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  • Organisation for Economic Co-operation and Development  (143)
  • Blundell-Wignall, Adrian  (26)
  • Schich, Sebastian  (25)
  • Nicol, Scherie  (11)
  • Finance and Investment  (205)
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  • 1
    Online Resource
    Online Resource
    The emergence of strategic budget initiatives (2024)
    Paris : OECD Publishing
    In:  OECD Journal on Budgeting Vol. 23, no. 3 | volume:23 | year:2024 | number:3
    Details
    Language: English
    Pages: 1 Online-Ressource (16 p.)
    Titel der Quelle: OECD Journal on Budgeting
    Angaben zur Quelle: Vol. 23, no. 3
    Angaben zur Quelle: volume:23
    Angaben zur Quelle: year:2024
    Angaben zur Quelle: number:3
    Keywords: Economics ; Finance and Investment ; Governance
    Abstract: The growth of strategic budget initiatives – such as gender budgeting and green budgeting - has been a prominent trend in OECD countries. This is driven by a desire to use the budget to help deliver transformational change in relation to key policy priorities demanding a whole-of-government response. This paper outlines the emergence of strategic budget initiatives across OECD countries and offers some preliminary observations on how these initiatives are being designed and implemented.
    DOI: 10.1787/8053099b-en
    URL: lizenzpflichtig
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    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Gender budgeting and intersectionality (2023)
    Paris : OECD Publishing
    In:  OECD Journal on Budgeting Vol. 23, no. 2 | volume:23 | year:2023 | number:2
    Details
    Language: English
    Pages: 1 Online-Ressource (18 p.)
    Titel der Quelle: OECD Journal on Budgeting
    Angaben zur Quelle: Vol. 23, no. 2
    Angaben zur Quelle: volume:23
    Angaben zur Quelle: year:2023
    Angaben zur Quelle: number:2
    Keywords: Economics ; Finance and Investment ; Governance
    Abstract: The economic and fiscal costs of gender inequalities, such as the gender employment gap, are high. Intersectional analysis improves understanding of gender gaps and the measures needed to address them. This paper looks at how gender budgeting can be expanded to include intersectional analysis, allowing for consideration of how gender inequalities intersect with inequalities based on race, socioeconomic class, sexual orientation and disability. It provides examples from governments that have started to incorporate an intersectional approach to gender budgeting. It also highlights the main benefits and challenges associated with intersectional analysis and considers what governments can do to support an intersectional approach to gender budgeting.
    DOI: 10.1787/ffdf0ba7-en
    URL: lizenzpflichtig
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    MPI Ethno. Forsch.
  • 3
    Online Resource
    Online Resource
    Gender perspectives in spending review (2022)
    Paris : OECD Publishing
    In:  OECD Journal on Budgeting Vol. 22, no. 3 | volume:22 | year:2022 | number:3
    Details
    Language: English
    Pages: 1 Online-Ressource (15 p.)
    Titel der Quelle: OECD Journal on Budgeting
    Angaben zur Quelle: Vol. 22, no. 3
    Angaben zur Quelle: volume:22
    Angaben zur Quelle: year:2022
    Angaben zur Quelle: number:3
    Keywords: Economics ; Finance and Investment ; Governance
    Abstract: Public finances will be under increasing pressure in the medium term. Tools such as spending review, which help governments prioritise and reallocate spending, are likely to be increasingly important. Integrating a gender perspective will ensure that budget reprioritisation does not increase gender gaps, but instead supports the achievement of gender goals – which can bring economic and fiscal dividends. This paper highlights the different ways in which countries are experimenting with integrating a gender perspective to spending review, as well as some of the key considerations that should be taken into account in the process.
    DOI: 10.1787/4b676369-en
    URL: lizenzpflichtig
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    MPI Ethno. Forsch.
  • 4
    Online Resource
    Online Resource
    Gender budgeting: The economic and fiscal rationale (2022)
    Paris : OECD Publishing
    In:  OECD Journal on Budgeting Vol. 22, no. 3 | volume:22 | year:2022 | number:3
    Details
    Language: English
    Pages: 1 Online-Ressource (16 p.)
    Titel der Quelle: OECD Journal on Budgeting
    Angaben zur Quelle: Vol. 22, no. 3
    Angaben zur Quelle: volume:22
    Angaben zur Quelle: year:2022
    Angaben zur Quelle: number:3
    Keywords: Economics ; Finance and Investment ; Governance
    Abstract: Gender gaps persist in the labour market, with women less likely than men to be in employment in all OECD countries. This paper highlights the economic and fiscal dividends that could be achieved from closing the gender employment gap. It shows that increasing women’s participation in the labour market can bring positive GDP and productivity gains, as well as improvements to fiscal sustainability. Increased participation of women in the workforce is particularly helpful in the context of the shrinking labour forces that many OECD countries are expected to face over the coming decades. The paper illustrates how gender budgeting can be used by governments to mobilise policy making to close gender gaps in the labour market and help realise these economic and fiscal gains.
    DOI: 10.1787/9ca9b221-en
    URL: lizenzpflichtig
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    MPI Ethno. Forsch.
  • 5
    Online Resource
    Online Resource
    OECD scan of equality budgeting in Ireland : equality mainstreaming and inclusive policy making in action (2021)
    Paris : OECD Publishing
    In:  OECD journal on budgeting 21(2021), 1 vom: 15. Apr., Seite 129-154 | volume:21 | year:2021 | number:1 | day:15 | month:04 | pages:129-154
    Details
    ISSN: 1681-2336
    Language: English
    Titel der Quelle: OECD journal on budgeting
    Publ. der Quelle: Paris : Organisation for Economic Co-operation and Development, 2001
    Angaben zur Quelle: 21(2021), 1 vom: 15. Apr., Seite 129-154
    Angaben zur Quelle: volume:21
    Angaben zur Quelle: year:2021
    Angaben zur Quelle: number:1
    Angaben zur Quelle: day:15
    Angaben zur Quelle: month:04
    Angaben zur Quelle: pages:129-154
    Keywords: budgeting ; performance budgeting ; gender budgeting ; budget reforms ; equality ; public financial management ; gender-responsive budgeting ; Finance and Investment ; Governance ; Economics ; Aufsatz in Zeitschrift
    Abstract: This article takes stock of actions that the government of Ireland has taken to mainstream equality considerations into the budget process. It provides options and recommendations on future directions for equality budgeting in Ireland, in light of national developments and international experience. These take into account the standards set out in the 2015 OECD Recommendation of the Council on Gender Equality in Public Life and the 2015 OECD Recommendation of the Council on Budgetary Governance. The scan also provides guidance to strengthen Ireland’s institutional approach to equality proofing more holistically.
    DOI: 10.1787/80b7b9a5-en
    URL: lizenzpflichtig
    URL: lizenzpflichtig
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  • 6
    Online Resource
    Online Resource
    Budgeting in Thailand (2021)
    Paris : OECD Publishing
    In:  OECD journal on budgeting 20(2021), 3 vom: 15. Jan., Seite 6-81 | volume:20 | year:2021 | number:3 | day:15 | month:01 | pages:6-81
    Details
    ISSN: 1681-2336
    Language: English
    Titel der Quelle: OECD journal on budgeting
    Publ. der Quelle: Paris : Organisation for Economic Co-operation and Development, 2001
    Angaben zur Quelle: 20(2021), 3 vom: 15. Jan., Seite 6-81
    Angaben zur Quelle: volume:20
    Angaben zur Quelle: year:2021
    Angaben zur Quelle: number:3
    Angaben zur Quelle: day:15
    Angaben zur Quelle: month:01
    Angaben zur Quelle: pages:6-81
    Keywords: budget review ; public financial management ; gender budgeting ; performance budgeting ; budgetary governance ; medium-term planning ; fiscal transparency ; Finance and Investment ; Governance ; Economics ; Aufsatz in Zeitschrift
    Abstract: This review provides an overview of the budgetary landscape in Thailand and identifies the legal and constitutional aspects that impact on the planning, preparation and reporting of the budget. It then discusses strategic planning elements of the budget, specifically fiscal objectives, medium-term planning, capital investment, the management of fiscal risk in budgets and performance budgeting. It focuses on the development and preparation of the budget, the oversight of the execution of the budget, and the accounting and reporting functions supporting the budget. The final section considers the oversight and accountability of the budget from the perspective that is external to the preparation and decision making of the government. It looks at the role of parliament and independent institutions as well as the transparency, openness and accessibility of the budget. The analysis undertaken in this review is based on the OECD Recommendation of the Council on Budgetary Governance.
    DOI: 10.1787/819aebb7-en
    URL: lizenzpflichtig
    URL: lizenzpflichtig
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  • 7
    Online Resource
    Online Resource
    Thailand : gender budgeting action plan (2021)
    Paris : OECD Publishing
    In:  OECD journal on budgeting 20(2021), 3 vom: 15. Jan., Seite 82-125 | volume:20 | year:2021 | number:3 | day:15 | month:01 | pages:82-125
    Details
    ISSN: 1681-2336
    Language: English
    Titel der Quelle: OECD journal on budgeting
    Publ. der Quelle: Paris : Organisation for Economic Co-operation and Development, 2001
    Angaben zur Quelle: 20(2021), 3 vom: 15. Jan., Seite 82-125
    Angaben zur Quelle: volume:20
    Angaben zur Quelle: year:2021
    Angaben zur Quelle: number:3
    Angaben zur Quelle: day:15
    Angaben zur Quelle: month:01
    Angaben zur Quelle: pages:82-125
    Keywords: budgeting ; gender budgeting ; public financial management ; budget reforms ; gender-responsive budgeting ; gender ; Finance and Investment ; Governance ; Economics ; Aufsatz in Zeitschrift
    Abstract: Thailand set out a commitment to introduce gender budgeting in its 2017 Constitution. This Gender Budgeting Action Plan, prepared at the request of the Thai government, assesses the extent to which the necessary foundations are in place to develop and implement an effective approach to gender budgeting. It also proposes a path forward for Thailand to roll out an incremental approach to gender budgeting, grounded upon international standards set by the OECD. This work is carried out in the context of the OECD’s Thailand Country Programme.
    DOI: 10.1787/6c398fc7-en
    URL: lizenzpflichtig
    URL: lizenzpflichtig
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  • 8
    Online Resource
    Online Resource
    Designing and implementing gender budgeting : a path to action (2020)
    Paris : OECD Publishing
    In:  OECD journal on budgeting 20(2020), 2 vom: 31. Juli, Seite 67-96 | volume:20 | year:2020 | number:2 | day:31 | month:07 | pages:67-96
    Details
    ISSN: 1681-2336
    Language: English
    Titel der Quelle: OECD journal on budgeting
    Publ. der Quelle: Paris : Organisation for Economic Co-operation and Development, 2001
    Angaben zur Quelle: 20(2020), 2 vom: 31. Juli, Seite 67-96
    Angaben zur Quelle: volume:20
    Angaben zur Quelle: year:2020
    Angaben zur Quelle: number:2
    Angaben zur Quelle: day:31
    Angaben zur Quelle: month:07
    Angaben zur Quelle: pages:67-96
    Keywords: equality ; framework ; budgeting ; Gender ; Finance and Investment ; Governance ; Economics ; Slovak Republic ; United States ; Aufsatz in Zeitschrift
    Abstract: Gender inequality is an important and visible issue for OECD countries and the costs are borne at both social and economic levels. In line with the 2015 OECD Recommendation on Gender Equality in Public Life, gender budgeting ensures that gender equality considerations are taken systematically into account in tax and spending decisions. Effective implementation of gender budgeting has the potential to improve gender equality, ensure a sense of fairness and contribute to inclusive economic growth. This paper draws on the experiences of OECD countries and aims to provide insights into how the budget process can develop as a tool to support gender equality goals; the different ways in which gender budgeting can be implemented; and the factors that help provide an enabling environment for gender budgeting. Arising from this analysis, this paper proposes initial guidelines for designing and implementing gender budgeting to assist countries in putting in place an effective and sustainable approach. It also presents a first pass at a composite index for gender budgeting which assesses the extent to which OECD countries gender budgeting efforts are characterised by a strong strategic framework, effective tools of implementation and an enabling environment.
    DOI: 10.1787/689198fa-en
    URL: lizenzpflichtig
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  • 9
    Online Resource
    Online Resource
    Foreign direct investment, corruption and the OECD Anti-Bribery Convention (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 32 Seiten) , Illustrationen
    Series Statement: OECD working papers on international investment 2017, 01
    Series Statement: OECD working papers on international investment
    Keywords: corrumption ; institutions ; law ; foreign direct investment ; Finance and Investment ; Arbeitspapier ; Graue Literatur
    Abstract: This paper estimates a dynamic foreign direct investment (FDI) gravity model to explore the impact of corruption in general and the OECD Anti-Bribery Convention in particular. The evidence from previous studies in both domains is mixed, probably due to econometric inconsistencies and misuse of data. The more robust findings are that corruption has an insignificant or even positive effect on FDI in the general population. However, adherence to the OECD Anti-Bribery Convention has a clear negative impact on FDI—countries that adhere reduce investments in corrupt destinations.
    DOI: 10.1787/9cb3690c-en
    URL: Volltext
    URL: Volltext
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  • 10
    Online Resource
    Online Resource
    Gender budgeting in OECD countries (2017)
    Paris : OECD Publishing
    In:  OECD Journal on Budgeting Vol. 16, no. 3, p. 71-107 | volume:16 | year:2017 | number:3 | pages:71-107
    Details
    Language: English
    Pages: 1 Online-Ressource (37 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal on Budgeting
    Angaben zur Quelle: Vol. 16, no. 3, p. 71-107
    Angaben zur Quelle: volume:16
    Angaben zur Quelle: year:2017
    Angaben zur Quelle: number:3
    Angaben zur Quelle: pages:71-107
    Keywords: Finance and Investment ; Governance
    Abstract: Gender gaps persist in education, employment, entrepreneurship and public life opportunities and outcomes. Gender budgeting involves using the tools, techniques and procedures of the budget cycle in a systematic way to promote equality. Responses to the 2016 OECD Survey of Gender Budgeting Practices show that almost half of OECD countries have introduced, plan to introduce or are actively considering the introduction of gender budgeting. The OECD analysis demonstrates that a wide variety of gender budgeting approaches are practised. Only half of OECD countries can currently point to specific examples of impact, however a wider range of impacts may become more evident in the future since the introduction of gender budgeting is relatively recent in many countries. Useful areas for further study and policy action include: the routine availability of gender-disaggregated data; embedding of genderspecific approaches within the normal annual routines of budgeting; and complementing executive-led approaches with external quality assurance. JEL codes:H54, H60, H61 Keywords: Gender budgeting, gender equality, budgetary process, budgeting practices
    DOI: 10.1787/budget-16-5jfq80dq1zbn
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  • 11
    Online Resource
    Online Resource
    Budgeting and performance in the European Union : A review by the OECD in the context of EU budget focused on results (2017)
    Paris : OECD Publishing
    In:  OECD Journal on Budgeting Vol. 17, no. 1, p. 1-60 | volume:17 | year:2017 | number:1 | pages:1-60
    Details
    Language: English
    Pages: 1 Online-Ressource (60 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal on Budgeting
    Angaben zur Quelle: Vol. 17, no. 1, p. 1-60
    Angaben zur Quelle: volume:17
    Angaben zur Quelle: year:2017
    Angaben zur Quelle: number:1
    Angaben zur Quelle: pages:1-60
    Keywords: Finance and Investment ; Governance
    Abstract: The European Union has a unique system of institutions and relationships between different levels of government resulting in a close attention to the performance aspects of budgeting. The EU system of budgeting for performance and results is advanced and highly specified, scoring higher than any OECD country in the standard index of performance budgeting frameworks. Aimed at improving the effectiveness of the EU budget in contributing to the achievement of EU objectives for growth, the EU Budget Focused on Results initiative is one that is gaining more focus and importance since it was launched in 2015. This report is the OECD’s independent assessment of how the EU model of budgeting for performance and results compares with good practice around the world, in line with the long-established practice of OECD Budget Reviews; and offers suggestions for how the current reform agenda might be advanced. JEl Codes: H50, H61, H83 Keywords: Europe 2020, Multiannual Financial Framework, Annual Management and Performance Report, European Court of Audit, EU Budget Focused on Results
    DOI: 10.1787/budget-17-5jfnx7fj38r2
    URL: lizenzpflichtig
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  • 12
    Online Resource
    Online Resource
    The MNE Guidelines at 40: Implementation still matters (2016)
    Paris : OECD Publishing
    In:  OECD Observer
    Details
    Language: English
    Pages: 1 Online-Ressource (4 p.)
