English, , 184kb
While neither the legal nor institutional framework in Germany were adequate for dealing with stressed banks in the recent financial crisis, the newly established Federal Agency for Financial Market Stabilisation fills that gap. Initially focusing on rescuing banks, that agency now focuses on restructuring them.
English, , 262kb
The macro-prudential authority is being adopted by monetary policy authorities as a means to limit systemic financial risks in the light of weaknesses revealed by the crisis. This article outlines the powers, scope and accountability that should characterise the macro-prudential authority.
English, , 194kb
The financial crisis exposed serious flaws in the European framework for cross-border banking, including deposit insurance. Iceland’s experience shows that sizeable cross-border banking operations in small countries with their own currency come with very significant risks.
English, , 232kb
This speech discusses policy responses to financial crises, with a particular focus on the US experience with government intervention during the 2008-09 financial crisis. It also reflects on the possibilities for conducting crisis management without financial guarantees.
The effects of globalisation have been at the forefront of public debate in recent years, fuelled on the one hand by the large benefits of integrated markets, and on the other hand, by the detrimental adjustment effects often experienced by many economies as a result. Knowing how trade has been evolving over time and the role policy has played in this evolution are critical to understanding the globalisation debate and grasping the lessons for future policy development. The comparative advantage hypothesis has been suggested as one of the principal explanations of international trade and of the benefits associated with openness. It has also provided the intellectual underpinnings for most trade policy in the past 50 years. This book collects OECD work that builds on recent contributions to the theory and empirics of comparative advantage, putting particular emphasis on the role policy can play in shaping trade.
English, , 539kb
This article explains the European Investment Bank Group’s role in creating a better environment for financing business, innovation and green growth and provides examples of ways that the financing of innovation can be improved against the backdrop of a flexible, business-oriented EU framework.<
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Financial policy reforms urgently need to address containing the huge risks taken by the SIFIs that encompass the global derivatives business. This paper analyses the global derivatives business and makes recommendations for policy reforms that encourage financial stability.
English, , 277kb
This article underlines the need for long-term investors to finance growth and the need to create instruments better suited to their needs, particularly in the context of the recent regulatory changes.
English, , 567kb
This article discusses selected issues regarding the impact of protracted periods of low interest rates on pension funds and insurance companies.
English, , 579kb
Infrastructure investments could be the “perfect match” for a portion of pension savings. This article contends that link between the capital at hand and its accessibility for infrastructure investments needs to be improved.