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Despite massive support from governments and widespread regulatory changes since the crisis struck, banks are deleveraging in the worst possible way impeding economic recovery. Capital levels are too low (particularly in Europe), business models are too risky, and the approach to regulation is biased against lending to the private sector. A lack of trust makes private sector equity investment and funding problematic, and losses and
How to design appropriate policies to strengthen growth and make it inclusive and sustainable over time? The policy issues highlighted in this volume - financial development,social policies, innovation, regulation and political economy issues - are relevant to all countries.
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This report analyses the management of investment risk in the Chilean pension system, focusing on various risk measures that can be applied in a defined contribution context. The report also reviews Chilean regulations regarding risk management in the context of international best practices.
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This presentation provides a selective update of the 2010 report on "Systemic Financial Crises: How to fund resolution".
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A survey of the literature on asset price impacts on the real economy shows a much wider range of work on consumption and related wealth effects than on investment.
Going for Growth 2012 takes stock of recent progress in implementing policy reforms to improve labour productivity and utilisation that were identified as priorities in the 2011 edition.
The ISSA/IOPS/OECD Complementary and Private Pensions Database is available to the public in the ISSA's country profiles' section on the ISSA website.
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This paper examines the policies that have been proposed to solve the financial and sovereign debt crisis in Europe, against the backdrop of what the real underlying problems are: extreme differences in competitiveness; the absence of a growth strategy; sovereign, household and corporate debt at high levels in the very countries that are least competitive; and banks that have become too large, driven by dangerous trends in ‘capital
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OECD governments are facing unprecedented challenges in the markets for government securities as a result of continued strong borrowing amid a highly uncertain environment with growing concerns about the pace of recovery, surging borrowing costs, sovereign risk and contagion pressures. The fourth OECD Sovereign Borrowing Outlook provides estimates for 2011 and projections for 2012. Higher than anticipated gross borrowing needs of
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Financial markets continue to struggle. In the current climate of elevated sovereign risks and hollowing of the investor base, it was becoming increasingly important for new and infrequent sovereign issuers to better manage investor relations. Securitisation issuance has slumped in recent years as the investor base narrows and the market faces a number of hurdles, in particular on the regulatory front. The global fixed income