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  • 1
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    SMEs and the credit crunch : Current financing difficulties, policy measures and a review of literature (2014)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2013, no. 2, p. 115-148 | volume:2013 | year:2013 | number:2 | pages:115-148
    Details
    Language: English
    Pages: 1 Online-Ressource (34 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2013, no. 2, p. 115-148
    Angaben zur Quelle: volume:2013
    Angaben zur Quelle: year:2013
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:115-148
    Keywords: Finance and Investment
    Abstract: After a brief overview of current financing difficulties for SMEs and policy measures to support SME lending during the crisis,this article presents a literature review related to difficulties in SME’s access to finance during the crisis, against a background of a sharp decline in bank profitability and an erosion of bank capital that negatively affected lending. The articles reviewed are classified according to four main issues of interest:the impairment of the bank-credit channel and its economic effects;factors potentially attenuating the effect of a financial squeeze;the role of global banking in mitigating but also transmitting financial shocks; and,looking ahead,issues related to so-called “credit-less recoveries” that should be relevant in guiding policy makers in the current environment of financial deleveraging. All the results hold important implications for policy making given the bail-outs and the large injections ofliquidity by central banks during the crisis.
    DOI: 10.1787/fmt-2013-5jz734p6b8jg
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  • 2
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    Non-bank debt financing for SMEs : The role of securitisation, private placements and bonds (2014)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2014, no. 1, p. 139-162 | volume:2014 | year:2014 | number:1 | pages:139-162
    Details
    Language: English
    Pages: 1 Online-Ressource (24 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2014, no. 1, p. 139-162
    Angaben zur Quelle: volume:2014
    Angaben zur Quelle: year:2014
    Angaben zur Quelle: number:1
    Angaben zur Quelle: pages:139-162
    Keywords: Finance and Investment
    Abstract: Reducing bank dependence in financing small-and medium-sized enterprises (SMEs) that are key contributors to economic growth and job creation should help making them more resilient to financial shocks. Various non-bank debt financing alternatives are available and were the focus of a Roundtable discussion that this article draws on. Revitalising securitisation, tarnished during the crisis, is important, by making it safer, simpler and more transparent, and perhaps also by offering some (initial) government and regulatory support. Similarly, covered bonds can be attractive instruments for SME finance. For mid-sized companies, bond issuance and private placements may also provide useful alternatives. All these instruments can and should be tailored to fit the investors’ needs. There is no “silver bullet” for SME finance which is exceptionally complex due to the diversity of SMEs themselves. Data transparency, standardisation, regulatory support and raising awareness about available financing options should be among the issues to be addressed. JEL classification: G1, G2, G23, G28 Keywords: SME finance, non-bank finance, (high-quality) securitisation, asset-backed securities (ABS), SME CLO (collateralised loan obligation), (covered) bonds, private placements, European DataWarehouse, Prime Collateralised Securities (PCS) initiative.
    DOI: 10.1787/fmt-2014-5jxx05svvw34
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  • 3
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    Banking in a challenging environment : Business models, ethics and approaches towards risks (2013)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2012, no. 2, p. 79-88 | volume:2012 | year:2012 | number:2 | pages:79-88
    Details
    Language: English
    Pages: 1 Online-Ressource (10 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2012, no. 2, p. 79-88
    Angaben zur Quelle: volume:2012
    Angaben zur Quelle: year:2012
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:79-88
    Keywords: Finance and Investment
    Abstract: The current crisis with its on-going banking sector problems has brought to the fore various cases of financial fraud and banking scandals that have additionally undermined the already low confidence in the sector. This has raised concerns about structural flaws in the way banks operate and are being regulated and supervised. Restoring investor confidence may require new approaches to redesign the incentives, rules and regulations for the financial sector. This was the backdrop for the discussions at the October 2012 OECD Financial Roundtable that this article summarises. Topics covered the current outlook and risks for banks as well as banking business models, ethics and approaches towards risks. Participants pointed out that, while downsizing and adjusting their business models, banks had already made improvements in their risk management. At the same time, the now observed renationalisation of assets could worsen the situation particularly in the European periphery. This could be attenuated by a European Banking Union that would also help to break the detrimental link between banks and sovereigns. As banks are deleveraging, non-banks are substituting for part of the reduced bank lending, but to do so would need regulatory support – while the shadow banking sector more generally will come under closer regulatory and supervisory scrutiny. Consumer groups in particular regard financial consumer protection as important to help improve the social value of financial activities that had often been unproductive, if not destructive. Bank representatives opposed regulatory separation of bank business on the grounds that it is insufficient to address problems of risk taking and control. Finally, it was pointed out that regulatory reforms need to be targeted and harness market forces by balancing penalties and rewards. Governance of regulation should also be enhanced, and regulation should be proactive and be complemented by strong macro and micro-supervision. Co-ordinating reforms should ensure a level playing field, but a one-size-fits-all approach should be avoided.
