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Turkey is recovering from its most severe recession in several decades.
Large shifts in countries’ external current account positions can be disruptive, often reflecting sudden stops in the flows of external finance and leading to exchange rate and banking crises.
Turkey has considerably improved its terms of access to the global capital market. Progress in macroeconomic fundamentals has enhanced credibility and reduced risk premia and capital costs.
The intensification of the global financial crisis in late 2008 led to large capital outflows from Korea and turmoil in its capital markets.
This paper assesses the sustainability of global imbalances by testing for the presence of unit roots in the current account positions of the United States, China, Japan, Germany and the oil-exporting countries using a methodology that allows for structural breaks in levels and trends.
This study analyses the impact of economic catching up on annual inflation rates in the European Union with a special focus on the new member countries of Central and Eastern Europe.
The paper focuses on the major structural reforms necessary to prepare for euro adoption that should allow a sustainable fulfilment of the Maastricht criteria and maximisation of the ensuing various benefits.
The German banking system came under pressure during the financial crisis, not least due to its significant exposure to toxic assets which originated in the US. In the short run, the stability of the system has been achieved, as discussed in this working paper.
Higher oil prices and the prospect of higher borrowing costs are likely to reduce the productive potential of OECD economies. The present study provides illustrative numerical estimates of the impact under different scenarios using a stylised model based on a production function.
The global crisis exposed weaknesses in the Hungarian financial system that pose risks to financial stability, as discussed in this working paper.