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  • 18-June-2009

    English, , 276kb

    Private Pensions and Policy Responses to the Crisis

    This report describes why occupational pensions play a major role in OECD countries and worldwide, complementing retirement income from state sources. Their financial importance is highlighted by the volume of assets they manage on behalf of plan members, USD 22 trillion at the end of 2008. Population ageing has also led many OECD countries to undertake a wide range of pension reforms – the overall effect of which has been to reduce

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  • 11-June-2009

    English, , 664kb

    OECD Sovereign Borrowing Outlook 2009

    Many OECD governments are facing unprecedented challenges in the markets for bonds and bills, as a result of the explosive growth in their borrowing needs. Amidst an unusually uncertain economic outlook, the gross borrowing needs of OECD governments are expected to reach almost USD 12 trillion in 2009. The key policy issue is how to raise smoothly new funds at low cost, while also managing a rapidly growing debt stock. For the time

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  • 11-June-2009

    English, , 429kb

    New Challenges in the Use of Government Debt Issuance Procedures, Techniques and Policies in OECD Markets

    Government debt issuance procedures and policies differ across OECD jurisdictions, in particular in terms of technical standards for selling techniques, primary dealer systems and other primary market arrangements. However, the increased integration of global financial markets (including the jump in the integration of European government debt markets since the introduction of the Euro) has been an important catalyst in the

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  • 11-June-2009

    English, , 563kb

    Dealing with the financial crisis and thinking about the exit strategy

    This article looks at the stages of crisis management and some of the different degrees of transparency on losses and risks in the US and Europe. It also compares alternative approaches to dealing with impaired assets used in the USA and Europe. Exposure to off-balance losses remains a key issue. Europe, surprisingly, has been and remains the major issuer of collateralised synthetic obligations that have been so prominent in the

  • 18-May-2009

    English, , 672kb

    Expanded Government Guarantees for Bank Liabilities: Selected Issues

    Government provision of a safety net for financial institutions has been a key element of the policy response to the current crisis. In the process, existing guarantees have been expanded and new ones introduced, including, in particular, in relation to bank liabilities. Among other things, such guarantees create costs that arise as a result of potential distortions of incentives and competition. To limit such distortions it is

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  • 5-May-2009

    English, , 4,907kb

    Retirement Saving and the Payout Phase: how to get there and how to get the most out of it

    In the wake of a dramatic financial crisis and with the first waves of baby boomers approaching retirement we hardly need to think about how best arrive at the pension funds’ payout phase. This paper argues that there is a urgent need to raise retirement saving, to reduce defined contribution plan members’ exposure to investment risks and to provide the financial industry with cheap and safe payout instruments. These challenges are

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  • 25-April-2009

    English

    Statement by OECD Secretary-General to the International Monetary and Financial Committee

    In the midst of the deepest and most synchronised recession in our lifetimes, OECD's Gurría encourages a policy response which addresses the social impact of the crisis and repairs the financial system.

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  • 2-April-2009

    English, , 267kb

    Finance, competition and governance: Strategies to phase out emergency measures

    The OECD has been developing a response to the crisis that is holistic, looking atfinancial market issues, and the wide variety of factors that led to damaging incentive structures, as well as the requirements for broader macro and fiscal policies. The crisis has led to a variety of emergency financial measures such as loans, guarantees, and nationalisations. For financial markets, the focus is on exit strategies that are consistent

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  • 2-March-2009

    English

    10th Roundtable on Capital Market Reform in Asia

    2-3 March 2009, Tokyo, Japan. This event focused on the impact of the global financial crisis on Asia and the Asian response, as well as the implications of current market turmoil on stock and bond markets and unregulated entities; products and markets; financial education and awareness; regulatory efficiency and corporate governance.

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  • 27-February-2009

    English, , 207kb

    Corporate Governance Lessons from the Financial Crisis

    The Report examines the experience of a number of financial institutions and concludes that the financial crisis can be to an important extent attributed to failures and weaknesses in corporate governance arrangements. The risk management systems have failed in many cases due to corporate governance procedures rather than technical problems. Remuneration systems have amplified such risk management weaknesses. The responsibility for

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