    DOI: 10.1787/fmt-2012-5k4bwnpkvk6f
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  • 4
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    The Financial Industry in the New Regulatory Landscape (2012)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2011, no. 2, p. 225-249 | volume:2011 | year:2011 | number:2 | pages:225-249
    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. 225-249
    Angaben zur Quelle: volume:2011
    Angaben zur Quelle: year:2011
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:225-249
    Keywords: Finance and Investment
    Abstract: The financial market outlook and risks as well as the impact of regulatory reforms on the financial sector were the topics discussed at the October 2011 OECD Financial Roundtable. Concerns about the current situation in financial markets were centred on the sovereign debt and banking crisis in Europe and its repercussions in other parts of the world. Many participants felt that policy makers had not been doing enough to address the crisis and that bold action and ‘circuit breakers’ to stop the negative feedback loops were needed to restore market confidence. Regarding regulation, while the financial industry broadly expressed support for Basel III reforms, some elements like the SIFI surcharge were criticised. The industry was also sceptical regarding the benefits of separation of banks’ businesses (Volcker rule, Vickers proposal) and broadly rejected the EU proposal of a financial transaction tax. While policy makers regarded some of the industry’s regulatory concerns as valid, they stressed the aim of regulatory reforms to make the financial sector safer, thus making downsizing of a certain kind of financial intermediation unavoidable. But the right balance needs to be found in terms of the extent and the timing of regulatory reforms; downsizing in the current situation should perhaps be encouraged less quickly in some cases.
    DOI: 10.1787/fmt-2011-5k9cswmzqp7d
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  • 5
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    Bank deleveraging, the move from bank to market-based financing, and SME financing (2012)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2012, no. 1, p. 65-79 | volume:2012 | year:2012 | number:1 | pages:65-79
    Details
    Language: English
    Pages: 1 Online-Ressource (15 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2012, no. 1, p. 65-79
    Angaben zur Quelle: volume:2012
    Angaben zur Quelle: year:2012
    Angaben zur Quelle: number:1
    Angaben zur Quelle: pages:65-79
    Keywords: Finance and Investment
    Abstract: Banks have been lowering their high pre-crisis leverage levels and are preparing for stricter regulatory capital requirements, and in the process have been reducing their lending. With the banking sector expected to shrink considerably, other actors, especially institutional investors, and new forms of financial intermediation will have to meet the credit needs of the economy. This may not only require enhancing and enlarging the perimeter of regulatory oversight, but may also need policy incentives to encourage new forms of market based lending, especially as it concerns financing long-term investment, including infrastructure, and SMEs. This was the background for the discussions at the April 2012 OECD Financial Roundtable that this note summarises. On the current outlook, participants agreed that recent policy actions in Europe have had a positive impact but more and longer-term policy actions will be needed to restore confidence among market participants and set the basis for recovery. Deleveraging is necessary but only about half-way completed. Regulatory reforms should support this process in a balanced way, avoid unintended consequences and help the transition towards increased non-bank intermediation by not imposing bank-like regulation on, e.g., insurance companies and hedge funds. Securitisation should be revitalised – perhaps with some (initial) government and regulatory support – to close the bank lending gap, especially for SME lending. Covered bonds can contribute in this, too, but their benefits may be limited, i.a. due to asset encumbrance. Mezzanine financing instruments could be useful for SME financing, and informal forms of equity financing could help small dynamic start-up companies.
