Working Papers


  • 27-October-2011

    English

    The demand for safe assets in emerging economies and global imbalances: new empirical evidence

    Mismatches between the supply and the demand of safe financial assets in fast-growing emerging countries have been singled out by economic theory as drivers of international capital flows and, ultimately, global current account imbalances.

  • 27-October-2011

    English

    Drivers of systemic banking crises: the role of bank-balance-sheet contagion and financial account structure

    This paper examines whether the composition of a country’s external liabilities and assets has an incidence on its risk of suffering financial turmoil.

  • 26-October-2011

    English

    Explaining the appreciation of the Brazilian real

    This paper seeks to identify factors explaining the appreciation of the Brazilian real observed since 2003, which was temporarily interrupted only during episodes of financial turbulence.

    Related Documents
  • 26-October-2011

    English

    Refining macroeconomic policies to sustain growth in Brazil

    This paper identifies refinements to the macroeconomic framework that will help Brazil to achieve strong performance in a new environment.

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  • 30-September-2011

    English

    Regulatory Reform of OTC Derivatives and its Implications for Sovereign Debt Management Practices, OECD Working Paper on Sovereign Borrowing and Public Debt Management, No.1

    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).

  • 30-September-2011

    English

    The Role of Guarantees in Defined Contribution Pensions, OECD Working Paper on Finance, Insurance and Private Pensions, No.11

    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

  • 30-September-2011

    English

    Principles and Trade-Offs When Making Issuance Choices in the UK, OECD Working Paper on Sovereign Borrowing and Public Debt Management, No.2

    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.

  • 1-September-2011

    English

    The Role of Pension Funds in Financing Green Growth Initiatives, OECD Working Paper on Finance, Insurance and Private Pensions, No.10

    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.

  • 28-July-2011

    English

    Can India achieve double-digit growth?

    In recent years, India has enjoyed one of the highest growth rates worldwide, weathering the global financial crisis better than many other countries.

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  • 28-July-2011

    English

    How institutions shape the distributive impact of macroeconomic shocks: a DSGE analysis

    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.

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