Tendances et politiques des marchés financiers

La mondialisation croissante des marchés financiers met les gouvernants à l’épreuve et se répercute sur l’économie réelle. Les principaux acteurs étant libres de répartir leurs avoirs entre différents pays, le comportement des autorités nationales est surveillé par les marchés financiers mondiaux.

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Expanded Guarantees for Banks: Benefits, Costs and Exit Issues

19-nov.-2009

The expansion of guarantees for banks by governments has been a key element of the policy response to the recent financial crisis. This course of action was helpful and it has avoided a further accelerated loss of confidence in banks. But it is not without costs. Costs include those arising from distortions to competition and incentives. Additional costs have arisen as policy actions have not been as closely coordinated across borders as might have been desired. Going forward, policies need to be more consistent.

Insurance companies and the financial crisis

27-oct.-2009

This article discusses vulnerabilities in selected segments of the insurance sector and identifies specific issues related to the role of the insurance sector in the current financial crisis.

Tendances des marchés de capitaux no.96

10-juil.-2009

While financial markets deteriorated, government actions helped to avert an even bigger crisis. Despite some signs of recovery banks are not yet on solid footing. Recent government programmes dealing with ‘toxic assets’ are welcome, but more needs to be done. These are headline topics of this FMT edition which focuses on issues related to the financial and economic crisis, including articles on corporate governance lessons, government guarantees for financial institutions, private pensions, sovereign borrowing, government debt issuance, and the role of stock exchanges in corporate governance.

Dealing with the financial crisis and thinking about the exit strategy

11-juin-2009

This article looks at the stages of financial crisis management and some of the different degrees of transparency on losses and risks in the US and Europe. It compares alternative approaches to dealing with impaired assets used in the US and Europe, examines the capital needs of banks where exposure to off-balance losses remains a key issue and outlines the requirements of longer-run reform.

OECD research supports risk-sharing in private pension arrangements

23-juin-2009

A new article ("Evaluating Risk Sharing in Private Pension Plans") analyses the main trade-offs embedded in different pension arrangements. The stochastic simulations performed show that hybrid plans (those in between traditional DB and individual DC) appear to offer efficient and sustainable forms of risk sharing.

OECD governments are coping with exploding borrowing needs

11-juin-2009

A new article (OECD Sovereign Borrowing Outlook 2009)  projects that gross borrowing needs of OECD governments are expected to reach almost USD 12 trillion in 2009. In response, sovereign debt managers have begun to plan or implement medium-term exit strategies to avoid future “crowding out” and issuance problems. A related article (New Challenges in the Use of Government Debt Issuance Procedures, Techniques and Policies in OECD Markets) explains that the ongoing crisis has prompted a review of sovereign issuance procedures and policies.

Latest data and analysis on financial safety nets for banks in OECD countries

18-mai-2009

Government provision of a safety net for financial institutions has been a key element of the policy response to the current crisis. Existing guarantees have been expanded and new ones introduced, in particular related to bank liabilities. This OECD article , updating and broadening a previous one on deposit insurance   discusses various issues that arise from such guarantees. Potential competitive distortions, appropriate pricing and exit strategies, especially where unlimited guarantees have been extended, are some of the main issues raised.

Public Consultation: Draft General Guidance on a Policy Framework for Effective and Efficient Financial Regulation and High-level Checklist

18-mai-2009

The OECD invited public comments on draft General Guidance on a Policy Framework for Effective and Efficient Financial Regulation and a related High-level Checklist.   The General Guidance contains principles that should be adopted or considered to promote an effective and efficient framework for government intervention and regulation in the financial system.

OECD seminar on the payout phase of pensions, annuities and financial Markets

le 12-nov.-2008

Representatives from OECD governments, academia and private sector discussed proposals to support private pension systems, and in particular, improve the management of risks in the retirement stage of individual account (defined contribution, DC) pension systems. Participants also discussed the impact of the financial crisis, and longer term issues affecting the sector such as increasing life expectancy.

Financial crisis and deposit insurance guarantees in OECD countries

01-oct.-2008

Data and analysis on deposit insurance in OECD countries, including comparative tables on different levels of savings guaranteed. First published in June 2008 as a chapter in Financial Market Trends 94.

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Ralentissement mondial

Agir face à la crise

Tendances des marchés de capitaux

Analyses et statisques des marchés de capitaux