Korea and analyzes its success factors, drawing lessons for other countries. A review of the current governance structures with the fund versus OECD guidelines and international good practice is also provided, along with suggestions for further reform.
Discussions at the Forum focussed on public debt objectives and the influence of macro-economic policies and financial stability; crisis experiences and lessons from the OECD area and emerging markets (including the measurement of sovereign risk); debt structure and risk metrics; as well as implications of new regulations for public debt management. . This annual forum is held under the aegis of the OECD Working Party on Debt
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The OECD/IOPS Good Practices for Pension Funds’ Risk Management Systems aim to outline the main features of risk management systems which pension funds employ. They cover the role of management in the risk management process, look in more detail at investment risk, funding risk and operational risk (including outsourcing) control, and the risk management mechanisms which might be in place (including monitoring and reporting). The
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Representatives of the financial services sector met in October 2010 to discuss sovereign debt challenges faced by banking systems and bond markets. This article summarises these discussions which covered the current outlook and risks - including capital flows and global rebalancing, sovereign risks and challenges for the banking sector.
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This paper suggests avenues for strengthening the governance and management of the Japanese Government Pension Investment Fund (GPIF), the largest single pool of pension assets in the world.