Apparent characteristics of the Hungarian banking market such as large profits and high margins suggest weak competitive pressures. Weak competition in turn, may reduce efficiency in a lack of pressures to converge to marginal cost and to stimulate managerial efforts to reduce X-inefficiency.
South Africa’s macroeconomic framework has served the economy well, but should be strengthened to make the economy more resilient to external shocks.
The estimated medium-term impact of Basel III implementation on GDP growth is in the range of -0.05 to -0.15 percentage point per annum.
English, , 691kb
This paper provides a detailed chronological account of the governance-cum-management reform of National Pension Fund in Korea and analyzes its success factors, drawing lessons for other countries. A review of the current governance structures with the fund versus OECD guidelines and international good practice is also provided, along with suggestions for further reform.
The Dutch occupational pension system has been successful in securing high asset accumulation to fund generous pension promises.
English, , 630kb
This paper suggests avenues for strengthening the governance and management of the Japanese Government Pension Investment Fund (GPIF), the largest single pool of pension assets in the world.
As a result of reforms and financial sector development, the People’s Bank of China (PBoC) now exerts significant control over money market interest rates.
This paper analyses the factors influencing the level and volatility of real house prices in a panel of OECD countries over the period 1980-2005.
The euro area financial system took excessive risks during the global credit boom, which in some countries led to an unsustainable increase in credit, higher asset prices and housing booms.
Turkey is recovering from its most severe recession in several decades.