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Read about OECD efforts to help governments improve the domestic and global policies that affect business and markets in the wake of the global economic crisis.
English, , 446kb
This paper shows that most sovereign debt is held on the banking books of banks, whereas the EU stress test considered only their small trading book exposures. It discusses why sovereign debt held in the banking book cannot be ignored by investors and creditors, because of recovery values in the event of individual bank failures; and fiscal sustainability and structural competitiveness issues which mean the market cannot give a zero
The intensification of the global financial crisis in late 2008 led to large capital outflows from Korea and turmoil in its capital markets.
This paper assesses the sustainability of global imbalances by testing for the presence of unit roots in the current account positions of the United States, China, Japan, Germany and the oil-exporting countries using a methodology that allows for structural breaks in levels and trends.
This study analyses the impact of economic catching up on annual inflation rates in the European Union with a special focus on the new member countries of Central and Eastern Europe.
English, , 536kb
This paper discusses the impact of the crisis on defined benefit (DB) pension schemes and the temporary responses taken by regulators to help ease financially strained plan sponsors. It presents suggestions to governments and policy makers for making funding regulations more counter-cyclical in nature. Such measures could strengthen the security of DB benefits and help to maintain DB plans for future workers.
The paper focuses on the major structural reforms necessary to prepare for euro adoption that should allow a sustainable fulfilment of the Maastricht criteria and maximisation of the ensuing various benefits.
The South African economy is recovering from the crisis. Nevertheless deep structural reforms are necessary. The already strong macroeconomic policy framework should be further strengthened to resist excessive real appreciation.
English, , 749kb
Government-guaranteed bank bonds have been an effective tool in avoiding the worst during the financial crisis. However, the pricing of the guarantees has created competitive distortions and the continued availability of such guarantees into 2010 may have reduced the pressure on some banks to address their weaknesses.
English, , 117kb
The global crisis has left the OECD area with lower potential output and a high government debt burden. Moreover, global imbalances are beginning to widen again.