    Titel der Quelle: OECD Observer
    Keywords: Finance and Investment ; Economics
    DOI: 10.1787/b49f2f35-en
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  • 13
    Online Resource
    Online Resource
    Estimating the size and incidence of bank resolution costs for selected banks in OECD countries (2016)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2016, no. 1, p. 1-36 | volume:2016 | year:2016 | number:1 | pages:1-36
    Details
    Language: English
    Pages: 1 Online-Ressource (36 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2016, no. 1, p. 1-36
    Angaben zur Quelle: volume:2016
    Angaben zur Quelle: year:2016
    Angaben zur Quelle: number:1
    Angaben zur Quelle: pages:1-36
    Keywords: Finance and Investment
    Abstract: This report provides estimates of the costs associated with bank resolution both in terms of the expected costs that might arise should a bank fail (i.e. as “ex-post” costs), as well as the cost associated with the likelihood that a solvent bank might fail (i.e. as “ex-ante” costs) over the next year. It finds that expected resolution costs (ex-post costs) have dropped recently due to higher average capital ratios and a lower level of bank liabilities as a percentage of GDP. The annualised value of these expected resolution costs (ex-ante costs), which increased sharply after 2008, has since subsided, but remains well above its 2008 level. Overall, the estimates produced in this report support the notion that recent financial sector reforms have had an impact on reducing the costs associated with bank failure, including the expected costs to taxpayers. However, estimates are in most cases yet to return to pre-crisis levels.
    DOI: 10.1787/fmt-2016-5jlvbslktw7j
    URL: lizenzpflichtig
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  • 14
    Online Resource
    Online Resource
    Reducing and sharing the burden of bank failures (2016)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2015, no. 2, p. 29-61 | volume:2015 | year:2015 | number:2 | pages:29-61
    Details
    Language: English
    Pages: 1 Online-Ressource (33 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2015, no. 2, p. 29-61
    Angaben zur Quelle: volume:2015
    Angaben zur Quelle: year:2015
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:29-61
    Keywords: Finance and Investment
    Abstract: This report demonstrates that the contingent liabilities associated with efforts to limit the adverse externalities stemming from failures in the European banking sector are substantially decreasing as a result of new regulation. Noting that the implied shifting of losses from taxpayers to bank creditors is desirable, the report recognises that losses do not disappear. It discusses the issue of where bank recovery or resolution bail-in losses may go. It underlines that the sectoral allocation of losses matters, but concludes that our understanding needs to be further developed and that more transparency about the structure of bank creditors would be desirable. Increasing transparency in this regard would, among other things, help assure policy makers that the new tools available can be used effectively and smoothly in actual practice. Also, raising awareness of investors in bail-inable bank debt about the associated risks should enhance the credibility of the bail-in framework.
    DOI: 10.1787/fmt-2015-5jm0p43ldl30
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  • 15
    Online Resource
    Online Resource
    Review of budget oversight by parliament : Ireland (2016)
    Paris : OECD Publishing
    In:  OECD Journal on Budgeting Vol. 16, no. 1, p. 65-111 | volume:16 | year:2016 | number:1 | pages:65-111
    Details
    Language: English
    Pages: 1 Online-Ressource (47 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal on Budgeting
    Angaben zur Quelle: Vol. 16, no. 1, p. 65-111
    Angaben zur Quelle: volume:16
    Angaben zur Quelle: year:2016
    Angaben zur Quelle: number:1
    Angaben zur Quelle: pages:65-111
    Keywords: Finance and Investment ; Governance ; Ireland
    Abstract: Budget oversight by the Irish parliamentary chambers, the Houses of the Oireachtas, is under-developed by international standards. Many stakeholders and participants question whether the existing process is meaningful or impactful. Nevertheless, there is a strong momentum for reform with Ireland’s public administration. Against this background, the OECD presents in this report an analysis of the strengths and weaknesses of Ireland’s system of parliamentary engagement in budgeting, and outlines a number of proposals for continued reform by reference to international experience, for consideration by the Houses of the Oireachtas and by other institutional actors and by the political system more generally. JEL Classification: H5, H57, H60 Keywords: Budget process, Dáil, Ireland, Oireachtas, parliament, public administration
    DOI: 10.1787/budget-16-5jlv0r0g8zd7
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  • 16
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    Evaluating capital flow management measures used as macro-prudential tools (2016)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2015, no. 2, p. 7-27 | volume:2015 | year:2015 | number:2 | pages:7-27
    Details
    Language: English
    Pages: 1 Online-Ressource (21 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2015, no. 2, p. 7-27
    Angaben zur Quelle: volume:2015
    Angaben zur Quelle: year:2015
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:7-27
    Keywords: Finance and Investment
    Abstract: Earlier OECD research has shown that capital flow management measures (CFMs) that are used as macro-prudential measures (MPMs), including currency-based restrictions applied to banks’ operations also with non-residents, have the intended negative impact on capital account openness as measured by covered interest parity indicators. But what is their impact as macro-prudential tools to improve resilience to financial stability risks? This paper refers to the Bruno and Shin (2013) study that suggests that currency-based restrictions act as an effective macro-prudential buffer by reducing the sensitivity in emerging economies of cross-border bank lending to global credit cycles as measured by the volatility index VIX. The specific restrictions considered by the Bruno and Shin study are defined as CFMs and MPMs by both the IMF and the OECD. The paper shows that this result is mitigated when using updated data and testing the same hypotheses for more countries. Therefore further research is needed before concluding on the effectiveness of CFMs used as MPMs. On the other hand, the paper does find that CFMs, including currency-based measures, play a role in managing the domestic credit implications of those central banks engaged in foreign exchange interventions. The paper suggests that countries concerned with financial stability risks that may arise from global credit push factors, while wishing to avoid price distortions caused by CFMs, could use Basel III-consistent liquidity coverage ratios and net stable funding ratios as alternatives to CFMs; they also have the advantage of not having raised objections between governments so far regarding international commitments to exchange rate flexibility and cross-border openness, including the OECD Code of Liberalisation of Capital Movements.
    DOI: 10.1787/fmt-2015-5jm0p44dlq6f
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  • 17
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    Infrastructure versus other investments in the global economy and stagnation hypotheses : What do company data tell us? (2015)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2014, no. 2, p. 7-45 | volume:2014 | year:2014 | number:2 | pages:7-45
    Details
    Language: English
    Pages: 1 Online-Ressource (39 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2014, no. 2, p. 7-45
    Angaben zur Quelle: volume:2014
    Angaben zur Quelle: year:2014
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:7-45
    Keywords: Finance and Investment ; Economics
    Abstract: This paper uses data drawn from 10 000 global companies in 75 advanced and emerging countries to look at trends in infrastructure and other non-financial industries in light of the talk of stagnation. There appears to be a twin paradox in the global economy: some companies and industries are possibly over-investing, driving down returns on equity (ROEs) versus the cost of capital and creating margin pressure globally, while others carry out too little long-term investment in favour of buybacks and the accumulation of cash. This pattern is associated with a shift in the centre of gravity of world economic activity towards emerging markets. Most of the over-investment appears to be occurring in the extremely strong growth of emerging market sales and investment in non-infrastructure companies, much of which is being financed from rapidly growing debt since the financial crisis. Global value chains, emerging market policies of financial repression, low interest rates, taxation incentives, natural resource endowments and other factors determine where investment is stronger and where it is restrained. Potential problems of debt-financed over-investment in non-infrastructure industries in emerging markets and the incentives for buybacks are identified as major policy issues that need to be addressed if sustainable growth is to be achieved. Evidence on the role of causal factors (sales, GDP, the return on equity, the cost of equity and debt and a measure of financial openness) on corporate capital spending is presented. Finally some policy recommendations are made. JEL classification: F21, G15, G18, G23 Keywords: Global economy, infrastructure, investment, listed companies
    DOI: 10.1787/fmt-2014-5js4sbd025d6
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  • 18
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    Why implicit bank debt guarantees matter : Some empirical evidence (2015)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2014, no. 2, p. 63-88 | volume:2014 | year:2014 | number:2 | pages:63-88
    Details
    Language: English
    Pages: 1 Online-Ressource (26 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2014, no. 2, p. 63-88
    Angaben zur Quelle: volume:2014
    Angaben zur Quelle: year:2014
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:63-88
    Keywords: Finance and Investment ; Economics
    Abstract: What are the economic effects of implicit bank debt guarantees and who ultimately benefits from them? This paper finds that “financial excesses” – situations where bank credit reaches levels that reduce economic growth – have been stronger in OECD countries characterised by larger values of implicit guarantees and where bank creditors have not incurred losses in bank failure resolution cases. Also, implicit bank debt guarantees benefit financial sector employees and other high-income earners in two ways, increasing income inequality. First, implicit guarantees are likely to raise financial sector pay. This is consistent with the observation of “financial sector wage premia”, or financial sector employees earning in excess of their profile in terms of age, education and other characteristics. Second, implicit guarantees are likely to result in more and cheaper bank lending. If so, well-off people tend to benefit relatively more since household credit is more unequally distributed than income. JEL classification: D63, E43, G21, G28, O47 Keywords: Bank funding costs, implicit guarantees for bank debt, bank failure resolution, finance and growth, finance and income inequality
    DOI: 10.1787/fmt-2014-5js3bfznx6vj
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    The Bitcoin question : currency versus trust-less transfer technology (2014)
    Paris : OECD
    Details
    Language: English
    Pages: Online-Ressource (21 S.) , graph. Darst.
    Series Statement: OECD working papers on finance, insurance and private pensions 37
    Keywords: Finanzintermediation ; Geldpolitik ; Geldsubstitut ; Goldstandard ; Vertrauen ; Bargeldloser Zahlungsverkehr ; Virtuelle Währung ; Payment technology ; Plenary power ; Finance and Investment ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: The financial crisis has led to a widespread loss of trust in financial intermediaries of all kinds, perhaps helping to open the way towards the general acceptance of alternative technologies. This paper briefly summarises the crypto-currency phenomenon, separating the ‘currency’ issues from the potential technology benefits. With respect to crypto currencies, the paper argues that these can’t undermine the ability of central banks to conduct monetary policy. They do, however, raise consumer protection and bank secrecy issues. The valuation of Bitcoins and price volatility issues are discussed, as well as electronic theft, contract failures, etc., all of which could result in large losses to users and hence ultimate costs to the taxpayer (e.g. the failure to provide adequate private pensions resulting in increased reliance on public pensions). The anonymity features of the crypto-currencies also facilitate tax evasion and money laundering, both of which are major public policy concerns. The technology associated with crypto-currencies, on the other hand, could ultimately shift the entire basis of trust involved in any financial transaction. It is an innovation that creates the ability to carry out transactions without the need for a trusted third party; i.e. a move towards trust-less transactions. This mechanism could work to eliminate the role of many intermediaries, thereby reducing transactions costs by introducing much needed competition to incumbent firms. The generic issues that policy makers need to examine are summarised.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: Acrobat Reader.
    DOI: 10.1787/5jz2pwjd9t20-en
    URL: Volltext
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  • 20
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    Policy responses to the issue of implicit bank debt guarantees : OECD survey results (2014)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2014, no. 1, p. 69-98 | volume:2014 | year:2014 | number:1 | pages:69-98
    Details
    Language: English
    Pages: 1 Online-Ressource (30 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2014, no. 1, p. 69-98
    Angaben zur Quelle: volume:2014
    Angaben zur Quelle: year:2014
    Angaben zur Quelle: number:1
    Angaben zur Quelle: pages:69-98
    Keywords: Finance and Investment
    Abstract: Bank regulatory reform is expected to limit the value of implicit bank debt guarantees, even if not plainly targeting such values. According to the responses from 35 countries to a survey on implicit bank debt guarantees, there is however no one specific policy capable of fully eliminating the market perception that bank debt is “special”. A mixture of several different and complementary policy measures is considered more helpful, with recurrent elements including the implementation of internationally agreed capital and liquidity standards, the tightening of micro- and macro-prudential supervision and making bank failure resolution more effective. As regards the overall thrust of bank regulatory reform efforts, most respondents suggest “strengthening banks” and “strengthening the capacity to withdraw the guarantee function” describes best their own efforts. By contrast, labelling certain policy measures as “effectively charging a user fee” is considered problematic as it might make explicit what currently is at most implicit.
    DOI: 10.1787/fmt-2014-5jxzbv3r1x9x
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  • 21
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    Macro-prudential policy, bank systemic risk and capital controls (2014)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2013, no. 2, p. 7-28 | volume:2013 | year:2013 | number:2 | pages:7-28
    Details
    Language: English
    Pages: 1 Online-Ressource (22 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2013, no. 2, p. 7-28
    Angaben zur Quelle: volume:2013
    Angaben zur Quelle: year:2013
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:7-28
    Keywords: Finance and Investment
    Abstract: The paper explores the issue of macro-prudential policies in the light of empirical evidence on the determinants of bank systemic risk, and the effectiveness of capital controls. In many ways this reflects a step back in time towards sector approaches to monetary policy that were so prevalent in the 1960s, 1970s and early 1980s. Complexity and interdependence is such that proposals on these issues should be treated with care until much more is understood about the issue. JEL Classification: C23, C25, F21, F43, G01. Keywords: Macro-prudential policies, capital controls, economic growth, emerging economies, financial crisis.
    DOI: 10.1787/fmt-2013-5jzb2rhkhks4
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  • 22
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    Capital controls on inflows, the global financial crisis and economic growth : Evidence for emerging economies (2014)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2013, no. 2, p. 29-42 | volume:2013 | year:2013 | number:2 | pages:29-42
    Details
    Language: English
    Pages: 1 Online-Ressource (14 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2013, no. 2, p. 29-42
    Angaben zur Quelle: volume:2013
    Angaben zur Quelle: year:2013
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:29-42
    Keywords: Finance and Investment
    Abstract: The results of an IMF study on controls on capital inflows in emerging economies, using a probit regression approach, are first replicated and tested for stability. The IMF results, downplayed by the authors, have been used by others to suggest controls can be helpful in a crisis situation. However, the stability findings suggest the results are not sufficiently robust to make strong claims in this regard. The same 37 countries and the IMF capital control measures are then used in a panel regression study to examine the impact of capital inflows on annual real GDP growth around the Global Financial Crisis. The results between the pre-crisis and the crisis periods are inconsistent with the IMF study – finding that capital restrictions on inflows (particularly debt liabilities) are most useful in good times when inflows to emerging markets are strong and upward pressure on managed exchange rates and reserves accumulation is greatest. However, lower controls on bonds and on FDI inflows seem to be associated with better growth outcomes during the crisis period studied. These findings are more consistent with studies that see capital controls as part of exchange rate targeting policies and concerns about excess reserves accumulation. JEL Classification: C23, C25, F21, F43, G01 Keywords: Capital controls, economic growth, emerging economies, financial crisis
    DOI: 10.1787/fmt-2013-5jzb2rhkgthc
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    Problems in the international financial system (2014)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2014, no. 1, p. 99-121 | volume:2014 | year:2014 | number:1 | pages:99-121
    Details
    Language: English
    Pages: 1 Online-Ressource (23 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2014, no. 1, p. 99-121
    Angaben zur Quelle: volume:2014
    Angaben zur Quelle: year:2014
    Angaben zur Quelle: number:1
    Angaben zur Quelle: pages:99-121
    Keywords: Finance and Investment
    Abstract: Since the 1980s OECD investment-saving correlations – as an inverse measure of economic openness – indicate a very wide disparity of openness between the OECD and emerging market economies (EMEs) with an absence of open markets in the latter. Given the increasing weight of EMEs in the world economy this pattern of growth with disparity of openness is ultimately unsustainable. This approach to development is not in the interests of EMEs in the post-crisis global environment. Various studies show how the absence of capital mobility inhibits development though private sector capital expenditure at the firm level. This paper generalises those findings in a panel study, showing that in the period since 2008 the increased presence of capital controls is associated with highly significant negative effects on business investment. It suggests that the world economy could be entering a more dangerous phase of potential instability that is not in the interests of either the advanced or the emerging world. There is scope for better policies to encourage more openness; the OECD Codes of Liberalisation could be an effective tool for managing the reform process.
