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Oecd Journal: Financial Market Trends最新文献

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Dealing with the crisis and thinking about the exit strategy 应对危机，思考退出策略
Oecd Journal: Financial Market Trends Pub Date : 2009-09-25 DOI: 10.1787/FMT-V2009-ART1-EN
A. Blundell-Wignall, P. Atkinson, Se Hoon Lee
{"title":"Dealing with the crisis and thinking about the exit strategy","authors":"A. Blundell-Wignall, P. Atkinson, Se Hoon Lee","doi":"10.1787/FMT-V2009-ART1-EN","DOIUrl":"https://doi.org/10.1787/FMT-V2009-ART1-EN","url":null,"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.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132297506","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 9
Retirement saving and the payout phase: How to get there and how to get the most of it 退休储蓄和支付阶段:如何到达那里以及如何获得最大收益
Oecd Journal: Financial Market Trends Pub Date : 2009-09-25 DOI: 10.1787/FMT-V2009-ART6-EN
I. Visco
{"title":"Retirement saving and the payout phase: How to get there and how to get the most of it","authors":"I. Visco","doi":"10.1787/FMT-V2009-ART6-EN","DOIUrl":"https://doi.org/10.1787/FMT-V2009-ART6-EN","url":null,"abstract":"In the wake of a dramatic financial crisis and with the first waves of baby boomers approaching retirement we hardly need to think about how best to arrive at the pension funds' payout phase. This paper argues that there is an urgent need to raise retirement saving, to reduce defined contribution plan members' exposure to investment risks and to provide the financial industry with cheap and safe payout instruments. These challenges are also likely to call for a more active government role.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115053527","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Challenges for financial intermediaries offering asset decumulation products 提供资产增值产品的金融中介机构面临的挑战
Oecd Journal: Financial Market Trends Pub Date : 2009-01-07 DOI: 10.1787/FMT-V2008-ART15-EN
Sebastian Schich
{"title":"Challenges for financial intermediaries offering asset decumulation products","authors":"Sebastian Schich","doi":"10.1787/FMT-V2008-ART15-EN","DOIUrl":"https://doi.org/10.1787/FMT-V2008-ART15-EN","url":null,"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.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128636154","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Recent trends in institutional investors statistics 机构投资者统计的近期趋势
Oecd Journal: Financial Market Trends Pub Date : 2009-01-07 DOI: 10.1787/FMT-V2008-ART20-EN
Eric Gonnard, Eun Jung Kim, Isabelle Ynesta
{"title":"Recent trends in institutional investors statistics","authors":"Eric Gonnard, Eun Jung Kim, Isabelle Ynesta","doi":"10.1787/FMT-V2008-ART20-EN","DOIUrl":"https://doi.org/10.1787/FMT-V2008-ART20-EN","url":null,"abstract":"Data to measure and analyse the increasing role of institutional investors in capital markets has been collected and published by the OECD for a number of years.This dataset is now integrated in the framework of the OECD Financial Accounts. This article presents an overview of institutional investors’ assets, their components and their development in the aggregate and by country.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123278698","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 49
Pension fund governance 养老基金治理
Oecd Journal: Financial Market Trends Pub Date : 2009-01-07 DOI: 10.1787/241402256531
F. Stewart, Juan Yermo
{"title":"Pension fund governance","authors":"F. Stewart, Juan Yermo","doi":"10.1787/241402256531","DOIUrl":"https://doi.org/10.1787/241402256531","url":null,"abstract":"Good governance is increasingly recognized as an important aspect of an efficient private pension system, enhancing investment performance and benefit security. Yet, despite regulatory and industry initiatives, governance weaknesses persist across OECD and non-OECD countries. This paper highlights the main governance challenges faced by policymakers (particularly with trust-based pension systems), and draws on recent policy initiatives to propose possible solutions to strengthen governance arrangements.\u0000The paper suggests that some of the more serious cases of governance failures could be solved through a more balanced representation of stakeholders in the governing body, higher levels of expertise (which may be achieved via training or the use of independent trustees) and the implementation of codes of conduct addressing conflicts of interest. The absence of governance arrangements for defined contribution style pension plans also needs to be addressed, potentially via management committees, increased fiduciary responsibility for relevant parties or via a strengthened role for pension supervisory authorities. Consolidation of the pension industry in some countries may also be required to achieve economies of scale and reduce costs, which in turn would allow pension funds to dedicate more resources to strengthening their internal governance.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133245968","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 31