    DOI: 10.1787/fmt-2012-5k91hbvfh9g3
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  • 6
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    Sovereign Debt Challenges for Banking Systems and Bond Markets (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: Discussions at the October 2010 OECD Financial Roundtable conveyed a rather sombre view regarding the current outlook and risks, heightened by financial sector weaknesses, ongoing deleveraging and sovereign debt. Policy makers should be prepared for downside risks to materialise along the way to recovery. Low interest rates and low returns pose specific challenges for institutional investors. While sovereign risk is currently a major concern, its measurement is rather complex and markets do not always provide proper guidance. Sovereign ratings can serve as a useful point of reference but should be made more forward-looking and less procyclical. Should default or debt restructuring become necessary, strong political backing can minimise its costs. The European Financial Stability Facility (EFSF) was seen as helpful in providing a backstop. Some optimism was expressed as to the current fiscal adjustments underway to bring public finances back onto a sustainable path. Banking sectors remain fragile, especially in Europe, where, however, the transparency provided by recent stress tests has calmed some fears. Reactivating the wholesale markets for bank funding will be essential going forward. Capitalisation of the US banking sector has improved, but pockets of risk remain in exposures to commercial property by regional and small banks. Contingent convertible (bail-in) bonds could become a useful instrument for sharing the costs of crises, but they need to be made attractive for investors. JEL Classification: G01, G12, G15, G18, G21, G32, H06, H60, H62, H63, H68 Keywords: financial crisis, sovereign risks, public deficits and debt, bond markets, banks
    DOI: 10.1787/fmt-2010-5kgk9qpp5bg5
    URL: Volltext
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  • 7
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    Fostering Long-term Investment and Economic Growth Summary of a High-Level OECD Financial Roundtable (2011)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2011, no. 1, p. 9-29
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 21 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2011, no. 1, p. 9-29
    Keywords: Finance and Investment
    Abstract: As the OECD is celebrating its 50th anniversary, member countries are exiting from the biggest post-war financial and economic crisis and are trying to put their economies back onto strong, sustainable footing. While financial reforms should provide for a better, more sustainable balance between stability and growth, measures to strengthen the savings-investment channel should foster sustainable growth and development. These issues were explored at a High-Level OECD Financial Roundtable and are summarised in this article. Covered are the topics of financial reform to foster stability and long-term growth, the contribution of institutional investors to long-term growth, and creating a better environment for the financing of business innovation and green growth. With strained public sector finances, private capital needs to fill the funding gap for infrastructure and other long-term projects. Appropriate regulatory incentives to overcome short-termism, as well as risk-sharing arrangements e.g. via publicprivate partnerships, are needed in order to encourage market-based, long-term investment and risk capital financing. Better transparency, information and investor education can also play a role in enhancing long-term savings and investment.
    DOI: 10.1787/fmt-2011-5kg55qw1xlr7
    URL: Volltext
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  • 8
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    The financial industry and challenges related to post-crises exit strategies (2010)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2009, no. 2, p. 37-53
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 17 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2009, no. 2, p. 37-53
    Keywords: Finance and Investment
    Abstract: Financial markets have recovered substantially but vulnerabilities remain significant. Ample liquidity may lead to new bubbles, particularly in some emerging markets, and uncertainties about government exit strategies and regulatory changes threaten a fledgling upswing. Co-ordination and communication of exit policies will be important, and exit from policy stimulus should not be precipitated at the current juncture. While financial institutions have increasingly obtained market financing and paid back state aid, the sector remains fragile; thus, such voluntary pay-backs should meet preconditions aimed at ensuring the soundness and sustainability of the concerned institutions’ balance sheets. At the same time, expectations of future writedowns and more stringent capital rules put pressure on bank lending more generally. Restarting securitisation to support lending would be important and could be fostered by government initiatives focussing on standardisation, transparency and due diligence to restore investor confidence. Regulatory reforms currently being proposed concern accounting rules, capital requirements and compensation issues. However, further reforms are required to address such systemic issues as moral hazard created by public support. Measures would include resolution mechanisms for large and systemically important banks as well as appropriately fire-walled business structures for the financial sector. Peer pressure via co-operation in international standard-setting and relevant bodies should help to keep the reform momentum, overcome political impediments to reform and maintain a level playing field.
    DOI: 10.1787/fmt-v2009-art12-en
    URL: Volltext
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  • 9
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    Risks Ahead for the Financial Industry in a Changing Interest Rate Environment (2010)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2010, no. 1, p. 67-84
    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. 2010, no. 1, p. 67-84
    Keywords: Finance and Investment
    Abstract: The current interest rate environment has been conducive to financial institutions assuming exposure to interest rate risks. As interest rates are expected to rise globally, albeit slowly, and current steep yield curves may soon flatten, such risks may materialise in the near future. At the same time, weaknesses in the banking sector still exist, especially for some segments of the European banking sector. While the effects of changes in interest rates and their structure on financial institutions differ, recent changes in asset and funding structures of banks make them generally more vulnerable to a changing interest rate environment. Currency risk exposure has also grown, and regional concentration may pose specific risks. An unravelling of carry trades will have a negative effect on some institutions. Proper risk management can help during an adjustment process, and regulatory reforms underway will better support risk management functions in financial institutions that are, in any case, already adjusting to the new environment. JEL Classification: G01, G12, G15, G21, G32 Keywords: financial crisis, interest rate risks, sovereign risks, bond markets, banks
    DOI: 10.1787/fmt-2010-5km7k9tp5zhh
    URL: Volltext
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  • 10
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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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