    DOI: 10.1787/fmt-2014-5jxzmkg91s0t
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    Bank business models and the separation issue (2014)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2013, no. 2, p. 69-91 | volume:2013 | year:2013 | number:2 | pages:69-91
    Details
    Language: English
    Pages: 1 Online-Ressource (23 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2013, no. 2, p. 69-91
    Angaben zur Quelle: volume:2013
    Angaben zur Quelle: year:2013
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:69-91
    Keywords: Finance and Investment
    Abstract: The main hallmarks of the global financial crisis were too-big-to-fail institutions taking on too much risk with other people’s money while gains were privatised and losses socialised. It is shown that banks need little capital in calm periods, but in a crisis they need too much – there is no reasonable ex-ante capital rule for large systemically important financial institutions that will make them safe. The bank regulators 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. The study suggests banks should be considered for separation into a ring-fenced non-operating holding company (NOHC) structure with ring-fencing when they pass a key allowable threshold for the gross market value (GMV) of derivatives, a case which is reinforced if the bank has high wholesale funding and low levels of liquid trading assets. The pricing of derivatives and repos would become more commensurate with the risks if the NOHC proposal were to be pursued as a unifying strategy for the different national approaches. Most of the objections to this structure are summarised and rebutted. Other national proposals for separation in Switzerland, the Volcker rule, the Vickers rule, and the Liikanen proposal are argued to be inferior to the ring-fenced NOHC proposal, on the grounds that empirical evidence about what matters for a safe business model is not taken properly into account. JEL classification: G01, G15, G18, G20, G21, G24, G28 Keywords: Financial crisis, derivatives, bank business models, distance-to-default, structural bank separation, banking reform, GSIFI banks
    DOI: 10.1787/fmt-2013-5jzb2rhk9b6j
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  • 25
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    Measurement and analysis of implicit guarantees for bank debt : OECD survey results (2014)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2014, no. 1, p. 39-67 | volume:2014 | year:2014 | number:1 | pages:39-67
    Details
    Language: English
    Pages: 1 Online-Ressource (29 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2014, no. 1, p. 39-67
    Angaben zur Quelle: volume:2014
    Angaben zur Quelle: year:2014
    Angaben zur Quelle: number:1
    Angaben zur Quelle: pages:39-67
    Keywords: Finance and Investment
    Abstract: Implicit guarantees of bank debt create economic costs and distortions, which is why policy makers have clearly announced their intention to rein in the value of implicit guarantees. This report identifies key findings from the responses from 35 countries to a survey on implicit guarantees. The survey shows that while authorities have not settled on the best way of measuring such guarantees, it is important to produce estimates of the value of these guarantees to facilitate the task of assessing progress in bank regulatory reform and in reducing the value of these guarantees. Whatever method is used, the value of implicit bank debt guarantees is substantial. In absolute terms, the estimated funding cost advantages can amount to about USD 10 billion on an annual basis for banking sectors in some jurisdictions and, in many cases, they are estimated to represent the equivalent of 1% of domestic GDP; in crisis situations, this value could rise to close to 3% of domestic GDP.
    DOI: 10.1787/fmt-2014-5jxzbv3r9rf4
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    Improving the monitoring of the value of implicit guarantees for bank debt (2014)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2014, no. 1, p. 7-37 | volume:2014 | year:2014 | number:1 | pages:7-37
    Details
    Language: English
    Pages: 1 Online-Ressource (31 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2014, no. 1, p. 7-37
    Angaben zur Quelle: volume:2014
    Angaben zur Quelle: year:2014
    Angaben zur Quelle: number:1
    Angaben zur Quelle: pages:7-37
    Keywords: Finance and Investment
    Abstract: The value of implicit guarantees has declined from its peak at the height of the financial crisis, which is consistent with progress made regarding the bank regulatory reform agenda, as one would expect that many of the reform measures imply a more limited value of implicit guarantees for bank debt. Implicit guarantees persist however and their value continues to be significant, estimated here to be equivalent to EUR 50 billion of annual funding costs savings for a sample of more than 100 large European banks. This estimated funding cost advantage is a conservative estimate as it only focuses on one type of debt that can be measured in “real-time”, that is as data on credit ratings, debt issuance and prices of debt become available. In any case, bank debt continues to be considered “special” by market participants and this observation implies that the substantial economic distortions, including distortions to risk-taking incentives and competition, arising from this situation also persist.
    DOI: 10.1787/fmt-2014-5jxzmkgjnt9x
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    Bank business models and the Basel system : Complexity and interconnectedness (2014)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2013, no. 2, p. 43-68 | volume:2013 | year:2013 | number:2 | pages:43-68
    Details
    Language: English
    Pages: 1 Online-Ressource (26 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2013, no. 2, p. 43-68
    Angaben zur Quelle: volume:2013
    Angaben zur Quelle: year:2013
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:43-68
    Keywords: Finance and Investment
    Abstract: 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 agreement addresses these issues effectively. Basel III has some very useful elements, notably a (much too light “back-up”) leverage ratio, a capital buffer, a proposal to deal with pro-cyclicality through dynamic provisioning based on expected losses and liquidity and stable funding ratios. However, the paper shows that Basel risk weighting and the use of internal bank models for determining them leads to systematic regulatory arbitrage that undermines its effectiveness. Empirical evidence about the determinants of the riskiness of a bank (measured in this study by the Distance-to-Default) shows that a simple leverage ratio vastly outperforms the Basel Tier 1 ratio. Furthermore, business model features (after controlling for macro factors) have a huge impact. Derivatives origination, prime broking, etc., carry vastly different risks to core deposit banking. Where such differences are present, it makes little sense to have a one-size-fits-all approach to capital rules. Capital rules make more sense when fundamentally different businesses are separated. JEL classification: G01, G15, G18, G20, G21, G24, G28 Keywords: Financial crisis, Basel III, derivatives, bank business models, distance-todefault, structural bank separation, banking reform, GSIFI banks
    DOI: 10.1787/fmt-2013-5jzb2rhkd65b
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  • 28
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    Business models of banks, leverage and the distance-to-default (2013)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2012, no. 2, p. 7-34 | volume:2012 | year:2012 | number:2 | pages:7-34
    Details
    Language: English
    Pages: 1 Online-Ressource (28 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2012, no. 2, p. 7-34
    Angaben zur Quelle: volume:2012
    Angaben zur Quelle: year:2012
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:7-34
    Keywords: Finance and Investment
    Abstract: This study models the distance-to-default (DTD) of a large sample of banks with the aim of shedding light on policy and regulatory issues. The determinants of the distance-to-default in a panel sample of 94 banks over the period 2004 to 2011, controlling for the market beta of each bank, includes house prices, relative size, simple leverage, derivatives gross market value of exposure, trading assets, wholesale funding and cross-border revenue. The Basel Tier 1 ratio finds no support as a predictor of default risk. The un-weighted leverage ratio, on the other hand, finds strong support. At the macro level house prices are a powerful predictor of the DTD. At the business model level, the results appear to be consistent with an approach to policy that focuses on the apparent importance of the “size-derivativesleverage- wholesale funding nexus” in influencing the DTD of banks. While these results are preliminary, it is encouraging that the out-of-sample predictive power of the model improves systematically as each year of new observations is added. The results are also consistent with some central bank involvement in the supervision process, given the importance of the asset price cycle, identified in this study.
    DOI: 10.1787/fmt-2012-5k4bxlxbd646
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  • 29
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    Long-term investment, the cost of capital and the dividend and buyback puzzle (2013)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2013, no. 1, p. 39-52 | volume:2013 | year:2013 | number:1 | pages:39-52
    Details
    Language: English
    Pages: 1 Online-Ressource (14 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2013, no. 1, p. 39-52
    Angaben zur Quelle: volume:2013
    Angaben zur Quelle: year:2013
    Angaben zur Quelle: number:1
    Angaben zur Quelle: pages:39-52
    Keywords: Finance and Investment
    Abstract: The paper argues that interest rates are at extremely low levels to support banks, and the search for yield has pushed the liquidity driven speculative bubble from real estate, derivatives and structured products markets into the corporate debt market. Equities have rallied strongly too. This asset cycle is certainly helping banks reduce hidden losses on illiquid securities and could also help reduce the cost of equity. But for this to occur at current bond yields would require an unrealistic bubble in equities. Markets are assuming that this transition from low to higher rates (more in line with nominal GDP) can be handled smoothly by policy makers, when in fact this may not be so. Extreme volatility would risk new financial fragility problems. The paper presents a panel model using more than 4 000 global companies and shows that the Capex decision in general depend on the cost of equity, the accelerator and uncertainty, whereas buybacks are driven mainly by the gap between the cost of equity and debt. Right now the incentive structure implied by very low interest rates, which may be sustained for a long time, together with tax incentives, works directly against longterm investment. Debt finance is cheap, while the cost of equity capital needed for risky long-term investment is still high. This combination provides a direct incentive for borrowing to carry out buybacks (de-equitisation). Noting that weak investment reduces potential GDP, the paper makes some policy suggestions. JEL Classification: G15, G32, G28, E52. Keywords: Long-term investment, interest rates, de-equitisation, cost of capital, dividend and buybacks, monetary policy.
    DOI: 10.1787/fmt-2013-5k41z8t05l8s
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    Bank lending puzzles : Business models and the responsiveness to policy (2013)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2013, no. 1, p. 7-30 | volume:2013 | year:2013 | number:1 | pages:7-30
    Details
    Language: English
    Pages: 1 Online-Ressource (24 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2013, no. 1, p. 7-30
    Angaben zur Quelle: volume:2013
    Angaben zur Quelle: year:2013
    Angaben zur Quelle: number:1
    Angaben zur Quelle: pages:7-30
    Keywords: Finance and Investment
    Abstract: Banks are still dealing with historic losses buried in their balance sheets. As a result, the US economy is picking up only modestly and Europe is sinking further into recession, despite unprecedented low interest rates and policies to compress the term premium. The aim of this study is to explore the business activities of banks, with a special focus on their lending behaviour, and its responsiveness to unconventional monetary policy. The paper shows that deleveraging has been mainly via mark-to-market assets falling in value, and policy is now serving to reflate these assets without a strong impact on lending. A panel regression study shows that GSIFI banks are least responsive to policy. Non-GSIFI banks respond to the lending rate spread to cash rates, the spread between lending rates and the alternative investment in government bonds, and the distance-to-default (the banks solvency). The paper shows that better lending in the USA is a result of safer banks and a better spread to government bonds – yields on the latter are too attractive relative to lending rates in Europe. Finally, the paper comments on the problem of using cyclical tools to address structural problems in banks, and suggests which alternative policies would better facilitate a financial system more aligned with lending, trust and stability and less towards high-risk activities and leverage via complex products. JEL Classification: E50, E51, E52, E58, G20, G21, G24, G28. Keywords: Bank Lending, Bank business model, deleveraging, structural policy, unconventional monetary policy, distance to default, spreads, bank separation, GSIFI.
    DOI: 10.1787/fmt-2013-5k40m1nz55wj
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    Developments in the value of implicit guarantees for bank debt : The role of resolution regimes and practices (2013)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2012, no. 2, p. 35-65 | volume:2012 | year:2012 | number:2 | pages:35-65
    Details
    Language: English
    Pages: 1 Online-Ressource (31 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2012, no. 2, p. 35-65
    Angaben zur Quelle: volume:2012
    Angaben zur Quelle: year:2012
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:35-65
    Keywords: Finance and Investment
    Abstract: High values of implicit guarantees for bank debt can be taken as signalling the market’s expectation that public authorities will rescue the institution in question in times of severe financial distress. By the same token, declines in the measure would suggest a drop in the perceived likelihood of such a bailout, perhaps reflecting the availability of more effective failure resolution tools (although they could also reflect other factors such an improvement in the asset quality of banks).
    DOI: 10.1787/fmt-2012-5k4c7r8dvhvf
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    International Drivers of Corruption : A Tool for Analysis (2012)
    Paris : OECD Publishing
    Details
    ISBN: 9789264167513
    Language: English
    Pages: Online-Ressource (105 p.) , ill.
    Parallel Title: Erscheint auch als OECD International drivers of corruption
    Keywords: Finance and Investment ; Development ; Weltwirtschaft ; Globalisierung ; Korruption
    Abstract: Corruption and other governance problems result primarily from processes generated within the domestic political economy. There are major international factors, however, that interact with domestic processes: international drivers of corruption. This report introduces an analytical tool to help readers understand how these international drivers of corruption affect governance and corruption at the country level. It provides a means for identifying those drivers that matter most for domestic governance, as well as opportunities for international actors to work more effectively to improve governance in specific country contexts.
    DOI: 10.1787/9789264167513-en
    URL: Volltext
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  • 33
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    Institutional and Financial Relations across Levels of Government (2012)
    Paris : OECD Publishing
    Details
    ISBN: 9789264167001
    Language: English
    Pages: Online-Ressource (157 p.) , ill.
    Series Statement: OECD Fiscal Federalism Studies
    Parallel Title: Erscheint auch als Institutional and financial relations across levels of government
    Keywords: Öffentliche Finanzen ; Finanzbeziehungen ; Dezentralisierung ; OECD-Staaten ; Finance and Investment ; Governance ; Aufsatzsammlung ; OECD ; Finanzwirtschaft ; Dezentralisation
    Abstract: As financial markets put more and more pressure on governments to reduce their deficits and debts, sub-central levels of government are a key player in the implementation of national strategies. The room for manoeuvre to implement consolidations strategies coordinated across levels of government highly depends on the institutional structure of intergovernmental relations, and the effectiveness of their multi-level governance structure. This was already the case for recovery strategies, in the beginning of the crisis. This report provides an overview of the institutional and financial relations across levels of government that enables policymakers evaluate their position and identify good practices for mobilizing sub-central governments for national growth, equity and stability objectives. This report is divided into two parts: the first part is analytical and the second part provides institutional and quantitative country information and comparisons.
    DOI: 10.1787/9789264167001-en
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  • 34
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    Strategic Transport Infrastructure Needs to 2030 (2012)
    Paris : OECD Publishing
    Details
    ISBN: 9789264168626
    Language: English
    Pages: Online-Ressource (248 p.) , ill.
