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Financial markets have recovered substantially but vulnerabilities remain significant. Ample liquidity may lead to new bubbles, particularly in some emerging markets, and uncertainties about governments’ exit strategies and regulatory changes weigh on a fledgling upswing. Co-ordination and communication of exit policies will be important, and exit from policy stimulus should not be precipitated at the current juncture. While financial
The Spanish government announced on Friday, 29 January, its intention of postponing the retirement age from 65 to 67 and to increase the number of contribution years used to calculate pension benefits. The OECD believes that these measures are important steps in the right direction and would bring Spain closer in line with other OECD countries who have already reformed their pension systems.
El gobierno español anunció el viernes pasado su intención de elevar la edad oficial de jubilación de 65 a 67 años, y de aumentar el numero de años necesario para calcular la pensión. La OCDE considera muy positivas dichas medidas.
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The IOPS Principles for Pension Supervision are designed to cover occupational and personal pension plans and pension funds.
Adrian Blundell-Wignall talks about the impact of US proposals for banking reform and how they can help avoid a new financial crisis.
U.S. President Barack Obama’s plan to separate core commercial banking from some higher-risk activities in financial conglomerates and to place a moratorium on further consolidation could help to avoid a new financial crisis by resolving some major risks inherent to the current financial system.
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Contagion risk and counterparty failure have been the main hallmarks of the current crisis. While some large diversified banks that focused mainly on commercial banking survived very well, others suffered crippling losses. Sound corporate governance and strong risk-management culture should enable banks to avoid excessive leverage and risk taking. The question is whether there is a better way, via leverage rules or rules on the
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This note explores various regulatory issues related to financial innovation. It starts from a premise that financial innovations are neither always helpful (or benign) nor always threatening. Innovations have the potential to provide for a more efficient allocation of resources and thereby a higher level of capital productivity and economic growth. Many financial innovations have had this effect. But others have not. Examples of the
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This paper discusses the financial systems of OECD Enhanced Engagement Countries (EE5: Brazil, China, India, Indonesia, and South Africa). Rather than providing a comprehensive survey of each financial system, it is designed to highlight some of the salient features of EE5 financial systems, emphasising those aspects of the system that these countries have in common and those that are different from those in OECD countries. While
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The structure and operation of the financial system have undergone marked changes in the past couple of decades, driven by dramatic improvements in technology, rapid product innovation, integration of financial systems, competition in financial services, and policy, regulatory, and trade reforms. The Policy Framework for Effective and Efficient Financial Regulation, supported by General Guidance and a High-Level Checklist, is a tool