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This article treats some ideas and issues that are part of ongoing reflection at the OECD. They were first raised in a major research article for the Reserve Bank of Australia conference in July 2008, and benefited from policy discussion in and around that conference. One fundamental cause of the crisis was a change in the business model of banking, mixing credit with equity culture. When this model was combined with complex
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This article presents a combined analysis of households’ financial and non-financial balance sheets across OECD countries over the period 1995-2006. The scope of the study mainly covers households’ gross wealth (financial, dwellings and land) and therefore does not include debt. It also analyses financial risks borne by households investing their savings either in investment fund shares, in life insurance reserves or in pension
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The present financial crisis may be added to a growing list of episodes worldwide in which financial sector problems have become systemic in nature. Many OECD countries have been affected, either directly or through the transmission of problems cross-border. Most financial crises share a number of common elements. For instance, financial innovation has often played a role in distress episodes, in many cases, having much to do with
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This financial crisis, ending a period of search for yield and increased risk-taking, has triggered various policy responses, ranging from more ad-hoc measures initially to more structured and co-ordinated financial sector rescue actions as the crisis evolved. Lessons drawn so far should help to devise longer-term, more encompassing and more consistent policies. Various reforms are being proposed by the financial industry as well as
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Data to measure and analyse the increasing role of institutional investors in capital markets has been collected and published by the OECD for a number of years. This dataset is now integrated in the framework of the OECD Financial Accounts. This article presents an overview of institutional investors’ assets, their components and their development in the aggregate and by country.
The OECD will release Financial Market Trends No. 95 on the OECD's password-protected website at 11.00 a.m. Paris time (10.00 a.m. GMT) on Thursday 8 January 2009 for immediate release (in English only).
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This paper reviews the impact of ageing on private pensions, in particular on the payout phase, assesses the part that annuities can play in financing retirement, and examines the role of financial markets in facilitating the allocation on assets accumulated in defined contribution pension plans
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Whenever a crisis hits, interest in guarantee arrangements rises. This paper focuses on how parts of the financial safety net are combined, with a special emphasis on deposit insurance and its interaction with other safety net elements. It addresses structural rather practical crisis resolution issues, as well as reviewing recent policy actions in this context.
Organised in Paris back-to-back with the 18th Annual OECD Global Forum on Public Debt Management, discussions focused on an exchange of information on ongoing activities regarding African Public Debt Management and Bond Markets.
The meeting took place in Paris back-to-back with the forum on African Public Debt Management, discussions focussed on sovereign asset liability management, the use of short-term government paper and regional roundtables on challenges and opportunities for issuers in view of the credit/liquidity crisis.