Financial crisis: Deposit insurance and related financial safety net aspects 金融危机:存款保险及相关金融安全网方面
Oecd Journal: Financial Market Trends Pub Date : 2009-01-07 DOI: 10.1787/FMT-V2008-ART12-EN
Sebastian Schich
{"title":"Financial crisis: Deposit insurance and related financial safety net aspects","authors":"Sebastian Schich","doi":"10.1787/FMT-V2008-ART12-EN","DOIUrl":"https://doi.org/10.1787/FMT-V2008-ART12-EN","url":null,"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.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116787200","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 79
The current financial crisis 当前的金融危机
Oecd Journal: Financial Market Trends Pub Date : 2009-01-07 DOI: 10.1787/fmt-v2008-art10-en
A. Blundell-Wignall, P. Atkinson, Se Hoon Lee
{"title":"The current financial crisis","authors":"A. Blundell-Wignall, P. Atkinson, Se Hoon Lee","doi":"10.1787/fmt-v2008-art10-en","DOIUrl":"https://doi.org/10.1787/fmt-v2008-art10-en","url":null,"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.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"25 6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129117557","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 74
Lessons from the financial market turmoil 金融市场动荡的教训
Oecd Journal: Financial Market Trends Pub Date : 2009-01-07 DOI: 10.1787/FMT-V2008-ART11-EN
Gert D. Wehinger
{"title":"Lessons from the financial market turmoil","authors":"Gert D. Wehinger","doi":"10.1787/FMT-V2008-ART11-EN","DOIUrl":"https://doi.org/10.1787/FMT-V2008-ART11-EN","url":null,"abstract":"This financial crisis, ending a period of search for yield and increased risktaking,has triggered various policy responses, ranging from more ad-hoc measures initially to more structured and co-ordinated financial sector rescue actions as the crisis evolved. Lessons drawn so far should help to devise longer-term, more encompassing and more consistent policies. Various reforms are being proposed by the financial industry as well as by official authorities and international standard-setting bodies, many of which arrive at similar conclusions regarding the causes of and remedies for the crisis. Shortcomings in risk management, including compensation schemes, governance structures, liquidity and counterparty risk, need to be addressed.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126609087","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Revisiting the asset-meltdown hypothesis 重新审视资产崩溃假说
Oecd Journal: Financial Market Trends Pub Date : 2009-01-07 DOI: 10.1787/FMT-V2008-ART16-EN
Sebastian Schich
{"title":"Revisiting the asset-meltdown hypothesis","authors":"Sebastian Schich","doi":"10.1787/FMT-V2008-ART16-EN","DOIUrl":"https://doi.org/10.1787/FMT-V2008-ART16-EN","url":null,"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.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122299582","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 12
Resolutions of weak institutions: Lessons learned from previous crises 薄弱机构的处置:从以往危机中吸取的教训
Oecd Journal: Financial Market Trends Pub Date : 2009-01-07 DOI: 10.1787/FMT-V2008-ART13-EN
S. Lumpkin
{"title":"Resolutions of weak institutions: Lessons learned from previous crises","authors":"S. Lumpkin","doi":"10.1787/FMT-V2008-ART13-EN","DOIUrl":"https://doi.org/10.1787/FMT-V2008-ART13-EN","url":null,"abstract":"The present financial crisis may be added to a growing list of episodes worldwide in which financial sector problems have become systemic in nature. Many OECD countries have been affected, either directly or through the transmission of problems cross-border. Most financial crises share a number of common elements.For instance, financial innovation has often played a role in distress episodes, in many cases, having much to do with their idiosyncratic aspects. For example, structured credit products and the latest incarnation of the originate-and-distribute model of intermediation have been at the epicentre of the current crisis. It differs from other crisis episodes in having a sub-component of the residential mortgage sector as its trigger, while previous crises have more often been prompted by problems in the commercial mortgage market and with corporate clients.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"11 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132541678","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 15
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