English, Excel, 649kb
The incidence of perceived implicit guarantees, mostly from governments, for the debt of European banks has decreased recently after several years of increase dating from the beginning of the financial crisis. This reflects to a large extent the deterioration in the strength of the sovereigns that are seen as providing the guarantees..
This book examines pension reform during the crisis and beyond, the design of automatic adjustment mechanisms, reversals of systemic pension reforms in Central and Eastern Europe, coverage of private pension systems and guarantees in defined contribution pension systems.
This project explores how the structure of international capital flows drives financial fragility, and examines how policies can help increase financial stability.
English, Excel, 852kb
Despite massive support from governments and widespread regulatory changes since the crisis struck, banks are deleveraging in the worst possible way impeding economic recovery. Capital levels are too low (particularly in Europe), business models are too risky, and the approach to regulation is biased against lending to the private sector. A lack of trust makes private sector equity investment and funding problematic, and losses and
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This report analyses the management of investment risk in the Chilean pension system, focusing on various risk measures that can be applied in a defined contribution context. The report also reviews Chilean regulations regarding risk management in the context of international best practices.
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This presentation provides a selective update of the 2010 report on "Systemic Financial Crises: How to fund resolution".
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A survey of the literature on asset price impacts on the real economy shows a much wider range of work on consumption and related wealth effects than on investment.
The ISSA/IOPS/OECD Complementary and Private Pensions Database is available to the public in the ISSA's country profiles' section on the ISSA website.
English, , 830kb
This paper examines the policies that have been proposed to solve the financial and sovereign debt crisis in Europe, against the backdrop of what the real underlying problems are: extreme differences in competitiveness; the absence of a growth strategy; sovereign, household and corporate debt at high levels in the very countries that are least competitive; and banks that have become too large, driven by dangerous trends in ‘capital
English, , 276kb
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