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This paper examines how structural policies can influence a country's risk of suffering financial turmoil.
The global financial crisis of 2007-09 and the ensuing sovereign debt crisis in Europe provide evidence that portfolio rebalancing of financial investors can contribute to spread financial turmoil across countries.
English, Excel, 649kb
The incidence of perceived implicit guarantees, mostly from governments, for the debt of European banks has decreased recently after several years of increase dating from the beginning of the financial crisis. This reflects to a large extent the deterioration in the strength of the sovereigns that are seen as providing the guarantees..
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This special issue of Financial Market Trends compiles selected articles based on presentations given at the Symposium on “Financial crisis management and the use of government guarantees” in October 2011, which were first released between October and December 2011. The Symposium, part of the OECD’s work on financial sector guarantees, gathered policy makers, policy consultants and other academics to discuss the policy response to the
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International capital mobility: Which structural policies reduce financial fragility? OECD Economic Policy Papers, No. 2
This book examines pension reform during the crisis and beyond, the design of automatic adjustment mechanisms, reversals of systemic pension reforms in Central and Eastern Europe, coverage of private pension systems and guarantees in defined contribution pension systems.
Economic downturns which have their roots in preceding credit excesses and debt overhang have tended historically to be long lasting, whether the financial sector remained healthy or not.
English, Excel, 57kb
This roadmap identifies elements of good design and public policy to assist countries to strengthen retirement income adequacy in an environment where pension benefits result from assets accumulated during working life. This roadmap was approved and endorsed by the OECD Working Party on Private Pensions in June 2012.
This project explores how the structure of international capital flows drives financial fragility, and examines how policies can help increase financial stability.
English, Excel, 852kb
Despite massive support from governments and widespread regulatory changes since the crisis struck, banks are deleveraging in the worst possible way impeding economic recovery. Capital levels are too low (particularly in Europe), business models are too risky, and the approach to regulation is biased against lending to the private sector. A lack of trust makes private sector equity investment and funding problematic, and losses and