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Many OECD governments are facing unprecedented challenges in the markets for bonds and bills, as a result of the explosive growth in their borrowing needs. Amidst an unusually uncertain economic outlook, the gross borrowing needs of OECD governments are expected to reach almost USD 12 trillion in 2009. The key policy issue is how to raise smoothly new funds at low cost, while also managing a rapidly growing debt stock. For the time
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This article looks at the stages of crisis management and some of the different degrees of transparency on losses and risks in the US and Europe. It also compares alternative approaches to dealing with impaired assets used in the USA and Europe. Exposure to off-balance losses remains a key issue. Europe, surprisingly, has been and remains the major issuer of collateralised synthetic obligations that have been so prominent in the
The current economic crisis has exposed the deficiencies of economic global governance and the risk of having a highly integrated global economy with fragmented global economic decision-making and regulation. To improve our impact, we do need stronger, more inclusive and better coordinated international organisations, warned the OECD Secretary-General.
List of publications for Road to Recovery: Innovation, Jobs & Clean Growth
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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.
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OECD Good Practices on Financial Education and Awareness Relating to Credit, OECD, 2009
The aim of this paper is to assess the impact of financial crises on potential output.
Financial markets and services are playing a greater social and economic role in the daily life of the average individual. One of the challenges is to move from raising awareness on financial issues to actually changing consumers’ behaviours, notably by integrating financial literacy into school curricula, according to Mr. Gurría.
If we consider the rapid pace of financial innovation, the growing complexity of financial products, and the increasing amount and size of financial risks and responsibilities transferred to households, consumers need to be better equipped to make good, informed and rational financial decisions, according to Mr Gurría.
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Government provision of a safety net for financial institutions has been a key element of the policy response to the current crisis. In the process, existing guarantees have been expanded and new ones introduced, including, in particular, in relation to bank liabilities. Among other things, such guarantees create costs that arise as a result of potential distortions of incentives and competition. To limit such distortions it is