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This paper identifies refinements to the macroeconomic framework that will help Brazil to achieve strong performance in a new environment.
This report analyses the possible implications for public debt management practices arising from regulatory changes for over the counter derivatives (OTCD) that are being developed worldwide to strengthen the resiliency of the financial system. Many OECD sovereigns use OTCD in their debt management activities (mainly interest rate swaps and cross-currency swaps).
This paper examines the role of guarantees in DC pension plans, in particular minimum investment return guarantees during the accumulation phase. The main goal is to assess the cost and benefits of different return guarantees. The report uses a stochastic financial market model where guarantee claims are calculated as a financial derivative in a financial market framework (like e.g. the valuation of a put option). In this context, the
The paper argues that judgements play an important role in determining appropriate trade-offs when making issuance choices. The result of the determination of cost and risk factors and judgements about trade-offs is usually a relatively balanced issuance split across the maturity spectrum, along both the nominal and real yield curves.
Transitioning to a low-carbon and climate resilient economy will require significant investment by private sources of capital. Pension funds and other institutional investors can play an important role to play in financing green growth initiatives. This paper examines some of the initiatives that are currently under way around the world to assist and encourage pension funds to help finance green growth.
In recent years, India has enjoyed one of the highest growth rates worldwide, weathering the global financial crisis better than many other countries.
This paper examines how the the distributive impact of macroeconomic shocks is shaped by selected institutions. It uses a dynamic stochastic general equilibrium (DSGE) framework with heterogeneous agents and an endogenous collateral constraint.
The Indian financial system has changed considerably since the 1990s. Interest rates have been deregulated and new entrants allowed in the banking and the securities business.
This paper addresses the often neglected question of how macroeconomic risk is shared across and within economies, and identifies reforms that could contribute towards achieving more desirable risk-sharing outcomes.
This paper looks at the empirical determinates of foreign currency reserve holdings across a panel of around 130 countries between 1980 and 2008.