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  • 1
    Language: English
    Pages: 46 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.755
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  • 2
    Language: English
    Pages: 41 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.828
    Keywords: Economics ; Euro Area
    Abstract: The euro area financial system took excessive risks during the global credit boom, which in some countries led to an unsustainable increase in credit, higher asset prices and housing booms. This process helped to fuel large imbalances within the euro area. Banks played a key role in channelling funds from economies with large surpluses to deficit countries, leading in some cases to the accumulation of considerable risks for borrowers and lenders. Weaknesses in the regulatory and supervisory architecture contributed to these problems in the euro area, as in other OECD economies. Gaps in microprudential regulation created an environment prone to excessive risk-taking: capital buffers were too small; the quality of capital was inadequate; banks’ models underestimated risks; and risks were shifted off-balance sheet and beyond supervisory oversight. Liquidity risks were not adequately monitored. Systemic risks were allowed to build up as the authorities largely failed to counter the credit cycle. Some large systemic banks contributed to growing imbalances and vulnerability. The decentralised European supervisory architecture was not sufficiently effective in supervising large cross-border institutions. When the financial crisis hit, the co-ordination of cross-border rescues proved problematic and complicated efficient resolution. Stronger regulations are needed to improve financial stability. Effective microprudential regulation is the first line of defence. This should be upgraded by implementing the Basel III capital accord, as has been announced by the EU authorities, and a range of related measures. Some consideration should be given to an accelerated phasing-in. Macroprudential regulation should be significantly developed to mitigate pro-cyclicality and reduce systemic risks posed by large cross-border banks. The creation of the European Systemic Risk Board is welcome. To improve cross-border supervision, the European Banking Authority should have sufficient powers and resources to ensure that a system based on national supervision leads to coherent regulation and effective supervision. In addition, a cross-border crisis-management framework for Europe is needed. Overall, significant steps have already been taken by the EU authorities to address these issues and further reforms are under way. This working paper relates to the 2010 OECD Economic Survey of the Euro area. (www.oecd.org/eco/surveys/EuroArea).
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  • 3
    Language: English
    Pages: 21 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.826
    Keywords: Economics ; Euro Area
    Abstract: This paper considers the increase in current account imbalances in euro area countries since the early 1990s. While the euro area as a whole has remained relatively close to external balance, the current account balances of individual countries have diverged: Spain, Greece and Portugal ran large current account deficits by historical norms for industrial economies, while Germany and the Netherlands ran large surpluses. These imbalances are larger and more sustained than those observed in recent decades. While there has been extensive discussion of the US and Chinese external positions in the context of the debate on global imbalances, more attention has been given to the developments in the euro area only in the wake of the recent sovereign debt crisis. This paper uses a period-average model estimated on data for OECD countries since the late 1960s to investigate the determinants of current account imbalances. Fundamental economic factors are found to play an important role, in line with earlier studies, but do not fully explain the extent of imbalances over the past decade. The strength of housing investment appears to capture important effects over this period. This working paper relates to the 2010 OECD Economic Survey of the Euro Area (www.oecd.org/eco/surveys/euroarea).
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  • 4
    Online Resource
    Online Resource
    Paris : OECD Publishing
    Language: English
    Pages: 34 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.941
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  • 5
    Online Resource
    Online Resource
    Paris : OECD, Economics Dep.
