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This paper looks at macro-prudential policies in the light of empirical evidence on the determinants of bank systemic risk, and the effectiveness of capital controls. It concludes that complexity and interdependence is such that care should be taken in implementing macro-prudential policies until much more is understood about these issues.
English, PDF, 317kb
The bank regulator's paradox is that large, complex and interconnected banks need very little capital in the good times, but they can never have enough in an extreme crisis. Separation is required to deal with this problem, which derives mainly from counterparty risk. This paper outlines the OECD’s separation proposal and also compares it to current national approaches to separation.
This database and book provide major official insurance statistics for all OECD countries including data on premiums collected, claims, commissions by type of insurance, investments by type of investment, and numbers of companies and employees.
OECD Working Papers on Sovereign Borrowing and Public Debt Management provide authoritative information on technical and policy issues in the area of public debt management (PDM) and government securities markets. Studies closely track structural issues, trends and challenges in government debt policies and markets.
English, PDF, 288kb
The crisis has shown that there is no such thing as an optimal banking structure or model. The Liikanen report highlighted excessive risk taking and excessive reliance on short-term funding not matched with adequate capital protection. The French reform of the banking sector builds on this insight as well as the agreement reached by the Basel Committee on Banking Supervision and the European CRD 4 to foster financial stability.
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The paper argues that interest rates are at extremely low levels to support banks, and the search for yield has pushed the liquidity driven speculative bubble from real estate, derivatives and structured products markets into the corporate debt market. Equities have rallied strongly too. This asset cycle is certainly helping banks reduce hidden losses on illiquid securities and could also help reduce the cost of equity.
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Lending by banks is failing to support economic recovery, despite unprecedented low interest rates and policies to compress the term premium. This study explores the business activities of banks, with a special focus on their lending behaviour and its responsiveness to unconventional monetary policy.
English, PDF, 456kb
This statement by Adrian Blundell-Wignall and Paul Atkinson was presented to the German Bundestag's Finance Committee Hearing on the Draft Bank-Separation Law (Drucksache 17/12601) on 22 April 2013.
The implications of the European sovereign debt crisis for Asia, the globalisation of the funding of investments and the contribution of long-term institutional investors to growth were amongst the topics explored at the 2013 Tokyo Roundtable.
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This article summarises discussions from a financial roundtable addressing concerns about structural flaws in the way banks operate and are being regulated and supervised in the wake of on-going banking sector problems involving financial fraud and banking scandals.