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The global financial crisis that emerged in mid 2007 has caused considerable economic disruptions in the United States and elsewhere, and exposed major flaws in the global financial system.
This overview paper examines the financial crisis in light of past country experience and economic theory and sets out some preliminary policy recommendations.
The crisis exposed weaknesses in the Hungarian financial system that pose risks to financial stability. A major lesson learnt from the crisis is that the approach to household lending should change: a stronger protection of borrowers should be combined with a tighter regulation of lenders.
English, , 799kb
This overview paper examines the financial crisis in light of past country experience and economic theory and draws preliminary policy recommendations.
Financial innovation and market integration have deepened linkages between euro area markets and institutions, possibly affecting the speed and channels of area-wide monetary policy transmission.
Financial integration and development raise the likelihood of cross-border financial contagion. Further improvements are needed to European regulatory and supervisory frameworks to ensure financial stability.
English, , 463kb
Special chapter from Economic Outlook No. 84, November 2008.
Despite the current problems related to the global financial and economic crisis, ongoing macroeconomic adjustment continues to bear fruit. Attainment of the primary budget surplus targets has delivered falling public debt-to-GDP ratios since 2003. Prudent debt management has reduced refinancing risk and external vulnerabilities. The forward looking conduct of monetary policy within a framework combining inflation targeting with a
Brazil’s economic fundamentals have improved considerably in the ten years following the abandonment of exchange rate management in 1999 and adoption of a policy framework combining inflation targeting, rules based fiscal management and a flexible exchange rate. The economy is therefore weathering the effects of the unfolding global financial and economic crisis rather well, and an incipient recovery is getting under way. The policy
Slovenia achieved strong economic growth leading to a marked catch up with the EU15 during the last decade. This dynamic growth has been interrupted by the global recession, adversely affecting Slovenian exports and banks’ refinancing possibilities. As the economy recovers, efforts to achieve real convergence need to be renewed.