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This work delves into the liquidations mechanism inherent in Decentralised Finance (DeFi) lending protocols and the connection between liquidations and price volatility in decentralised exchanges (DEXs). The analysis employs transactional data of three of the largest DeFi lending protocols and provides evidence of a positive relation between liquidations and post-liquidations price volatility across the main DEX pools. Without directly observing the behaviour of liquidators, these findings indirectly indicate that liquidators require market liquidity to carry out large liquidations and affect market conditions while doing so.

This report analyses the development of mortality assumptions to build mortality tables to better protect retirement income provision. Mortality assumptions are necessary to ensure the sustainability of lifetime incomes. It explores considerations and traditional approaches for developing mortality tables, as well as provides an international overview of longevity trends and drivers over the last several decades, including the impact of the COVID-19 pandemic. The report also details the standard mortality tables developed across OECD member countries and offers guidelines to assist regulators and supervisors in assessing whether the mortality assumptions and tables used in the context of retirement income provision are appropriate.

Many of Asia’s retirement-income systems are ill prepared for the rapid population ageing that will occur over the next two decades. Asia’s pension systems urgently need to be reformed to ensure that they are both financially sustainable and provide adequate retirement incomes. This report examines the retirement-income systems of 11 non-OECD countries in the region, comparing the results with a selection of OECD countries. The report provides new data for comparing pension systems of different countries. It combines the OECD’s expertise in modelling pension entitlements with a network of national pension experts who provided detailed information at the country level, verified key results and provided feedback and input to improve the analysis.

The OECD Pensions Outlook discusses how to introduce, develop and strengthen asset-backed pension arrangements, the role that employers can play in their provision, and the implication of different fee structures on individuals saving for retirement and on providers. The 2022 edition focuses on describing best practices for developing mortality tables and providing policy guidance on how to design, implement and continue the operation of non-guaranteed lifetime retirement income arrangements.

This publication analyses the impact COVID-19 has had on asset-backed pension arrangements and the main policies countries have implemented in response to date. It then presents policy guidelines to help strengthen asset-backed pension arrangements and improve retirement outcomes in a post-COVID world. The publication also discusses the short- and long-term impact of COVID-19 on mortality, and the role that assets earmarked for retirement could play in the post-COVID recovery.

The COVID-19 pandemic led to significant economic disruptions and revenue losses for business impacted by workplace closure measures aimed at restraining the spread of the virus. Governments provided extensive monetary and fiscal support to address liquidity risks and mitigate the potential for mass insolvencies as few businesses had applicable insurance coverage for these types of losses. This paper examines the fiscal and insurance sector responses to the economic disruptions resulting from COVID-19 workplace closures, the challenges to the availability of insurance coverage for this risk and some of the challenges and risks related to large-scale fiscal support for businesses. It also includes a discussion of the potential contribution of a loss-sharing arrangement between governments and insurance markets for pandemic-related business interruption losses as a means of enhancing the contribution of insurance markets to providing financial protection in the context of future pandemics.