    Parallel Title: Erscheint auch als OECD Strategic transport infrastructure needs to 2030
    RVK:
    RB 10762
    Keywords: -2030 ; Verkehrsinfrastruktur ; Infrastrukturversorgung ; OECD-Staaten ; Finance and Investment ; Transport ; Economics ; OECD ; Mitgliedsstaaten ; Verkehrsinfrastruktur ; Bedarfsplanung
    Abstract: Transcontinental Infrastructure Needs to 2030/50 explores the long-term opportunities and challenges facing major gateway and transport hub infrastructures -- ports, airports and major rail corridors – in the coming decades. The report uses projections and scenarios to assess the broader economic outlook and future infrastructure requirements, and examines the options for financing these, not least against the backdrop of the economic recession and financial crisis which have significantly modified the risks and potential rewards associated with major infrastructure projects. Building on numerous in-depth case studies from Europe, North America and Asia, the report offers insights into the economic prospects for these key facilities and identifies policy options for improved gateway and corridor infrastructure in the future.
    DOI: 10.1787/9789264114425-en
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    Sovereign and Banking Sector Debt : Interconnections through Guarantees (2012)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2011, no. 2, p. 21-45 | volume:2011 | year:2011 | number:2 | pages:21-45
    Details
    Language: English
    Pages: 1 Online-Ressource (25 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2011, no. 2, p. 21-45
    Angaben zur Quelle: volume:2011
    Angaben zur Quelle: year:2011
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:21-45
    Keywords: Finance and Investment
    Abstract: Sovereigns effectively provided the function of guarantor-of-last resort in response to the 2008/09 banking crisis, and recent bank funding challenges have led to renewed calls for explicit sovereign bank debt guarantees. The present paper focuses on the interconnections between the values of sovereign and bank debt that arise through sovereign guarantees for banks. We develop a valuation framework based on concepts of contingent claims analysis. In particular, we investigate the value of insurance of risky bank debt when the sovereign providing the guarantee can itself be risky. The framework is in principle applicable both to explicit and implicit guarantees and it is applied here to a measure of implicit external (mostly from the sovereign) support for the debt of a crosssection of 100 large European banks. Consistent with the model, the implicit support is higher, the lower the bank’s stand-alone creditworthiness and the higher the sovereign’s creditworthiness. These results have implications for pricing sovereign bank debt guarantees, be they provided individually by each sovereign for its domestic banks or by several sovereigns jointly. In the former case, stronger sovereigns should charge higher premiums for their bank debt guarantees for a given bank risk if the aim is to avoid creating distortions to competition. In the latter, they should receive greater allotments of premium incomes even where the share of the guarantees provided are identical among sovereigns.
    DOI: 10.1787/fmt-2011-5k9cswn0sfxt
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  • 36
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    Deleveraging, Traditional versus Capital Markets Banking and the Urgent Need to Separate and Recapitalise G-SIFI Banks (2012)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2012, no. 1, p. 7-44 | volume:2012 | year:2012 | number:1 | pages:7-44
    Details
    Language: English
    Pages: 1 Online-Ressource (38 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2012, no. 1, p. 7-44
    Angaben zur Quelle: volume:2012
    Angaben zur Quelle: year:2012
    Angaben zur Quelle: number:1
    Angaben zur Quelle: pages:7-44
    Keywords: Finance and Investment
    Abstract: Since the crisis, even with massive support from governments and central banks, widespread regulatory changes and promises from bank executives to improve the governance of risk, the world continues to see failures of Globally Systemically Important Financial Institutions (G-SIFIs, like Dexia), and huge losses (most recently from JP Morgan). Banks refuse to lend to each other, the central banks have become the interbank market and ‘bad deleveraging’ bears down on the economy forcing job losses in small- and medium-sized companies. ‘Good deleveraging’ occurs via building capital, and in this respect the US approach to dealing with the crisis provides something of a lesson that policy makers in Europe should take note of. With respect to regulations, the paper shows that capital and liquidity rules create a bias against lending to the enterprise sector (that drives jobs and economic growth). With respect to G-SIFIs, the paper shows how movements in their balance sheets are dominated by derivatives, the exposure to which varies with the cycle in risk. Netting of derivatives provides no protection against market risk, and the collateral and margin calls associated with these swings is both pro-cyclical and dangerous. The paper argues the OECD case that the best way to deal with all of these issues – both materially reducing the risk that arises from too-big-to fail while encouraging well-capitalised retail banks get on with the job of lending to create jobs – is to separate retail banking from securities business and ensure the former is (particularly in Europe) well capitalised. In this respect the paper argues that the non-operating holding company approach with ring-fenced subsidiaries (close to the Vickers proposal in the UK) is perhaps a better model than the US Volcker rule.
    DOI: 10.1787/fmt-2012-5k91hbvgfq20
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  • 37
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    Solving the Financial and Sovereign Debt Crisis in Europe (2012)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2011, no. 2, p. 201-224 | volume:2011 | year:2011 | number:2 | pages:201-224
    Details
    Language: English
    Pages: 1 Online-Ressource (24 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2011, no. 2, p. 201-224
    Angaben zur Quelle: volume:2011
    Angaben zur Quelle: year:2011
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:201-224
    Keywords: Finance and Investment
    Abstract: 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 markets banking’. The paper explains how counterparty risk spreads between banks and how the sovereign and banking crises are serving to exacerbate each other. Of all the policies proposed, the paper highlights those that are coherent and the magnitudes involved if the euro is not to fracture.
    DOI: 10.1787/fmt-2011-5k9cswmzsdwj
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  • 38
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    Implicit guarantees for bank debt : where do we stand? (2012)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2012, no. 1, p. 45-63 | volume:2012 | year:2012 | number:1 | pages:45-63
    Details
    Language: English
    Pages: 1 Online-Ressource (19 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2012, no. 1, p. 45-63
    Angaben zur Quelle: volume:2012
    Angaben zur Quelle: year:2012
    Angaben zur Quelle: number:1
    Angaben zur Quelle: pages:45-63
    Keywords: Finance and Investment
    Abstract: The global financial crisis and the policy response to it have placed a sharp spotlight on the issue of implicit guarantees for bank debt. This report discusses the incidence of implicit government guarantees for bank debt, their determinants, and estimates of their value. It shows i) that the extent of implicit guarantees differs from one banking sector to another and, within a given banking sector, from one bank to another, ii) that implicit guarantees are higher the lower the bank’s stand-alone creditworthiness, the higher the creditworthiness of its sovereign and the relatively bigger the bank in its domestic context, iii) that the incidence of implicit guarantees increased since the beginning of the financial crisis, but has decreased more recently, iv) that this recent decrease can be explained to a large extent by declining sovereign strength and hence a reduced capacity of on the part of many sovereigns to provide for such guarantees, but is also consistent with ongoing efforts in many OECD countries to make bank failure resolution regimes and practices more effective, and v) that implicit guarantees persist. Implicit guarantees imply an undesirably close link between the value of bank and sovereign debt. They also imply significant funding cost advantages for the banks that benefit from them, thus implying competitive distortions and an invitation to beneficiary banks to use them and, perhaps, take on too much risk.
    DOI: 10.1787/fmt-2012-5k91hbvfkm9v
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  • 39
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    OECD Guidelines for Multinational Enterprises, 2011 Edition (2011)
    Paris : OECD Publishing
    Details
    ISBN: 9789264115415
    Language: English
    Pages: Online-Ressource (92 p.)
    Edition: 2011
    Parallel Title: Parallelausg. Les principes directeurs de l'OCDE à l'intention des entreprises multinationales
    Parallel Title: Parallelausg. OECD-Leitsätze für multinationale Unternehmen
    Keywords: Finance and Investment ; Governance ; Industry and Services
    Abstract: This 2011 edition of the OECD Guidelines for Multinational Enterprises commits 42 countries to new, tougher standards of corporate behaviour. The updated Guidelines include new recommendations on human rights abuse and company responsibility for their supply chains, making them the first inter-governmental agreement in this area. The Guidelines establish that firms should respect human rights in every country in which they operate. Companies should also respect environmental and labour standards, for example, and have appropriate due diligence processes in place to ensure this happens. These include issues such as paying decent wages, combating bribe solicitation and extortion, and the promotion of sustainable consumption. The Guidelines are a comprehensive, non-binding code of conduct that OECD member countries and others have agreed to promote among the business sector. A new, tougher process for complaints and mediation has also been put in place.
    DOI: 10.1787/9789264115415-en
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  • 40
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    OECD Banking Statistics: Methodological Country Notes 2010 (2011)
    Paris : OECD Publishing
    Details
    ISBN: 9789264089907
    Language: English
    Pages: Online-Ressource (198 p.) , ill.
    Parallel Title: Parallelausg. Statistiques bancaires de l'OCDE ; Notes méthodologiques par pays 2010
    Parallel Title: Parallelausg. Statistiques bancaires de l'OCDE : Notes méthodologiques par pays 2010
    Keywords: Finance and Investment ; Economics ; Austria ; Belgium ; Canada ; Chile ; Czech Republic ; Denmark ; Finland ; France ; Germany ; Greece ; Hungary ; Ireland ; Italy ; Japan ; Korea, Republic of ; Luxembourg ; Mexico ; Netherlands ; New Zealand ; Norway ; Poland ; Portugal ; Slovak Republic ; Spain ; Sweden ; Switzerland ; Turkey ; United Kingdom ; United States
    Abstract: Trends in bank profitability and factors affecting it are major indicators of changes in the state of health of national banking systems. This publication complements Banking Statistics: Financial Statements of Banks 2010 which provides a unique tool for analysing developments in bank profitability in OECD countries. In addition to information on financial statements of banks in OECD countries, it includes data on the number of reporting banks, their branches and staff, structural information on the whole financial sector and ratios aiming at facilitating the analysis of bank profitability of OECD countries. The methodological country notes included in this volume were prepared to facilitate the comprehension and the interpretation of the statistics and to provide a brief description of the activities of banks in each country.
    DOI: 10.1787/9789264089907-en
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  • 41
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    The Impact of the Financial Crisis on the Insurance Sector and Policy Responses (2011)
    Paris : OECD Publishing
    Details
    ISBN: 9789264092211
    Language: English
    Pages: Online-Ressource (100 p.)
    Series Statement: Policy Issues in Insurance no.13
    Parallel Title: Druckausg.
    Parallel Title: Erscheint auch als The impact of the financial crisis on the insurance sector and policy responses
    Keywords: Versicherung ; Versicherungsmarkt ; Finanzkrise ; OECD-Staaten ; Finance and Investment ; Governance ; Versicherungsmarkt ; Finanzkrise
    Abstract: This special report assesses the impact of the crisis on the insurance sector and reviews policy responses within OECD countries. It is based to a large extent on a quantitative and qualitative questionnaire that was circulated to OECD countries in 2009. The report shows that generallythe insurance sector demonstrated resilience to the crisis, though with some variation across the OECD, and concludes with a number of policy conclusions.
    DOI: 10.1787/9789264092211-en
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  • 42
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    OCDE Definición Marco de Inversión Extranjera Directa : Cuarta edición (2011)
    Paris : OECD Publishing
    Details
    ISBN: 9789264094475
    Language: Spanish
    Pages: Online-Ressource (292 p.)
    Edition: Cuarta edición
    Parallel Title: Parallelausg. OECD Benchmark Definition of Foreign Direct Investment 2008; Fourth Edition
    Parallel Title: Parallelausg. Définition de référence de l'OCDE des investissements directs internationaux 2008 ; Quatrième édition
    Parallel Title: Parallelausg. OECD Benchmark Definition of Foreign Direct Investment 2008: Fourth Edition
    Parallel Title: Parallelausg. Définition de référence de l'OCDE des investissements directs internationaux 2008 : Quatrième édition
    Keywords: Finance and Investment ; Economics
    Abstract: La inversión extranjera directa (IED) es uno de los principales motores de la globalización. A medida que los patrones de inversión de las empresas multinacionales se vuelven más complejos, es necesario contar con estadísticas de IED fiables y comparables a nivel internacional para una toma de decisiones sensata y sólida. La Definición Marco de Inversión Extranjera Directa de la OCDE, establece la norma general para las estadísticas de IED, pues ofrece un punto de referencia único para los productores de estadísticas y para los usuarios en todos los aspectos de la información relacionada con la IED, sin dejar de ser consistente con otras normas estadísticas aceptadas a nivel internacional. Esta edición presenta nuevos desgloses analíticos y tratamientos estadísticos que reflejan de una forma más adecuada la realidad de la economía mundial. La edición revisada de la Definición Marco de Inversión Extranjera Directa ofrece métodos para clasificar distintos tipos de IED (como fusiones y adquisiciones, inversiones nuevas) y para identificar al inversor final. Esta nueva edición también contempla aspectos relacionados con el uso de las estadísticas de IED, incluyendo indicadores de globalización, con un capítulo sobre las estadísticas relacionadas con las actividades de las empresas multinacionales.
    DOI: 10.1787/9789264094475-es
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  • 43
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    Economic Diversification in Africa : A Review of Selected Countries (2011)
    Paris : OECD Publishing
    Details
    ISBN: 9789264096233
    Language: English
    Pages: Online-Ressource (84 p.) , ill.
    Parallel Title: Erscheint auch als Economic diversification in Africa
    Keywords: Wirtschaftspolitik ; Entwicklungspolitik ; Afrika ; Angola ; Benin ; Kenia ; Südafrika ; Tunesien ; Finance and Investment ; Development ; Economics ; Afrika ; Wirtschaftspolitik ; Entwicklungspolitik ; Internationaler Vergleich
    Abstract: This study provides an empirical review of the role of governments, the private sector, regional economic institutions and the broader international community in driving economic diversification. Individual case studies of five African economies describe both the catalysts of and barriers to diversification. The study is published jointly by the United Nations Office of the Special Adviser on Africa (UN-OSAA) and the NEPAD-OECD Africa Investment Initiative.
    DOI: 10.1787/9789264096233-en
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  • 44
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    Model Tax Convention on Income and on Capital: Condensed Version 2010 : (Polish version) (2011)
    Warszawa : Wolters Kluwer Polska Sp. z o.o., Poland
    Details
    ISBN: 9789264045095
    Language: Polish
    Pages: Online-Ressource (570 p.)
    Parallel Title: Parallelausg. Model Tax Convention on Income and on Capital; Condensed Version 2010
    Parallel Title: Parallelausg. Modèle de convention fiscale concernant le revenu et la fortune ; Version abrégée 2010
    Parallel Title: Parallelausg. Model Tax Convention on Income and on Capital: Condensed Version 2010
    Parallel Title: Parallelausg. Modèle de convention fiscale concernant le revenu et la fortune : Version abrégée 2010
    Keywords: Finance and Investment ; Taxation
    DOI: 10.1787/9789264045095-pl
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  • 45
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    OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations 2010 : (Serbian version) (2011)
    Belgrade : Serbian Fiscal Society
    Details
    ISBN: 9788691513702
    Language: Serbian
    Pages: Online-Ressource
    Parallel Title: Parallelausg. OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations 2010
    Parallel Title: Parallelausg. Principes de l'OCDE applicables en matière de prix de transfert à l'intention des entreprises multinationales et des administrations fiscales 2010
    Parallel Title: Parallelausg. OECD-Verrechnungspreisleitlinien für multinationale Unternehmen und Steuerverwaltungen 2010
    Keywords: Finance and Investment ; Taxation ; Trade ; Industry and Services
    DOI: 10.1787/9788691513702-sr
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  • 46
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    A Market Perspective on the European Sovereign Debt and Banking Crisis (2011)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2010, no. 2, p. 9-36
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 28 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2010, no. 2, p. 9-36
    Keywords: Finance and Investment
    Abstract: Europe has been beset by an interrelated banking crisis and sovereign debt crisis. Bond spreads faced by Greece and Ireland, and to a lesser extent Portugal followed by Spain, have increased. This paper explores these issues from the perspective of financial markets, focusing mainly on the four countries in the frontline of these pressures: Greece and Portugal, on the one hand, where the problems are primarily fiscal in nature; and Ireland and Spain, on the other, where banking problems related to the property boom and bust have been the key moving part. The paper first examines the probabilities of default implicit in observable market spreads and considers these calculations against sovereign debt dynamics. It then explores the implications of the interaction between bank losses and fiscal deficits on the one hand, and the feedback that any debt haircuts anticipated by markets could have on bank solvency. The study finds that market-implied sovereign default probabilities do in fact discriminate quite clearly between countries based on five criteria that affect the probability of debt restructuring. The discussion highlights some implications for banking system balance sheets of expected losses and shows the potential impact on them of sovereign restructuring implicit in market analysis. While the paper does not make any recommendations for policy action, it does explore a range of policy options and the implications each might have for the financial markets. JEL Classification: G01, G12, G15, G18, G21, H06, H60, H62, H63, H68 Keywords: financial crisis, sovereign risks, public deficits and debt, bond markets, banks.
