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The financial system has still not fully recovered. Major questions remain over how banks operate and are regulated. The solutions must be found, argues William R. White, Chair of the OECD Economic and Development Review Committee.
For more than two decades, the world's economic growth and development was largely fuelled by globalisation-the opening up of financial and product markets, and the emergence of economies such as China, India and Brazil. This process was hit by an earthquake with the global financial crisis of 2008, an event which some have dubbed the “first crisis of globalisation”.
The recent economic crisis inflicted substantial damage on the public finances of many countries around the world. Meanwhile, growth remains largely subdued. How can governments restore public finances while promoting economic growth?”
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Systemic financial crises are a recurrent phenomenon, and despite regulatory efforts they are likely to occur again. This report compares the ex ante funding of deposit insurance schemes in a selection of countries, highlighting the “funding gap” left by these arrangements in the recent systemic financial crisis. To fill that gap, different approaches have been adopted across countries in the recent crisis. Where support for the
The forum brought together leading researchers, pension funds, endowments and sovereign wealth funds from across Europe, Asia and the Americas to discuss the latest advances in investment, asset allocation and risk management.
Public finances are under pressure around the world. We asked finance ministers from a range of countries: “What actions is your government taking to bolster public finances, while upholding growth and services?”
Public debt in the OECD area is fast approaching 100% of GDP, as the financial and economic crisis badly deteriorated government budgets. A concerted move towards more balanced budgets is needed, while preparing the ground for economic growth.
Turkey is recovering from its most severe recession in several decades.
Some countries are reconsidering their approach to the provision of sustainable and adequate pensions. OECD experts have reiterated several key recommendations that should be taken into account during this process.
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During the financial crisis many governments aided both the financial and non-financial sectors in their countries on an unprecedented scale. These emergency measures have in some cases taken precedence over competition rules. In particular the fact that governments helped some banks but not others has weakened competition in some markets, with “too big to fail” institutions commanding a higher market share than previously. This has