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English, , 276kb
OECD governments are facing unprecedented challenges in the markets for government securities as a result of continued strong borrowing amid a highly uncertain environment with growing concerns about the pace of recovery, surging borrowing costs, sovereign risk and contagion pressures.
The fourth OECD Sovereign Borrowing Outlook provides estimates for 2011 and projections for 2012. Higher than anticipated gross borrowing needs of
The OECD has long been at the forefront in efforts to develop international rules relating to capital movements, international investment and trade in services. Member governments have established "rules of the game" for themselves and for multinational enterprises based in their economies by means of legal instruments to which all Members must adhere.
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Financial markets continue to struggle. In the current climate of elevated sovereign risks and hollowing of the investor base, it was becoming increasingly important for new and infrequent sovereign issuers to better manage investor relations. Securitisation issuance has slumped in recent years as the investor base narrows and the market faces a number of hurdles, in particular on the regulatory front. The global fixed income
The OECD Principles of Corporate Governance are recognised worldwide as an international benchmark for good corporate governance. They are actively used by governments, regulators, investors, corporations and stakeholders in both OECD and non-OECD countries and have been adopted by the Financial Stability Board as one of the Twelve Key Standards for Sound Financial Systems.
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This article focuses on the interconnections between the value of sovereign and banking debt that are created through sovereign guarantees for the bank debt. It proposes a method to price debt guarantees when the sovereign providing the guarantee can itself be risky.
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The EU institutional reaction to the Euro-area sovereign debt problems has focused in particular on the new architecture designed to avert a financial crisis. This architecture is made up of (i) the European Financial Stabilization Mechanism (EFSM), an EU financial assistance feature available to all 27 member states, (ii) the European Financial Stabilization Facility (EFSF), a temporary credit-enhanced SPV with minimal capitalization
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The financial market outlook and risks as well as the impact of regulatory reforms on the financial sector were the topics discussed at the October 2011 OECD Financial Roundtable. Concerns about the current situation in financial markets were centred on the sovereign debt and banking crisis in Europe and its repercussions in other parts of the world. Many participants felt that policy makers had not been doing enough to address the
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The government guarantees on bank bonds adopted in 2008 in many advanced economies to support the banking systems were broadly effective in resuming bank funding and preventing a credit crunch. The guarantees, however, also caused distortions in the cost of bank borrowing. Their reintroduction might help alleviate the current pressures on banks caused by the sovereign debt crisis, but the pricing mechanism should ensure a level
These articles were prepared for a symposium on bank failure resolution and crisis management which focused, in particular, on the use of guarantees and the spill-overs between the credit qualities of sovereigns and banking systems.
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The Good Practices reflect what pension regulatory and supervisory authorities usually expect to examine when assessing the risk management of pension funds that use alternative investments and derivatives. The Good Practices outline how supervisors should oversee such investments and suggest possible regulatory controls. The character of the Good Practices emphasizes the overriding principle that it is the responsibility of pension