    DOI: 10.1787/fmt-2010-5kggc0z2hm9r
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  • 47
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    Global SIFIs, Derivatives and Financial Stability (2011)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2011, no. 1, p. 167-200
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 34 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2011, no. 1, p. 167-200
    Keywords: Finance and Investment
    Abstract: This paper looks at Global Systemically Important Financial Institutions (GSIFIs) and the global derivatives business. The derivatives business has grown exponentially versus global GDP in sharp contrast to the primary securities on which derivatives are based. Inter-connectedness risk and unconstrained potential leverage remain the most urgent tasks still facing the financial reform process. Concentrated oligopolistic derivatives markets and the ability of banks to shift promises and/or use their IRB models to estimate ex-ante risk capital – capital that might be needed in the event of a crisis – undermine the intent of financial reform. Nor do netting and clearing eliminate aggregate risk of losses and bankruptcy. The paper repeats the need to implement two of the OECD’s long-standing reform recommendations: a binding leverage ratio based on equity and the separation of high risk investment banking activities from traditional banking. A derivatives transactions tax is also put forward as a possible option that would counter the cross-subsidisation of risk from the too-big-to-fail (TBTF) problem.
    DOI: 10.1787/fmt-2011-5kg55qw0qsbv
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    Guarantee Arrangements for Financial Promises : How Widely Should the Safety Net be Cast? (2011)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2011, no. 1, p. 201-235
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 35 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2011, no. 1, p. 201-235
    Keywords: Finance and Investment
    Abstract: Guarantees have become the preferred instrument to address many financial policy objectives. The incidence of financial sector guarantee arrangements that address specific policy objectives, such as supporting financial stability, protecting consumers and influencing credit allocations, has increased markedly over the past decades and additional schemes are under consideration. This report identifies considerations regarding consistency and affordability that policymakers should take into account before introducing additional guarantee arrangements. One of them is that the safety net cannot be expanded without limits. In fact, as regards the strength of the net of government-supported guarantees for financial promises, the wider that net is cast (without altering its other key parameters), the thinner it becomes.
    DOI: 10.1787/fmt-2011-5kg55qw0nkf5
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    The Economic Impact of Protracted Low Interest Rates on Pension Funds and Insurance Companies (2011)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2011, no. 1, p. 237-256
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 20 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2011, no. 1, p. 237-256
    Keywords: Finance and Investment
    Abstract: A period of protracted low interest rates is a feasible, even if not the most likely, scenario going forward and such a scenario would adversely affect pension funds and insurance companies. Protracted low interest rates affect investment opportunities and have a potentially significant adverse effect on life insurance companies and institutions whose liabilities consist of a fixed investment return or benefit promises, such as is the case for defined-benefit pension funds. It cannot be ruled out that the financial institutions affected engage in “gambling for redemption” in an attempt to match the level of return promised to beneficiaries when financial markets were more elevated.
    DOI: 10.1787/fmt-2011-5kg55qw0m56l
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  • 50
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    Country notes (2011)
    Paris : OECD Publishing
    In:  OECD journal on budgeting Vol. 11, no. 2, p. 69-213
    Details
    ISSN: 1681-2336
    Language: English
    Pages: 145 p
    Titel der Quelle: OECD journal on budgeting
    Publ. der Quelle: Paris : Organisation for Economic Co-operation and Development, 2001
    Angaben zur Quelle: Vol. 11, no. 2, p. 69-213
    Keywords: Finance and Investment ; Governance
    Abstract: Each country note has the following structure: Section 1 gives a brief overview of the main economic developments in recent years in the relevant country including real GDP, fiscal balance and gross debt figures. This presentation is mainly based on the “OECD Economic Outlook No. 88”, OECD Economic Outlook: Statistics and Projections (database) (OECD, 2010a), and uses OECD definitions of general government balance and gross debt which may differ from national definitions (see Box 2.1). Section 2 presents the government’s fiscal consolidation strategies as manifested in fiscal balance and gross debt targets over the medium term, the size of the consolidation, and the composition of expenditures and revenues. Section 2 is based on information from the national authorities (or publicly available information) which may use other definitions of fiscal balance and gross debt than the OECD in Section 1. For example, most EU countries have reported such figures on a Maastricht basis. Major consolidation measures are given in Section 3, quantified to the largest extent possible in local currencies and current prices annually. Expenditure measures are split between operational and programme measures and other initiatives. Revenue measures are listed without categories. Updates and additional consolidation measures may have been adopted in member countries after the data collection ended in November/December 2010, but are outside the scope of this analysis. Table 1 summarises the government’s specific consolidation measures and their impact. The impact is given in per cent of nominal GDP, calculated by the OECD Secretariat by using nominal forecasts of GDP from the “OECD Economic Outlook No. 88”, OECD Economic Outlook: Statistics and Projections (database) (OECD, 2010a). Eventual pension reforms are also included in this section. Section 4 provides recent or planned institutional reforms. Table 2 summarises the government’s fiscal consolidation plan as presented in Section 2 and corresponding figures.
    DOI: 10.1787/budget-11-5kg869h4t8lx
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    Systemic Financial Crises : How to Fund Resolution (2011)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2010, no. 2, p. 1-34
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 34 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2010, no. 2, p. 1-34
    Keywords: Finance and Investment
    Abstract: Systemic financial crises are a recurrent phenomenon, and despite regulatory efforts they are likely to occur again. This report compares the ex ante funding of deposit insurance schemes in a selection of countries, highlighting the “funding gap” left by these arrangements in the recent systemic financial crisis. To fill that gap, different approaches have been adopted across countries in the recent crisis. Where support for the financial sector was provided as part of policy response to the crisis, new taxes have been adopted to generate revenues ex post, although the specific approaches have differed. While there is no single solution in this regard, this report finds that ex ante funded systemic crisis resolution funds, together with strengthened failure resolution powers, are in principle adequate to help fill the gap. JEL Classification: E44, G01, G21, G28, E61, H21. Keywords: systemic financial crisis, systemic crisis resolution fund, deposit insurance, financial activities taxes, ex ante versus ex post funding.
    DOI: 10.1787/fmt-2010-5kgk9qpnblxw
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    Fiscal consolidation : targets, plans and measures (2011)
    Paris : OECD Publishing
    In:  OECD journal on budgeting Vol. 11, no. 2, p. 15-67
    Details
    ISSN: 1681-2336
    Language: English
    Pages: 53 p
    Titel der Quelle: OECD journal on budgeting
    Publ. der Quelle: Paris : Organisation for Economic Co-operation and Development, 2001
    Angaben zur Quelle: Vol. 11, no. 2, p. 15-67
    Keywords: Finance and Investment ; Governance
    Abstract: This chapter discusses OECD member countries’ consolidation plans as of November/December 2010. The time frame for the plans ranges from 2009 to 2015. The chapter analyses current fiscal positions and announced fiscal strategies, consolidation plans, and the expenditure and revenue measures for 30 OECD member countries.
    DOI: 10.1787/budget-11-5kg869h4w5f6
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    Benefits of Investing in Water and Sanitation : An OECD Perspective (2011)
    Paris : OECD Publishing
    Details
    ISBN: 9789264100817
    Language: English
    Pages: Online-Ressource (148 p.)
    Series Statement: OECD Studies on Water
    Parallel Title: Erscheint auch als Benefits of investing in water and sanitation
    DDC: 628.1
    Keywords: Wasserversorgung ; Kanalisation ; Abwasserwirtschaft ; Kosten-Nutzen-Analyse ; Entwicklungsländer ; Environment ; Finance and Investment ; Entwicklungsländer ; Wasserwirtschaft ; Wasserversorgung ; Sanitäranlage ; Wasserversorgung ; Sanitäranlage ; Abwasserbeseitigung
    Abstract: The provision of water supply, sanitation and wastewater services generates substantial benefits for public health, the economy and the environment. Benefit-to-cost ratios can be as high as 7 to 1 for basic water and sanitation services in developing countries. Wastewater treatment interventions, for example, generate significant benefits for public health, the environment and for certain economic sectors such as fisheries, tourism and property markets. The full magnitude of the benefits of water services is seldom considered for a number of reasons, including the difficulty in quantifying important non-economic benefits such as non-use values, dignity, social status, cleanliness and overall well-being. Also, information about the benefits of water services is usually hidden in the technical literature, where it remains invisible to key decision-makers in ministries. This report draws together and summarises existing information on the benefits of water and sanitation.
    DOI: 10.1787/9789264100817-en
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    Supporting Investment Policy and Governance Reforms in Iraq (2010)
    Paris : OECD Publishing
    Details
    ISBN: 9789264077256
    Language: English
    Pages: Online-Ressource (244 p.) , ill.
    Series Statement: Private Sector Development in the Middle East and North Africa
    Parallel Title: Druckausg.
    Parallel Title: Erscheint auch als Supporting investment policy and governance reforms in Iraq
    RVK:
    QG 810
    Keywords: Investitionspolitik ; Investitionsrecht ; Internationales Investitionsrecht ; Korruption ; Öffentlicher Auftrag ; Irak ; Finance and Investment ; Governance ; Iraq ; Irak ; Investitionspolitik ; Wirtschaftsreform ; Internationale Politik
    Abstract: This publication reviews measures taken to support investment policy and governance reforms in Iraq. It finds that Iraqi parliamentary elections, held without major security incidents in March 2010, are the latest in a series of indicators suggesting that the country may be achieving greater stability in governance and security - a key prerequisite for foreign and domestic investment, growth and job creation. Furthermore, the business environment is gradually improving as a result of an ongoing institutional capacity building process supported by the international community. The MENA-OECD Initiative on Governance and Investment for Development is part of this effort, playing a key role in building the capacity of the National Investment Commission and its one-stop shop for investment licensing. The Initiative has helped raise awareness on corruption and bribery issues, provided training for the negotiators of international agreements, and advised on implementing regulations for the landmark Investment Law of 2006. This publication examines these issues, and MENA-OECD involvement in advancing them, for the period 2007-2008.
    DOI: 10.1787/9789264077256-en
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    Transition to a Low-Carbon Economy : Public Goals and Corporate Practices (2010)
    Paris : OECD Publishing
    Details
    ISBN: 9789264090231
    Language: English
    Pages: Online-Ressource (116 p.) , ill.
    Parallel Title: Parallelausg. La transition vers une économie sobre en carbone ; objectifs publics et pratiques des entreprises
    Parallel Title: Parallelausg. La transition vers une économie sobre en carbone : objectifs publics et pratiques des entreprises
    Parallel Title: Erscheint auch als Transition to a low-carbon economy
    RVK:
    QT 800
    Keywords: Klimawandel ; Umweltmanagement ; OECD-Staaten ; Environment ; Finance and Investment ; Industry and Services ; OECD ; Umweltbezogenes Management ; Klimaänderung
    Abstract: Companies are increasingly aware of the need to address climate change. However, while many companies are taking action to address climate change, many others are still lagging behind. This report surveys responsible business practices addressing climate change and driving the shift to a low-carbon economy. It summarises policies, regulations and other instruments in support of a low carbon economy in OECD countries and emerging economies, and analyses corporate responses to these drivers. Using the principles of responsible business conduct identified in the OECD Guidelines for Multinational Enterprises, this report reviews three key areas of corporate action: accounting for greenhouse gas emissions; achieving emissions reductions; and engaging suppliers, consumers and other stakeholders.
    DOI: 10.1787/9789264090231-en
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    Measuring Globalisation: OECD Economic Globalisation Indicators 2010 (2010)
    Paris : OECD Publishing
    Details
    ISBN: 9789264084360 , 9789264084377
    Language: English
    Pages: Online-Ressource (232 p.) , ill.
    Keywords: Finance and Investment ; Science and Technology ; Industry and Services
    Abstract: This second edition of the OECD Economic Globalisation Indicators presents a broad range of indicators showing the magnitude and intensity of globalisation. This process is becoming increasingly important for policymakers and other analysts, hence the need for a volume that brings together the existing measures, based on national data sources and comparable across countries. Together, the indicators shed new light on financial, technological and trade interdependencies within OECD and non-OECD countries. Measures of globalisation include indicators on capital movements and foreign direct investments, international trade, the economic activity of multinational firms and the internationalisation of technology. In addition, the 2010 edition also includes indicators linked to the current financial crisis, portfolio investments, environmental aspects and the emergence of global value chains.
    DOI: 10.1787/9789264084360-en
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    Performance Budgeting in OECD Countries : (Japanese version) (2010)
    Hiroshima : Institute of Administrative Management, Japan
    Details
    ISBN: 9784906596072
    Language: Japanese
    Pages: Online-Ressource (116 p.) , ill.
    Parallel Title: Parallelausg. Performance Budgeting in OECD Countries
    Parallel Title: Parallelausg. La budgétisation axée sur la performance dans les pays de l'OCDE
    Keywords: Finance and Investment ; Governance
    Abstract: 本書では、過去10年に業績情報を開発し、予算プロセスで使用してきた8つのOECD加盟国（オーストラリア、カナダ、デンマーク、韓国、オランダ、スウェーデン、英国、米国）の経験を検証する。業績情報が実際に予算の意思決定に使われているか否かを調べ、使われている場合はその方法を分析するとともに、資源と結果の関係や、効率、有効性、業績の改善に対する影響、これらの国々における過去数年の経験から得られる教訓について考察する。本書は業績情報の使用を促進する予算システムを採用する際の指針となる。
    DOI: 10.1787/9784906596072-ja
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    OECD Principles of Occupational Pension Regulation : Methodology for Assessment and Implementation (2010)
    Paris : OECD Publishing
    Details
    ISBN: 9789264087095
    Language: English
    Pages: Online-Ressource (136 p.)
    Parallel Title: Parallelausg. Principes de l'OCDE sur la réglementation des pensions professionnelles ; Méthodologie pour l'évaluation et la mise en œuvre
    Parallel Title: Parallelausg. Principes de l'OCDE sur la réglementation des pensions professionnelles : Méthodologie pour l'évaluation et la mise en œuvre
    Parallel Title: Erscheint auch als OECD OECD principles of occupational pension regulation
    RVK:
    QV 596
    Keywords: Betriebliche Altersversorgung ; Regulierung ; OECD-Staaten ; Employment ; Finance and Investment ; Social Issues/Migration/Health ; Betriebliche Altersversorgung ; OECD ; Evaluation
    Abstract: Occupational pensions play a major role in OECD countries and worldwide, complementing retirement income from state sources. At the end of 2009, private pension savings reached USD 25 trillion. Population ageing has led many OECD countries to undertake a wide range of pension reforms – the overall effect of which has been to reduce public pension promises and, in turn, to increase the importance of private pension savings for retirement. The Core Principles cover seven key areas: i) Conditions for effective regulation and supervision; ; ii) Establishment of pension plans, pension funds, and pension fund managing companies; iii) Pension plan liabilities, funding rules, winding up, and insurance; iv) Asset Management; v) Rights of members and beneficiaries and adequacy of benefits; vi) Governance; and vii) Supervision. Each of the seven core principles consists of a main text and a set of implementing guidelines. In the case of the core principle of supervision, the supporting guidelines integrate the IOPS Principles of Private Pension Supervision. The Methodology provides a structured approach for evaluating a jurisdiction’s occupational pension regulatory system in relation to the OECD Core Principles of Occupational Pension Regulation.
