Working Papers


  • 5-September-2014

    English

    Making the banking sector more resilient and reducing household debt in the Netherlands

    Dutch banks were put under heavy strains early in the global downturn and have comparatively weak financial buffers to cope with new shocks. Falling house prices have increased the share of households with negative home equity to nearly 35% for home-owning households and 40% for mortgage holders.

  • 29-July-2014

    English

    US long term interest rates and capital flows to emerging economies

    This paper studies the association between US long term interest rates and cycles of capital flows to emerging market economies (EMEs). It finds that, indeed, cycles in capital flows to EMEs are linked to global conditions, including global risk aversion and long term interest rates in the United States.

  • 24-July-2014

    English

    Deconstructing Canada’s housing markets: finance, affordability and urban sprawl

    House prices have increased significantly in Canada over the past decade, driving household debt and residential construction activity to historical highs.

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  • 13-June-2014

    English

    Macroprudential policy tools in Norway: strengthening financial system resilience

    In Norway house prices have risen to high levels, associated with very strong credit growth, in a context of low interest rates. Such a combination was in many countries a contributory factor to the 2008-09 crisis.

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  • 21-May-2014

    English

    Spillover effects from exiting highly expansionary monetary policies

    The prospective normalisation of monetary policies in the main OECD areas will be challenging given that current policy rates are likely to be significantly below neutral levels and that central bank balance sheets will be above the pre-crisis levels by a wide margin.

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  • 24-April-2014

    English

    How to improve taxes and transfers in Israel

    Ensuring tax and transfer systems bring sufficient revenue to reach macroeconomic fiscal targets, address societal goals in re-distribution and social welfare, recognise the influence taxation has on businesses’ competitiveness and adequately address environmental externalities is a tough challenge, arguably more so in Israel than in many other OECD countries.

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  • 1-April-2014

    English

    The prudential regulation of financial institutions: why regulatory responses to the crisis might not prove sufficient

    This paper surveys recent international developments concerning the prudential regulation of financial institutions: banks, the shadow banking system and insurance companies. It concludes that, while substantial progress has been made, the global economy nevertheless remains vulnerable to possible future financial instability.

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  • 16-January-2014

    English

    Dividing the pie in Brazil: income distribution, social policies and the new middle class

    Brazil has made remarkable progress in reducing poverty and inequality. This reduction is explained by strong growth but also by effective social policies. Besides growth, public services and cash transfers have played the biggest role, the latter notably through the successful "Bolsa Familia" programme.

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  • 7-January-2014

    English

    The state of the banking sector in Europe

    This paper reviews the state of the banking sector in Europe. At the aggregate level, the empirical data suggest that the Baltics, Cyprus, Greece and Ireland, in particular, are hit by a strong decline in lending in the wake of the financial crisis.

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  • 20-August-2013

    English

    Japan's challenging debt dynamics

    This working paper presents the background and the details of the simulations behind Box 1.4 of the May 2013 OECD Economic Outlook. A small simulation model is used to evaluate the contribution that the three pillars of the government’s strategy – fiscal consolidation, growth-boosting structural reforms and higher inflation – could make to reversing the rise in Japan’s public debt ratio.

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