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OECD governments are facing unprecedented challenges in the markets for government securities as a result of continued strong borrowing amid a highly uncertain environment with growing concerns about the pace of recovery, surging borrowing costs, sovereign risk and contagion pressures. The fourth OECD Sovereign Borrowing Outlook provides estimates for 2011 and projections for 2012. Higher than anticipated gross borrowing needs of
La réglementation bancaire pourrait avoir contribué, voire renforcé, des chocs systémiques qui se sont matérialisés lors de la crise financière.
La crise financière mondiale de 2008-09 n’a entraîné aucune banqueroute parmi les grands établissements financiers en Israël, mais elle a révélé les vulnérabilités du secteur non bancaire, en particulier sur le marché des obligations de sociétés.
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Financial markets continue to struggle. In the current climate of elevated sovereign risks and hollowing of the investor base, it was becoming increasingly important for new and infrequent sovereign issuers to better manage investor relations. Securitisation issuance has slumped in recent years as the investor base narrows and the market faces a number of hurdles, in particular on the regulatory front. The global fixed income
These articles were prepared for a symposium on bank failure resolution and crisis management which focused, in particular, on the use of guarantees and the spill-overs between the credit qualities of sovereigns and banking systems.
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This article focuses on the interconnections between the value of sovereign and banking debt that are created through sovereign guarantees for the bank debt. It proposes a method to price debt guarantees when the sovereign providing the guarantee can itself be risky.
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The Good Practices reflect what pension regulatory and supervisory authorities usually expect to examine when assessing the risk management of pension funds that use alternative investments and derivatives. The Good Practices outline how supervisors should oversee such investments and suggest possible regulatory controls. The character of the Good Practices emphasizes the overriding principle that it is the responsibility of pension
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The EU institutional reaction to the Euro-area sovereign debt problems has focused in particular on the new architecture designed to avert a financial crisis. This architecture is made up of (i) the European Financial Stabilization Mechanism (EFSM), an EU financial assistance feature available to all 27 member states, (ii) the European Financial Stabilization Facility (EFSF), a temporary credit-enhanced SPV with minimal capitalization
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More needs to be done to ensure accountability, independence, transparency and integrity of the various actors of the financial system safety net. This article discusses the roles and responsibilities of the various agencies that are part of the financial system safety net, and it sets out a framework for the decision-making process for these actors in the management of a financial crisis.
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The financial market outlook and risks as well as the impact of regulatory reforms on the financial sector were the topics discussed at the October 2011 OECD Financial Roundtable. Concerns about the current situation in financial markets were centred on the sovereign debt and banking crisis in Europe and its repercussions in other parts of the world. Many participants felt that policy makers had not been doing enough to address the