    DOI: 10.1787/9789264087095-en
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    The elephant in the room: The need to deal with what banks do (2010)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2009, no. 2, p. 1-27
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 27 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2009, no. 2, p. 1-27
    Keywords: Finance and Investment
    Abstract: Contagion risk and counterparty failure have been the main hallmarks of the current crisis. While some large diversified banks that focused mainly on commercial banking survived very well, others suffered crippling losses. Sound corporate governance and strong riskmanagement culture should enable banks to avoid excessive leverage and risk taking. The question is whether there is a better way, via leverage rules or rules on the structures of large conglomerates, to ensure volatile investment banking functions do not dominate the future stability of the commercial banking and financial intermediation environment that is so critical for economic activity. While there is a main consensus on the need for reform of capital rules, dynamic provisioning, better co-operation for future crises, centralised trading of derivatives etc., the question is whether such reforms will be sufficient if they do not address contagion and counterparty risk directly. The world outside of policy making is waiting for a fundamental reassessment of banks’ business models: what banks are supposed to do and how they compete with each other. It is the “elephant in the room” on which some policy makers have not yet had the time or inclination to focus. This article emphasises not only the need for transparent and comparable accounting rules and for improvements in corporate governance, but also supports the imposition of a group leverage ratio to provide a binding capital constraint (that Basel riskweighted rules have been unable to achieve) and proposes a Non- Operating Holding Company Structure (NOHC) – reforms that are essential to deal with contagion and counterparty risk that are so integral to the ‘too big to fail’ issue.
    DOI: 10.1787/fmt-v2009-art11-en
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    Insurance companies and the financial crisis (2010)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2009, no. 2, p. 123-151
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 29 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2009, no. 2, p. 123-151
    Keywords: Finance and Investment
    Abstract: The current financial crisis may primarily be a banking crisis, and the solvency of the insurance sector as a whole does not appear to be threatened. Nonetheless, insurance companies have been affected, and in mostly adverse ways. For many insurers, direct exposure to the epicentre of the crisis, the US mortgage market, and to related securities appears to have been limited. But the financial crisis has nonetheless had an increasingly visible impact on the insurance industry, primarily through their investment portfolios, as the crisis spread and financial market valuations and the outlook for real activity deteriorated significantly. Also, a number of concentrated exposures to credit and market risks have been revealed, including in US mortgage and financial guarantee insurance companies, as well as in parts of certain other insurance-dominated financial groups. Thus, while insurers as a group may have cushioned rather than amplified the downward pressures during the financial crisis, some clearly have added to downward pressures. Financial instruments that were at the core of difficulties served an insurance function and, thus, it is not so surprising that some institutions from that sector have been affected by the crisis on one or the other side of their balance sheets.
    DOI: 10.1787/fmt-2009-5ks5d4npxm36
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    Policy framework for effective and efficient financial regulation : General guidance and high-level checklist (2010)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2009, no. 2, p. 267-321
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 58 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2009, no. 2, p. 267-321
    Keywords: Finance and Investment
    Abstract: The structure and operation of the financial system have undergone marked changes in the past couple of decades, driven by dramatic improvements in technology, rapid product innovation, integration of financial systems, competition in financial services, and policy, regulatory, and trade reforms. These developments have led to a dynamic, sophisticated, and global financial services arena which fostered economic growth. Yet, the financial and economic crisis has brought to the fore many inappropriate or ill-adapted elements of our approach to financial regulation. The crisis has forced us to think hard about the financial system: how it works, the objectives it should fulfil, and the tools and policies to help shape it. The Policy Framework for Effective and Efficient Financial Regulation, supported by General Guidance and a High-Level Checklist, is a tool that can support ongoing efforts by policymakers, regulators, and supervisors to achieve a stronger, more resilient financial system. It is not meant to substitute for the more focused, micro-prudential principles and guidelines of international standard-setting bodies. But it can guide our strategic thinking and promote governmental leadership and action so that the financial system can play its vital role in the functioning of the economy, both domestically as well as globally. The Policy Framework, including the General Guidance and High-Level Checklist, is the product of work by the Committee on Financial Markets and the Insurance and Private Pensions Committee, and was the subject of a broad public consultation. The Policy Framework challenges policy makers to think about the fundamentals of financial regulation in a globalised financial system. It also invites them to improve their understanding of the financial system and work in close cooperation with other countries to develop proper tools and instruments so that public policy objectives are met. I hope that policymakers will use the Policy Framework in setting national policy and in working with international partners.
    DOI: 10.1787/fmt-2009-5kmn0vkxwng1
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    Expanded guarantees for banks : Benefits, costs and exit issues (2010)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2009, no. 2, p. 55-89
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 35 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2009, no. 2, p. 55-89
    Keywords: Finance and Investment
    Abstract: This article argues that the expansion of existing and the introduction of new guarantees for financial institutions has been a key element of the policy response to the recent financial crisis. Essentially, the government expanded its role as the provider of the safety net for banks by adopting the function of a guarantor of last resort. Among the various policy response measures, the expansion of guarantees has the benefit of entailing lower upfront fiscal costs relative to other options. Guarantees are not without cost however. Even if they do not generate significant upfront fiscal costs, they create contingent fiscal liabilities. Other potential costs include those arising from distortions to competition and incentives (moral hazard). For example, there may be a perception that similar guarantees will always be made available at low costs. The fact that the expansion of guarantees has not been as closely co-ordinated across borders as might have been desired has resulted in additional costs. To avoid additional costs arising from inconsistencies in exit strategies, close communication and coordination regarding pricing and timing issues is required, especially as a more formal framework for the public provision of insurance would still need to be developed.
    DOI: 10.1787/fmt-v2009-art16-en
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    The Design of Government Guarantees for Bank Bonds : Lessons from the Recent Financial Crisis (2010)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2010, no. 1, p. 35-66
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 32 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2010, no. 1, p. 35-66
    Keywords: Finance and Investment
    Abstract: In 2010 authorities have taken the first steps to end some of the public support measures put in place in response to the financial crisis, starting with government guarantees for bond issues. Financial institutions have made extensive use of this tool, which has been effective in avoiding a further tightening of funding conditions, but this type of public support has, nonetheless, raised some concerns. First, the cost of issuing guaranteed bonds has mainly reflected the characteristics of the sovereign guarantor rather than those of the issuer, thus favouring “weak” borrowers with a “strong” sovereign backing. This situation has the potential to distort competition and create incentives for excessive risk taking. Such effects could have been reduced by the choice of a different fee determination mechanism. Second, the continued availability in 2010 of guarantee schemes, despite a declining overall usage, may be alleviating the pressure on some weak financial institutions to address their weaknesses: the average creditworthiness of banks issuing after mid-2009, when market conditions became more favourable, has sharply declined. JEL Classification: G01, G12, G21, G28. Keywords: financial crisis, policy response to the crisis, government guaranteed bonds, competitive distortions
    DOI: 10.1787/fmt-2010-5km7k9tp8t40
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    Thinking beyond Basel III : Necessary Solutions for Capital and Liquidity (2010)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2010, no. 1, p. 9-33
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 25 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2010, no. 1, p. 9-33
    Keywords: Finance and Investment
    Abstract: In previous studies, the OECD has identified the main hallmarks of the crisis as too-big-to-fail institutions that took on too much risk; insolvency resulting from contagion and counterparty risk; the lack of regulatory and supervisory integration; and the lack of efficient resolution regimes. This article looks at how the Basel III proposals address these issues, helping to reduce the chance of another crisis like the current one. The Basel III capital proposals have some very useful elements, notably a leverage ratio, a capital buffer and the proposal to deal with pro-cyclicality through dynamic provisioning based on expected losses. However, this report also identifies some major concerns. For example, Basel III does not properly address the most fundamental regulatory problem that the “promises” that make up any financial system are not treated equally. This issue has many implications for the reform process, including reform of the structure of the supervision and regulation process and whether the shadow banking system should be incorporated into the regulatory framework – and, if so, how. Finally, modifications in the overall riskweighted asset framework are suggested that would deal with concentration issues.
    DOI: 10.1787/fmt-2010-5km7k9tpcjmn
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    Money Laundering through the Football Sector (2009)
    Paris : OECD Publishing
    Details
    ISBN: 9789264073579
    Language: English
    Pages: Online-Ressource (42 p)
    Keywords: Finance and Investment
    Abstract: This report is based on four main sources: an extensive literature review, the analysis of theanswers to a questionnaire sent to FATF and FSRB members; the results of a typology workshop andsubsequent consultation with the football sector. Results to the questionnaire were obtained in October 2008 from 25 countries, mostly European,seven South-American countries, two from Asia and Australia. The responding countries differ widely insize, role and organisation of football in society (ranging from large countries with big football leagues tosmaller nations or nations with only non-professional football). Differences in information, position andinterest in the person or organisation that provided the answers (national football association, governmentrepresentatives, national FIUs, the police or judicial authorities) needed to be taken into consideration aswell.Following the analysis of questionnaires, a workshop on money laundering and the footballsector was held in Monaco in November 2008 as part of the 2008 FATF/MONEYVAL Typologiesmeeting. This workshop was very well supported by members of the FATF, MONEYVAL andrepresentatives of other countries. The following participants were involved in the 2-day breakout sessionwhich considered issues in depth: Belgium, Brazil, Cyprus, Egmont Group, France, International OlympicCommittee (IOC), Ireland, Italy, Monaco, Norway, Russia, Slovenia, South Africa, Switzerland, theNetherlands and the United Kingdom.The study has also relied on the experience and cooperation of the private sector. Arepresentative of the IOC attended the Monaco workshop in November 2008. Consultation withrepresentatives of the Fédération Internationale de Football Association (FIFA) and of the Union ofEuropean Football Associations (UEFA) also took place in January and April 2009. Those representativesreceived a copy of the report and were given the opportunity to comment. All the comments of the private sector were taken into account when considered relevant.
    DOI: 10.1787/9789264073579-en
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    OECD Guidelines for Multinational Enterprises (2009)
    Paris : OECD Publishing
    Details
    ISBN: 9789264060326
    Language: English
    Pages: Online-Ressource (65 p)
    Parallel Title: Parallelausg. Les Principes directeurs de l'OCDE à l'intention des entreprises multinationales
    Keywords: Finance and Investment ; Governance ; Industry and Services
    Abstract: The revised OECD Guidelines for Multinational Enterprises were adopted by the governments of the 30 Member countries of the OECD and Argentina, Brazil and Chile on the occasion of the OECD's annual Council meeting at Ministerial level in Paris on 27 June 2000. This booklet comprises the revised text and commentary, implementation procedures and the Declaration on International Investment and Multinational Enterprises.
    DOI: 10.1787/9789264060326-en
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    OECD Private Pensions Outlook 2008 (2009)
    Paris : OECD Publishing
    Details
    ISBN: 9789264044395
    Language: English
    Pages: Online-Ressource (310 p.) , ill.
    Parallel Title: Parallelausg. Perspectives de l'OCDE sur les pensions privées 2008
    Keywords: Finance and Investment
    Abstract: As the role of private pension systems grows in importance, there is a need to monitor their development and review their performance in an international context, especially following the crisis in the financial markets in 2008. This first edition of the OECD Private Pensions Outlook provides essential data on assets, investments, membership, and industry structure based on the latest official statistics, as well as a framework for evaluating the trends shaping the pensions industry, based on the role of the private pensions in relation to the public pension system. It also provides comprehensive country profiles, describing private pension arrangements in individual OECD countries. This edition's special feature covers the implications for pensions and private pensions policy of the financial crisis. This publication includes StatLinks, URLs linking graphs and tables via the internet to Excel® table containing the underlying data.
    DOI: 10.1787/9789264044395-en
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    OECD Benchmark Definition of Foreign Direct Investment 2008 : Fourth Edition (2009)
    Paris : OECD Publishing
    Details
    ISBN: 9789264048751 , 9789264045743
    Language: English
    Pages: Online-Ressource (241 p.) , ill.
    Edition: Fourth Edition
    Parallel Title: Parallelausg. Définition de référence de l'OCDE des investissements directs internationaux 2008 ; Quatrième édition
    Parallel Title: Parallelausg. OCDE Definición Marco de Inversión Extranjera Directa ; Cuarta edición
    Parallel Title: Parallelausg. Définition de référence de l'OCDE des investissements directs internationaux 2008 : Quatrième édition
    Parallel Title: Parallelausg. OCDE Definición Marco de Inversión Extranjera Directa : Cuarta edición
    Parallel Title: Erscheint auch als OECD OECD benchmark definition of foreign direct investment
    RVK:
    QM 355
    Keywords: Auslandsinvestition ; Statistische Methode ; OECD-Staaten ; Finance and Investment ; Economics ; Direktinvestition ; Auslandsinvestition ; Statistik ; Datenerhebung ; Richtlinie
    Abstract: Foreign direct investment (FDI) is a major driver of globalisation. The OECD Benchmark Definition of Foreign Direct Investment sets the world standard for FDI statistics. It provides a single point of reference for statisticians and users on all aspect of FDI statistics, while remaining compatible with other internationally accepted statistical standards. This edition introduces new analytical data breakdowns and statistical treatments that better reflect the realities of today’s world economy. The revised Benchmark Definition provides methods for classifying different types of FDI (e.g., mergers and acquisitions, greenfield investments) and for identifying the ultimate investor. The new edition now addresses the uses of FDI statistics, including globalisation indicators, and provides a chapter relating to the statistics on the activities of multinational enterprises.
    DOI: 10.1787/9789264045743-en
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  • 69
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    OECD Pensions at a Glance 2007 : Public Policies across OECD Countries (Korean version) (2009)
    Seoul : OECD/Korea Policy Centre, Korea
    Details
    ISBN: 9789264063419
    Language: Korean
    Pages: Online-Ressource (218 p.) , ill.
    Parallel Title: Parallelausg. Pensions at a Glance 2007; Public Policies across OECD Countries
    Parallel Title: Parallelausg. Les pensions dans les pays de l'OCDE 2007 ; Panorama des politiques publiques
    Parallel Title: Parallelausg. Renten auf einen Blick 2007; Staatliche Politik im OECD-Ländervergleich
    Parallel Title: Parallelausg. Pensions at a Glance 2007: Public Policies across OECD Countries
    Parallel Title: Parallelausg. Les pensions dans les pays de l'OCDE 2007 : Panorama des politiques publiques
    Parallel Title: Parallelausg. Renten auf einen Blick 2007: Staatliche Politik im OECD-Ländervergleich
    Keywords: Finance and Investment ; Social Issues/Migration/Health
    DOI: 10.1787/9789264063419-ko
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  • 70
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    The Financial Crisis : Reform and Exit Strategies (2009)
    Paris : OECD Publishing
    Details
    ISBN: 9789264073036
    Language: English
    Pages: Online-Ressource (100 p.)
