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The main hallmarks of the global financial crisis were too-big-to-fail institutions taking on too much risk with other people’s money: excess leverage and default pressure resulting from contagion and counterparty risk. This paper looks at whether the Basel III reforms address these issues effectively and proposes improvements to the current reform proposals.
English, PDF, 114kb
This paper investigates whether countries that had controls on inflows in place prior to the crisis were less vulnerable during the global financial crisis. More generally, it examines economic growth effects of such controls over the entire economic cycle, finding that capital restrictions on inflows (particularly debt liabilities) may be useful in good times but may have adverse effects in a crisis.
English, PDF, 377kb
This paper looks at macro-prudential policies in the light of empirical evidence on the determinants of bank systemic risk, and the effectiveness of capital controls. It concludes that complexity and interdependence is such that care should be taken in implementing macro-prudential policies until much more is understood about these issues.
English, PDF, 317kb
The bank regulator's paradox is that large, complex and interconnected banks need very little capital in the good times, but they can never have enough in an extreme crisis. Separation is required to deal with this problem, which derives mainly from counterparty risk. This paper outlines the OECD’s separation proposal and also compares it to current national approaches to separation.
Sound debt management allows African policymakers to develop local-currency bond markets, integrate into a worldwide network of debt managers, and to enhance awareness of advances in Africa among policymakers, investors and others outside the continent.
This statistical yearbook provides quantitative information on African central government debt instruments. It includes individual country data but also comparative statistics to facilitate pan-African (cross-country) analysis.
This paper identifies the main trends in long-term financial intermediation focusing on the role of institutional investors in providing long-term finance for growth and development. It also highlights infrastructure as one specific sector that is facing major challenges in long-term financing.
Pension fund assets achieved high returns in almost all OECD countries in 2012, with a real return greater than 5% in 18 countries, according to the 2013 edition of Pension Markets in Focus.
The 2013 Global Forum focused on a number of critical policy, regulatory and supervisory issues affecting private and public pension provision in the Asia region.
English, PDF, 3,739kb
After showing an average negative rate of return on investment across the OECD zone in 2011, pension fund assets achieved high returns in almost all OECD countries in 2012, with a real return greater than 5% in 18 countries, according to the latest edition of Pension Markets in Focus.