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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.
Large shifts in countries’ external current account positions can be disruptive, often reflecting sudden stops in the flows of external finance and leading to exchange rate and banking crises.
Turkey has considerably improved its terms of access to the global capital market. Progress in macroeconomic fundamentals has enhanced credibility and reduced risk premia and capital costs.
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At the end of April 2010, the International Accounting Standards Board (IASB) published an exposure draft with proposed changes to International Accounting Standard No. 19 (IAS 19). IAS 19 is the current standard for the financial reporting of company pension obligations that stem from defined benefit (DB) and similar plans. It is required for exchange-listed companies in many parts of the world. If enacted, the changes to IAS 19
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This paper shows that most sovereign debt is held on the banking books of banks, whereas the EU stress test considered only their small trading book exposures. It discusses why sovereign debt held in the banking book cannot be ignored by investors and creditors, because of recovery values in the event of individual bank failures; and fiscal sustainability and structural competitiveness issues which mean the market cannot give a zero
The intensification of the global financial crisis in late 2008 led to large capital outflows from Korea and turmoil in its capital markets.