    Parallel Title: Parallelausg. La crise financière ; Réforme et stratégies de sortie
    Parallel Title: Parallelausg. La crise financière : Réforme et stratégies de sortie
    Parallel Title: Erscheint auch als The financial crisis
    RVK:
    QK 000
    RVK:
    QK 600
    Keywords: Internationaler Finanzmarkt ; Finanzkrise ; Welt ; Internationale Finanzpolitik ; Internationaler Kreditmarkt ; Finanzkrise ; Bank ; Insolvenz ; Finance and Investment ; Governance ; Erde ; Finanzkrise
    Abstract: The financial crisis required governments to make massive interventions in their financial systems. This book sets out priorities for reforming incentives in financial markets as well as for phasing out these emergency measures.
    DOI: 10.1787/9789264073036-en
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  • 71
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    Sector Specific Sources of Competitiveness in the Western Balkans : Recommendation for a Regional Investment Strategy (2009)
    Paris : OECD Publishing
    Details
    ISBN: 9789264055698
    Language: English
    Pages: Online-Ressource (229 p.) , ill.
    Series Statement: Competitiveness and Private Sector Development
    Parallel Title: Erscheint auch als Sector specific sources of competitiveness in the Western Balkans
    RVK:
    QG 490
    Keywords: Internationaler Wettbewerb ; Branche ; Auslandsinvestition ; Investitionspolitik ; Südosteuropa ; Finance and Investment ; Industry and Services ; Südosteuropa ; Internationaler Wettbewerb ; Investitionspolitik
    Abstract: The Western Balkan region benefits from a cost-competitive labour force and geographic and cultural proximity to EU markets. However, cost competitiveness as a source of differentiation is not sustainable. Cost levels are increasing gradually in some sectors, reducing firms’ profitability. In order to sustain competitiveness, the Western Balkans needs to move up the value chain, from investing in automated technology to producing higher-quality goods and enhancing its human capital. This report examines the apparel manufacturing, automotive components and business process and technology outsourcing sectors, focusing on market competitiveness factors, industry key success factors and policy recommendations.
    DOI: 10.1787/9789264055698-en
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  • 72
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    Revisiting the asset-meltdown hypothesis (2009)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2008, no. 2, p. 1-14
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 19 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2008, no. 2, p. 1-14
    Keywords: Finance and Investment
    Abstract: The present article focuses on the so-called “asset meltdown hypothesis”, which postulates a direct link between demographic developments and the level of assetprices. In particular, proponents of this hypothesis argue, when baby boomers startentering retirement they will become net sellers of financial assets to finance retirement consumption. As subsequent generations are smaller in numbers, other things equal, this would put downward pressure on financial asset prices. Revisiting this hypothesis, there is some support for a link between demographics and financial asset prices, although the link may not be strong. A number of mitigating factors exist, so that “other things” will not be equal. A major question in this context is to what extent demographic developments and their implications for other variables affecting financial asset prices are already reflected in financial asset prices and how fast any additional pressures on financial asset prices will play themselves out.
    DOI: 10.1787/fmt-v2008-art16-en
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  • 73
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    Financial crisis: Deposit insurance and related financial safety net aspects (2009)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2008, no. 2, p. 1-39
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 44 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2008, no. 2, p. 1-39
    Keywords: Finance and Investment
    Abstract: Government provision of a financial safety net for banks and other financialinstitutions has been a key element of the policy response to the current financialcrisis. In the process, the design of many safety net elements, such as depositinsurance, has been redrawn in many jurisdictions. In particular, governmentsextended existing guarantees and introduced new ones. While these measures didnot address the root causes of the lack of confidence, they were neverthelesshelpful in avoiding a further accelerated loss of confidence, thus buying valuabletime.
    DOI: 10.1787/fmt-v2008-art12-en
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  • 74
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    Challenges for financial intermediaries offering asset decumulation products (2009)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2008, no. 2, p. 1-31
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 36 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2008, no. 2, p. 1-31
    Keywords: Finance and Investment
    Abstract: The present article focuses on issues related to asset decumulation. In discussing these issues, a key proposition is that financial institutions are most willing and able to offer decumulation products with fixed payment promises to the extent they are able to invest in financial assets that allow them to hedge a considerable part of the risks associated with the payment promises they extend.Indeed, what is sometimes overlooked in discussions bout shifts from asset accumulation to decumulation is that the decumulation phase also involves investment challenges, especially if specific patterns of payouts such as regular payouts of fixed amounts are aimed at. Many writers have argued for some time now that pension fund managers will have difficulty implementing asset-liability matching because there are insufficient quantities of suitable assets. As it turns out, the shortfall in hedging instruments extends to more than just the “toxic” tail of longevity risk, as is commonly being argued. The analysis in this article shows that hedging interest rate risk is also not as straightforward as one may think.
    DOI: 10.1787/fmt-v2008-art15-en
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  • 75
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    Expanded government guarantees for bank liabilities : Selected issues (2009)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2009, no. 1, p. 89-123
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 35 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2009, no. 1, p. 89-123
    Keywords: Finance and Investment
    Abstract: Government provision of a safety net for financial institutions has been a key element of the policy response to the current crisis. In the process, existing guarantees have been expanded and new ones introduced, including, in particular, in relation to bank liabilities. Among other things, such guarantees create costs that arise as a result of potential distortions of incentives and competition. To limit such distortions it is important to specify risk-based premiums for additional government-provided guarantees, and to the extent that guarantees are priced appropriately potential distortions also should be limited. The evidence however has been mixed in this regard. The present article discusses pricing and some other selected issues related to the recent expansion of guarantees for bank liabilities.
    DOI: 10.1787/fmt-v2009-art4-en
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  • 76
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    Dealing with the crisis and thinking about the exit strategy (2009)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2009, no. 1, p. 11-28
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 18 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2009, no. 1, p. 11-28
    Keywords: Finance and Investment
    Abstract: This article looks at the stages of crisis management and some of the different degrees of transparency on losses and risks in the US and Europe. It also compares alternative approaches to dealing with impaired assets used in the USA and Europe. Exposure to off-balance losses remains a key issue. Europe, surprisingly, has been and remains the major issuer of collateralised synthetic obligations that have been so prominent in the crisis. The capital needs of banks over the next few years is examined, and great uncertainties remain due to the unknown extent to which off-balance sheet vehicles will need to be consolidated. Finally, the requirements of longer-run reform are outlined.
    DOI: 10.1787/fmt-v2009-art1-en
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  • 77
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    The current financial crisis : Causes and policy issues (2009)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2008, no. 2, p. 1-21
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 26 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2008, no. 2, p. 1-21
    Keywords: Finance and Investment
    Abstract: This article treats some ideas and issues that are part of ongoing reflection at the OECD. They were first raised in a major research article for the Reserve Bank of Australia conference in July 2008, and benefited from policy discussion in and around that conference. One fundamental cause of the crisis was a change in the business model of banking, mixing credit with equity culture. When this model was combined with complex interactions from incentives emanating from macro policies, changes in regulations, taxation, and corporate governance, the current crisis became the inevitable result. The paper points to the need for far-reaching reform for a more sustainable situation in the future.
    DOI: 10.1787/fmt-v2008-art10-en
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  • 78
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    Riesgos Ambientales y Seguros : Un análisis comparativo del papel de los seguros en la gestión de riesgos relacionados con el medio ambiente (2008)
    Madrid : Ministry of Environment, Spain
    Details
    ISBN: 9788483203941
    Language: Spanish
    Pages: Online-Ressource (96 p.) , ill.
    Parallel Title: Parallelausg. Environmental Risks and Insurance; A Comparative Analysis of the Role of Insurance in the Management of Environment-Related Risks
    Parallel Title: Parallelausg. Assurance et risques environnementaux; Une analyse comparative du rôle de l'assurance dans la gestion des risques liés à l'environnement
    Parallel Title: Parallelausg. Environmental Risks and Insurance: A Comparative Analysis of the Role of Insurance in the Management of Environment-Related Risks
    Parallel Title: Parallelausg. Assurance et risques environnementaux: Une analyse comparative du rôle de l'assurance dans la gestion des risques liés à l'environnement
    Keywords: Environment ; Finance and Investment
    Abstract: Desde la creciente incidencia de la contaminación ambiental y la contaminación del suelo hasta las catástrofes naturales, los riesgos producidos por la constante interacción entre las actividades humanas y el medio ambiente son diversos, numerosos y, a menudo, con consecuencias catastróficas. Por lo tanto, la elaboración de planes eficaces de gestión de riesgos, dirigidos a la formulación de estrategias de respuesta viables, requiere la contribución de todos los actores económicos involucrados: grupos privados, instituciones financieras, gobiernos y organizaciones internacionales. Este informe se centra en el papel de las compañías aseguradoras y reaseguradoras en la gestión de riesgos ambientales, en particular, el riesgo de contaminación ambiental y el riesgo de catástrofes naturales. Se discute la asegurabilidad de tales riesgos, se analiza el aumento del riesgo de responsabilidad por contaminación ambiental y las tendencias subyacentes en el desarrollo de regímenes de responsabilidad ambiental en los países de la OCDE. También presenta una visión general de los diversos productos de seguro medioambiental y de las técnicas desarrolladas en respuesta a la evolución legal y fáctica. Además, describe las características especiales de los riesgos por catástrofes naturales, el funcionamiento tradicional del mercado de seguros en la cobertura de tales peligros y opciones alternativas de cobertura, desde los planes gubernamentales contra el riesgo de desastres hasta los nuevos instrumentos financieros de mercado.
    DOI: 10.1787/9788483203941-es
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  • 79
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    Competition Law and Policy in El Salvador : Peer Review (2008)
    Paris : OECD Publishing
    Details
    ISBN: 9789264056145
    Language: English
    Pages: Online-Ressource (50 p)
    Parallel Title: Parallelausg. Derecho y Política de la Competencia en El Salvador ; Examen inter-pares
    Parallel Title: Parallelausg. Derecho y Política de la Competencia en El Salvador : Examen inter-pares
    Keywords: Finance and Investment ; El Salvador
    Abstract: El Salvador’s first competition law took effect on 1 January 2006. The law, following some important amendments in 2007, is sound in most respects. It employs enforcement standards that are consistent with best practices in the worldwide competition community. It provides the new competition agency, La Superintendencia de Competencia (Superintendency) with the powers that it needs to enforce the law effectively. In less than three years El Salvador is off to a good – one might say excellent – start. Its experience can serve, in some ways at least, as an example of an effective way to begin to implement a competition policy...
    DOI: 10.1787/9789264056145-en
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  • 80
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    OECD Journal on Budgeting, Volume 4 Issue 3 (Korean version) : The Legal Framework for Budget Systems: An International Comparison (2008)
    Seoul : Korea Institute of Public Finance
    Details
    ISBN: 9788981913694
    Language: Korean
    Pages: Online-Ressource (549 p.) , ill.
    Parallel Title: Parallelausg. OECD Journal on Budgeting, Volume 4 Issue 3; The Legal Framework for Budget Systems; An International Comparison
    Parallel Title: Parallelausg. Revue de l'OCDE sur la gestion budgétaire, Volume 4 Numéro 3 ; Le cadre juridique des systèmes budgétaires ; Une comparaison internationale
    Parallel Title: Parallelausg. OECD Journal on Budgeting, Volume 4 Issue 3: The Legal Framework for Budget Systems: An International Comparison
    Parallel Title: Parallelausg. Revue de l'OCDE sur la gestion budgétaire, Volume 4 Numéro 3 : Le cadre juridique des systèmes budgétaires : Une comparaison internationale
    Keywords: Finance and Investment ; Governance
    DOI: 10.1787/9788981913694-ko
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  • 81
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    Derecho y Política de la Competencia en El Salvador : Examen inter-pares (2008)
    Paris : OECD Publishing
    Details
    ISBN: 9789264056404
    Language: Spanish
    Pages: Online-Ressource (57 p)
    Parallel Title: Parallelausg. Competition Law and Policy in El Salvador; Peer Review
    Parallel Title: Parallelausg. Competition Law and Policy in El Salvador: Peer Review
    Keywords: Finance and Investment ; El Salvador
    Abstract: La primera ley de competencia de El Salvador entró en vigor el 1 de enero de 2006. La ley, con algunas enmiendas importantes de 2007, es sólida en la mayoría de los aspectos. Emplea estándares de aplicación que son coherentes con las mejores prácticas en la comunidad de competencia mundial. Provee la nueva agencia de competencia, la Superintendencia de Competencia, con las facultades que necesita para aplicar la ley de forma efectiva. En menos de tres años El Salvador ha tenido un buen, mejor dicho, excelente comienzo. Su experiencia puede servir, de alguna forma al menos, como ejemplo de una manera efectiva de comenzar a implementar una política de competencia...
    DOI: 10.1787/9789264056404-es
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  • 82
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    The subprime crisis : Size, deleveraging and some policy options (2008)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2008, no. 1, p. 29-53
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 25 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2008, no. 1, p. 29-53
    Keywords: Finance and Investment
    Abstract: The paper revises our previous USD 300 bn estimate for mortgage related losses to a range of USD 350-420 bn. In doing this the paper explicitly rejects the previous approach based on implied defaults from ABX pricing, because these prices are affected by illiquidity and extreme volatility; they will likely lead to misleading estimates of losses. Instead it builds a proper default model approach and allows for recovery of collateral via house sales over time. The paper separates out the losses due to commercial banks in the US, and goes on to look at the implied deleveraging required to meet capital standards. It could take 6-12 months for banks to offset losses via earnings alone, depending on Fed rate cuts and the dividend policy of banks. Since even more capital than this is required if banks were to expand their balance sheets, the paper looks at possibilities for capital injections from groups like sovereign wealth funds; and it also looks at a novel plan for the use of public money with an RTC-style approach and the issue of zero coupon bonds. Finally the paper looks at the issues of moral hazard, the likely size of the impact in Europe and Asia and non-bank corporate leverage.
    DOI: 10.1787/fmt-v2008-art2-en
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  • 83
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    Financial turbulence : Some lessons regarding deposit insurance (2008)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2008, no. 1, p. 55-79
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 25 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2008, no. 1, p. 55-79
    Keywords: Finance and Investment
    Abstract: One specific aspect of financial safety nets that has been in the spotlight of late is deposit insurance. As events in markets are still unfolding, it is too soon to draw definitive conclusions regarding the effects of the crisis and the adequacy of financial safety nets, including deposit insurance arrangements. Nonetheless, preliminary suggestions for policy are emerging and the article singles out four areas for special attention. First, as regards coverage, deposit insurance systems with low levels of coverage and/or partial insurance may not be effective in preventing bank runs. Second, for an explicit deposit insurance system to be effective, depositors need to understand the extent of and limits to existing deposit protection schemes. Third, when different institutions are entrusted with responsibilities that are relevant in a crisis situation, ex ante arrangements delimiting the scope of the different responsibilities as well as the respective powers may not be sufficient to ensure co-ordination that is as close and smooth as needed. Fourth, the question as to whether a specific bankruptcy regime for banks is needed remains an important issue.
    DOI: 10.1787/fmt-v2008-art3-en
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  • 84
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    Challenges related to financial guarantee insurance (2008)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2008, no. 1, p. 81-113
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 33 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2008, no. 1, p. 81-113
    Keywords: Finance and Investment
    Abstract: Traditionally, bond insurers have provided guarantees of payments on municipal bonds, where defaults have been very limited. But since the late 1990s they have become increasingly involved as guarantors of elements of various structured financial products: in particular, the credit enhancements provided by these entities have played an important role in making securities based on sub-prime loans attractive to a wide range of investors. It is this trend change in their activity that has become the focal point in concerns about the health of these entities that have grown during the financial turbulence. The note identifies three policy issues that arise in the context of the current challenges facing these entities and it draws some preliminary findings. First, while concerns regarding the potential financial stability implications of further downgrades and/or failures of some of these companies have ebbed somewhat from their peaks in early 2008, the situation still bears monitoring. Second, current developments raise questions regarding the role of financial guarantors in specific financial market segments. In this context, there appears to be a public interest in the continued availability of guarantees on payments on municipal bonds. Private solutions seem to be forthcoming. Third, transparency of the financial guarantee insurance sector is limited. In this context, the performance of credit rating agencies in providing guidance for investors regarding the quality of the guarantees provided by financial guarantors appears to have been uneven.
