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The ongoing financial crisis has put euro adoption at the top of Estonia's policy agenda. However, shocks affecting Estonia are only weakly synchronized with those of the euro area, and the structure of its economy also notably differs from the euro zone.
This working paper discusses what policy makers should do in order to restore balance in the Icelandic economy and lay out the foundations for a sustainable recovery.
English, , 498kb
Data and supplementary tables from Economics Department working paper on Estonia and euro adoption: Small country challenges of joining EMU.
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.
The Global Forum examined reform progress and recent pension fund industry developments in Brazil and the Latin American region, focusing on the main challenges facing defined contribution privately-managed individual pension schemes which are the main type of retirement arrangements in the region, including risk- transfer and the design of pay-out phase.
What caused the global financial crisis, and what direction should the policy reform agenda take? Why did residential mortgage-backed securities and credit default swaps explode from around 2004? Adrian Blundell-Wignall discusses the origins of the financial crisis and requirements for reform at the New America Foundation on 13 October 2009, as part of the OECD Breakfast Series.
The financial crisis required governments to make massive interventions in their financial systems. This book sets out priorities for reforming incentives in financial markets as well as for phasing out these emergency measures.
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.
Emergency measures adopted in the wake of the global crisis should be phased out once a recovery is in place, while adopting reforms to address chronic problems in the financial sector and increase efficiency.
As attention shifts to fiscal consolidation, sustaining output growth will depend increasingly on private domestic demand, requiring reforms, particularly in the labour market and the non-manufacturing sector.