This working paper begins with a discussion of the factors that made the banks, non-financial firms and households vulnerable to deterioration in global financial markets. It then describes the failure of the banks, its direct impact on government debt, the IMF SBA and the economic outlook.
In contrast to the once prevailing norm of secrecy and opaqueness, transparency has now become one of the main features characterising the conduct of monetary policy.
There is a case, but there are also counter-arguments. With sufficient forward-looking behaviour among firms and households, price-level targeting can act as a powerful built-in stabiliser through automatic shifts in inflation expectations.
This paper reviews the supervisory and regulatory framework and the many reforms that have already been adopted to remedy these weaknesses. It also provides recommendations for further reforms.
This paper tests for the existence of a bank lending channel in the transmission of monetary policy in Brazil using monthly aggregate data for the period 1995:12 through 2008:6.
In his introductory remarks at the Paris Conference for Long-Term Value & Economic Stability, Angel Gurría talks about the importance of long-term investments and their capacity to help to bring back confidence and to achieve long-term sustainable development throughout the world
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This is the OECD Paper for Session 1 on ―How the global economy headed into crisis‖ at the G20 Workshop on the Causes of the Crisis: Key Lessons Mumbai.
The aim of this paper is to assess the impact of financial crises on potential output.
This paper studies drivers of high-frequency (daily) dynamics of the South African rand vis-à-vis the dollar from January 2001 to July 2007.
This working paper uses a variety of empirical methods to examine the apparent differences in monetary policy stances as between the United States and other G7 economies.