    DOI: 10.1787/fmt-v2008-art4-en
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  • 85
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    The recent financial market turmoil, contagion risks and policy responses (2008)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2008, no. 1, p. 9-28
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 20 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2008, no. 1, p. 9-28
    Keywords: Finance and Investment
    Abstract: This article examines the recent financial market turmoil, contagion risks and policy responses. It begins by looking at the origins of the crisis, then considers the impact of the crisis on markets and the financial sector, and concludes by offering some policy lessons from the downturn.
    DOI: 10.1787/fmt-v2008-art1-en
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  • 86
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    Sovereign wealth & pension fund issues (2008)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2008, no. 1, p. 117-132
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 16 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2008, no. 1, p. 117-132
    Keywords: Finance and Investment
    Abstract: Sovereign Wealth Funds (SWFs) are pools of assets owned and managed directly or indirectly by governments to achieve national objectives. These funds have raised concerns about: i) financial stability; ii) corporate governance and iii) political interference and protectionism. At the same time governments have formed other large pools of capital to finance public pension systems, i.e. Public Pension Reserve Funds (PPRFs). SWFs are set up to diversify and improve the return on foreign exchange reserves or commodity revenue, and to shield the domestic economy from fluctuations in commodity prices. PPRFs are set up to contribute to financing pay-as-you-go pension plans. The total of SWF pools is estimated at around USD 2.6 trillion in 2006/7, and is getting bigger rapidly, owing to current exchange rate policies and oil prices. The total amount for PPRFs is even larger, around USD 4.4 trillion in 2006/7, if the US Trust Fund is included (USD 2.2 trillion if excluded). SWFs and PPRFs share some characteristics, hence give rise to similar concerns. However, their objectives, investment strategies, sources of funding and transparency requirements differ. There is concern about strategic and political objectives of SWFs, and their impact on exchange rates and asset prices. But SWFs also provide mechanisms for breaking up concentrations of portfolios that increase risk. Enhancing governance and transparency of SWFs is important, but such considerations have to be weighed against commercial objectives.
    DOI: 10.1787/fmt-v2008-art5-en
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  • 87
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    OECD Principles for Private Sector Participation in Infrastructure (2007)
    Paris : OECD Publishing
    Details
    ISBN: 9789264034105
    Language: English
    Pages: Online-Ressource (32 p.)
    Parallel Title: Parallelausg. Principes de l'OCDE pour la participation du secteur privé aux Infrastructures
    Keywords: Finance and Investment ; Industry and Services
    Abstract: The OECD Principles for Private Sector Participation in Infrastructure aim to help governments work with private-sector partners to finance and bring to fruition infrastructure projects in areas of vital economic importance, such as transport, water and power supply and telecommunications. These Principles offer authorities a checklist of policy issues to consider in ensuring that citizens get the services they need at a fair cost and the private-sector partners obtain viable returns.
    DOI: 10.1787/9789264034105-en
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  • 88
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    OECD Guidelines on Funding and Benefit Security in Occupational Pension Plans (2007)
    Paris : OECD Publishing
    Details
    ISBN: 9789264034600
    Language: English
    Pages: Online-Ressource (12 p)
    Parallel Title: Parallelausg. Lignes directrices de l'OCDE sur la capitalisation et la sécurité des prestations dans les plans de pension professionnels
    Keywords: Finance and Investment ; Social Issues/Migration/Health
    DOI: 10.1787/9789264034600-en
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  • 89
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    OECD Investment Policy Reviews: Egypt 2007 (2007)
    Paris : OECD Publishing
    Details
    ISBN: 9789264034624
    Language: English
    Pages: Online-Ressource (71 p.) , ill.
    Series Statement: OECD Investment Policy Reviews
    Parallel Title: Parallelausg. Examens de l'OCDE des politiques de l'investissement ; Égypte 2007
    Parallel Title: Parallelausg. Examens de l'OCDE des politiques de l'investissement : Égypte 2007
    Parallel Title: Erscheint auch als Egypt
    Keywords: Auslandsinvestition ; Investitionspolitik ; Ägypten ; Finance and Investment ; Egypt
    Abstract: Having adhered to the OECD Declaration on International Investment and Multinational Enterprises in July 2007, Egypt undertook a thorough review by OECD members of its international investment policies using the Policy Framework for Investment. This publication presents the results of this review. It finds that international investors responded quickly to the government’s policy reform efforts: foreign direct investment (FDI) into Egypt increased eightfold in just three years, diversifying away from the petroleum sector and bringing much-needed investment to a broad range of manufacturing and service industries. However, the review also shows that investment climate reforms take time and many challenges still lie ahead. These include ongoing efforts to phase out unnecessary sectoral restrictions on investment, maintaining the momentum for broadening the privatisation programme and encouraging entrepreneurship by promoting transparency, accountability and competition.
    DOI: 10.1787/9789264034624-en
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  • 90
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    Staying Competitive in the Global Economy : Moving Up the Value Chain (2007)
    Paris : OECD Publishing
    Details
    ISBN: 9789264034259
    Language: English
    Pages: Online-Ressource (126 p.)
    Parallel Title: Druckausg.
    Parallel Title: Parallelausg. Comment rester compétitif dans l'économie mondiale ; Progresser dans la chaîne de valeur
    Parallel Title: Parallelausg. Comment rester compétitif dans l'économie mondiale : Progresser dans la chaîne de valeur
    Parallel Title: Erscheint auch als Staying competitive in the global economy
    RVK:
    QM 000
    Keywords: Globalisierung ; Competition, International ; International economic relations ; Employment ; Finance and Investment ; Industry and Services ; Competition ; Globalisierung ; International economic relations ; Globalisierung ; Weltwirtschaft ; Internationaler Wettbewerb
    Abstract: Global value chains are radically altering how goods and services are produced--parts made in one country, for instance, are increasingly assembled in another and sold in a third. The globalisation of production has changed the industrial structure within OECD countries, and in some sectors blunted their competitiveness. Another major consequence has been fears of job losses, due to outsourcing and offshoring—not only in manufacturing but also in services. The rapid integration of China and India, with their large pool of educated people, further reinforces these concerns. How should OECD countries respond? This report brings together OECD data on the globalisation of value chains, including the rise of outsourcing/offshoring. It first examines how OECD countries are affected by the globalisation of production, on both the macroeconomic and sector-specific levels. The costs and benefits of globalisation are then discussed, with an emphasis on employment and productivity. Finally, this report analyses how globalisation impacts the competitiveness of OECD countries, highlighting the need for an effective innovation strategy. The report discusses not only the moving up the value chain that takes place in OECD countries but also in China, as R&D is increasingly going to emerging countries.
    DOI: 10.1787/9789264034259-en
    URL: Volltext
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  • 91
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    OECD Codes of Liberalisation of Capital Movements and of Current Invisible Operations : User's Guide 2007 (2007)
    Paris : OECD Publishing
    Details
    ISBN: 9789264035577
    Language: English
    Pages: Online-Ressource (130 p.)
    Parallel Title: Parallelausg. Codes de l'OCDE de la libération des mouvements de capitaux et des opérations invisibles courantes ; Guide de référence 2007
    Parallel Title: Parallelausg. Codes de l'OCDE de la libération des mouvements de capitaux et des opérations invisibles courantes : Guide de référence 2007
    Parallel Title: Erscheint auch als OECD OECD codes of liberalisation of capital movements and of current invisible operations
    Keywords: Finanzmarktregulierung ; Dienstleistungshandel ; Deregulierung ; OECD-Staaten ; Finance and Investment ; OECD ; Internationale Kapitalbewegung ; Unternehmenskauf ; Unsichtbarer Handel ; Internationales Recht
    Abstract: OECD member countries have committed themselves to maintaining and expanding the freedom for international capital movements and current invisible operations under the legally binding OECD Codes of Liberalisation. This publication explains the content and structure of the OECD Codes and the way they are implemented to achieve progressive liberalisation.
    DOI: 10.1787/9789264035577-en
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  • 92
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    The Role of Foreign Direct Investment in the Croatian Economy (2007)
    Paris : OECD Publishing
    Details
    ISBN: 9789264034013
    Language: English
    Pages: Online-Ressource
    Keywords: Finance and Investment
    Abstract: The purpose of this study is to assess the role of foreign direct investment (FDI) in Croatia. The main characteristics of FDI in that country are described, along with its impacts on employment, fiscal revenues and trade. The study first looks at Croatia’s balance of payments statistics, compiled by the Croatian National Bank. Croatia has attracted a relatively significant amount of FDI, especially when FDI per capita statistics are compared with those of its neighbours. Reinvested earnings as a percentage of FDI have also increased in the past few years. However, most FDI has been concentrated in the services sector, especially financial services and retail andwholesale trade, reflecting foreign investor interest in the domestic market. Moreover, while greenfield FDI was higher than acquisition-related FDI in 2003-05, only 10% of manufacturing FDI was greenfield...
    DOI: 10.1787/9789264034013-en
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  • 93
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    Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations 2001 : Travel version (Turkish version) (2007)
    Istanbul : Istanbul Chamber of Sworn Financial Advisers, Turkey
    Details
    ISBN: 9789264064898
    Language: Turkish
    Pages: Online-Ressource (194 p.)
    Parallel Title: Parallelausg. Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations 2001; Travel version
    Parallel Title: Parallelausg. Principes applicables en matière de prix de transfert à l'intention des entreprises multinationales et des administrations fiscales 2001 ; Édition de poche
    Parallel Title: Parallelausg. Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations 2001: Travel version
    Parallel Title: Parallelausg. Principes applicables en matière de prix de transfert à l'intention des entreprises multinationales et des administrations fiscales 2001 : Édition de poche
    Keywords: Finance and Investment ; Taxation ; Trade ; Industry and Services
    Abstract: This is a translation of the 2001 edition of the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations, which was substantially revised; see the July 2010 edition available in English and French
    DOI: 10.1787/9789264064898-tr
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  • 94
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    The Role of Private Pools of Capital in Corporate Governance : Summary and Main Findings about the Role of Private Equity Firms and "Activist" Hedge Funds (2007)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2007, no. 1, p. 87-104
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 23 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2007, no. 1, p. 87-104
    Keywords: Finance and Investment
    Abstract: In November 2006, the OECD Steering Group on Corporate Governance initiated a study of the role of privately organised pools of capital (“alternative investment vehicles”) in corporate governance. With a rapid increase in the size of transactions and investments, and partly due to differences in corporate governance frameworks and company structures, there has been a growing public interest in private equity firms and “activist” hedge funds. The Steering Group agreed that the distinct corporate governance aspects that emerge in these discussions required special attention based on the OECD Principles of Corporate Governance (OECD Principles). This Report summarises the main conclusions reached by the Steering Group in April 2007, including the findings of a factual review that were taken into consideration. On the basis of available evidence, the Steering Group concluded that “activist” hedge funds and private equity firms could help strengthen corporate governance practices by increasing the number of investors that have the incentive to make active and informed use of their shareholder rights. It was agreed that, from a corporate governance perspective, there was no need to promote a special set of principles for private equity firms and “activist” hedge funds, but that the opportunities and challenges that follow from their ownership strategies should instead be analysed within the general framework of the OECD Principles, also taking into account existing voluntary standards established and promoted by the industry.
    DOI: 10.1787/fmt-v2007-art5-en
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  • 95
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    The Private Equity Boom : Causes and Policy Issues (2007)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2007, no. 1, p. 59-86
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 33 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2007, no. 1, p. 59-86
    Keywords: Finance and Investment
    Abstract: Private equity, by focusing on under-performing companies that can be transformed and subsequently re-floated, fosters rapid corporate restructuring – enhancing productivity. M&A and private equity deals are very strong at present, and private equity use of leverage is accelerating sharply...
    DOI: 10.1787/fmt-v2007-art4-en
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  • 96
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    Financial Markets Highlights November 2007 (2007)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2007, no. 2, p. 11-25
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 16 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2007, no. 2, p. 11-25
    Keywords: Finance and Investment
    Abstract: Over the summer, financial markets weakened substantially as some of the risks that had built up during a period of easy financing, in particular in the housing market, materialised. Volatility has increased, and while equity markets have regained strength, tensions remain on credit markets....
    DOI: 10.1787/fmt-v2007-art12-en
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  • 97
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    Asset Allocation Challenges for Pension Funds : Implications for Bond Markets (2007)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2007, no. 1, p. 129-151
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 28 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2007, no. 1, p. 129-151
    Keywords: Finance and Investment
    Abstract: Pension funds have become the largest class of investors in many markets and, given their size, the allocation of their assets has important implications for the relative prices of financial assets. There may be a trend shift of private (defined benefit) pension fund asset allocation strategies away from equity to bonds, especially to government bonds, given their limited credit risk. The potential demand for such bonds could, in principle, be very substantial, sufficient in fact to result in a scarcity of such bonds in circulation. Many debt managers have taken advantage of current bond market conditions and issued long-term to ultra-long-term bonds. But whether they should follow a strategy of maturity-lengthening with the express aim to facilitate the task for pension fund managers is a different matter. Most policy makers would not recommend that governments undertake to issue long-term debt with the express intent of meeting this demand, not least because they expect the price mechanism to clear apparent imbalances in asset markets.
    DOI: 10.1787/fmt-v2007-art7-en
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  • 98
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    An Overview of Hedge Funds and Structured Products : Issues in Leverage and Risk (2007)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2007, no. 1, p. 37-57
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 26 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2007, no. 1, p. 37-57
    Keywords: Finance and Investment
    Abstract: The size of the hedge fund sector, using IOSCO sources and results from responses to an OECD Questionnaire on Hedge Funds, is around USD 1.4 trillion in assets under management (AUM). While this does not seem that large compared to total global AUM, the hedge fund share of trading turnover (augmented by leverage and investment style) is much greater than its share of global AUM....
    DOI: 10.1787/fmt-v2007-art3-en
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  • 99
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    Update on Financial Market Developments (2007)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2007, no. 1, p. 23-33
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 16 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2007, no. 1, p. 23-33
    Keywords: Finance and Investment
    Abstract: Triggered by sub-prime and Shanghai stock exchange volatility, major stock markets suffered a significant correction at the end of February. Markets have since recovered and European markets have over the past few weeks more than compensated these losses. While another downturn on the Shanghai exchange end of May led to some increases in volatility on major markets, they have so far not altered their course...
    DOI: 10.1787/fmt-v2007-art2-en
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  • 100
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    Structured Products : Implications for Financial Markets (2007)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2007, no. 2, p. 27-57
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 31 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2007, no. 2, p. 27-57
    Keywords: Finance and Investment
    Abstract: The paper looks at financial market innovation and how it has led to the rapid growth of structured products. It explores the mechanisms that come into play as assets inside these products (mortgages, credit card receivables, etc.) suffer losses. The potential size of such losses is currently concerning financial markets, and the paper looks at various ways to quantify the issues and where, going forward, pressures are most likely to arise. The problem is seen mainly as a stock adjustment issue (related to inventories of assets etc.) that is going to require time to set right. Time could well be more important than the cost of capital. The idea of a super fund to buy up unwanted assets should be seen in this context. The paper goes on to look at financial market implications, including the credit supply process, spreads, and the dollar.
    DOI: 10.1787/fmt-v2007-art13-en
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