    Language: English
    Pages: Online-Ressource (28 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1192
    Keywords: Öffentliches Unternehmen ; Rechtsstaat ; Privatisierung ; Corporate Governance ; Auslandsinvestition ; Korruption ; Wettbewerb ; Frühindikator ; WTO-Mitgliedschaft ; Rechtsordnung ; Russland ; Economics ; Russian Federation ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Economic growth is below what would be needed to resume rapid convergence to average OECD living standards. On-going efforts to improve the business climate are laudable, but need to be widened and strengthened. Much progress has been achieved in reducing red tape, but it is only recently that the authorities have visibly become more energetic in fighting corruption. Adverse interactions between politics, business and law enforcement generate obstacles for the rule of law and remain a major risk for potential investors. High entry barriers lead to weak competition. Reducing the role of the state in the economy and WTO membership should be viewed as opportunities to strengthen competition, and hence provide incentives for productivity improvements, which are urgently required to ensure stronger growth in Russia because of a shrinking labour force. This Working Paper relates to the 2013 OECD Economic Survey of the Russian Federation (www.oecd.org/eco/surveys/economic-survey-russian-federation.htm).
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: PDF Reader.
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  • 6
    Online Resource
    Online Resource
    Paris : OECD
    Language: English
    Pages: Online-Ressource , graph. Darst.
    Series Statement: OECD Economics Department working papers 941
    Keywords: Energieversorgung ; Energieeinsparung ; Emissionshandel ; Ökosteuer ; Tschechien ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: Acrobat Reader.
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  • 7
    Language: English
    Pages: Online-Ressource , graph. Darst.
    Series Statement: OECD Economics Department working papers 1008
    Keywords: Armutsbekämpfung ; Estland ; Social Issues/Migration/Health ; Economics ; Estonia ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: The crisis revealed the need for a strategic review of the existing social protection system in Estonia. Extreme income fluctuations on one side and low social benefits on the other side exposed fragile groups in the population to a significant poverty risk. The government has recently commissioned several studies to prepare a systematic reform of the system. The spectrum of options is wide and includes increased generosity, further efficiency gains, strengthening incentives, better access to services and more ambitious activation. In particular, all support programmes should be designed to maximise the prospects of re-integrating beneficiaries into employment. Social benefit recipients should therefore become regular clients of the unemployment insurance offices, and they should benefit from job search assistance and active labour market policies. Scarce resources should be more targeted to those in greatest need. Addressing the large inflows into the disability system is a priority.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: Acrobat Reader.
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  • 8
    Online Resource
    Online Resource
    Paris : OECD, Economics Dep.
    Language: English
    Pages: Online-Ressource (21 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1193
    Keywords: Verkehrsinfrastruktur ; Umweltstandard ; Transportmanagement ; Verkehrssicherheit ; Wettbewerb ; Russland ; Economics ; Russian Federation ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Transport can play an important role in promoting growth, diversification and regional convergence. However, with insufficient investment and incomplete structural reforms, Russia faces very large challenges in modernising its large transport system. Urban transport problems are intensifying, because of weak policy coordination and inadequate traffic management. Promoting competition in the transport sector is essential, in particular by effectively opening the railway freight market to independent operators. This Working Paper relates to the 2013 Economic Survey of the Russian Federation (www.oecd.org/eco/surveys/economic-survey-russian-federation.htm).
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: PDF Reader.
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  • 9
    Online Resource
    Online Resource
    Paris : Organisation for Economic Co-operation and Development, Economics Department
    Language: English
    Pages: Online-Ressource (PDF-Datei: 45 S., 1,64 MB) , graph. Darst.
    Series Statement: OECD Economics Department working papers 755
    Keywords: Wirtschaftswachstum ; Wirtschaftliche Anpassung ; Schwellenländer ; Brasilien ; China ; Indonesien ; Indien ; Südafrika ; Arbeitspapier ; Graue Literatur
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: Acrobat Reader.
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  • 10
    Article
    Article
    Associated volumes
    In:  The economic prospects of the CIS (2004), Seite 101-127 | year:2004 | pages:101-127
    ISBN: 1843766159
    Language: Undetermined
    Titel der Quelle: The economic prospects of the CIS
    Publ. der Quelle: Cheltenham [u.a.] : Elgar, 2004
    Angaben zur Quelle: (2004), Seite 101-127
    Angaben zur Quelle: year:2004
    Angaben zur Quelle: pages:101-127
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