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Tougher issuance conditions related to the surge in government borrowing needs are the reasons why issuance arrangements have not always been working as efficiently as before the crisis. This prompted debt management offices (DMOs) in the OECD area to review existing issuance policies and procedures. The crisis also had an impact on the use of indicators or guidelines relating to the key risks of the maturity structure of issuance or
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This article argues that the expansion of existing and the introduction of new guarantees for financial institutions has been a key element of the policy response to the recent financial crisis. Essentially, the government expanded its role as the provider of the safety net for banks by adopting the function of a guarantor of last resort. Among the various policy response measures, the expansion of guarantees has the benefit of
The Danish economy is going through a deep and protracted recession but the authorities have taken substantial measures to combat it. Further policies are required to minimise adverse long-term consequences on growth.
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The paper discusses vulnerabilities in selected segments of the insurance sector and identifies specific issues related to the role of the insurance sector in the current financial crisis. The paper is part of a special report on the financial crisis and private pensions and insurance policies which will form part of the “OECD Strategic Response to the Crisis” and it provides a framework for the analysis in that report.
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.
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.
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.
The EU economy has experienced a deep economic slump. Ongoing financial reforms and the structural reform agenda must be pursued to make future crises less likely and improve growth prospects.
Iceland’s main banks, which had pursued risky expansion strategies, failed in the wake of the global financial crisis, plunging the economy into a deep recession. Prudential supervision needs to be improved.
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This report addresses the question of ageing societies from a perspective that integrates implications and solutions for both healthcare and pensions, whereas most reports look separately at one or the other. The report focuses on opportunities, whereas most previous ones have focused primarily on risks. Finally, the report provides an overview of a broad set of practical solutions, ranging from the existing, but underappreciated, to