Oecd Journal: Financial Market Trends最新文献_第6页

OECD Statistical Yearbook on African Central Government Debt: Summary and Overview 经合组织非洲中央政府债务统计年鉴:摘要和概览

Oecd Journal: Financial Market Trends Pub Date : 2011-09-20 DOI: 10.1787/FMT-2011-5KG55QW0GTNN

H. Blommestein, P. Flores

引用次数: 2

How to Foster Investments in Long-Term Assets such as Infrastructure 如何促进对基础设施等长期资产的投资

Oecd Journal: Financial Market Trends Pub Date : 2011-09-20 DOI: 10.1787/FMT-2011-5KG55QW0ZG9R

Thierry Déau

{"title":"How to Foster Investments in Long-Term Assets such as Infrastructure","authors":"Thierry Déau","doi":"10.1787/FMT-2011-5KG55QW0ZG9R","DOIUrl":"https://doi.org/10.1787/FMT-2011-5KG55QW0ZG9R","url":null,"abstract":"Mobilising private sector funding is essential in bridging the infrastructure funding gap. This can be done by appropriate regulation, targeted public financial support, and active involvement by institutional investors. Creating an appropriate policy framework and lifting regulatory constraints on long-term investments will foster financial stability of retirement savings systems and enable the development of strategic infrastructure projects that contribute to long-term growth. As capital markets and bank funding have dried up as sources of infrastructure financing after the global financial crisis, finding alternative long-term debt sources is critical. Private infrastructure financing can be promoted by targeted public measures and by building an infrastructure management culture amongst asset managers. Infrastructure investments also require long-term policy planning, with long-term strategic policy frameworks that exceed political cycles and are built on wide political consensus. Stable and accessible programmes of infrastructure projects and public-private partnerships (PPPs) are key in attracting private sector investors, complemented by adequate regulation.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126254557","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: 7

Infrastructure Needs and Pension Investments: Creating the Perfect Match 基础设施需求和养老金投资:创造完美匹配

Oecd Journal: Financial Market Trends Pub Date : 2011-09-20 DOI: 10.1787/FMT-2011-5KG55QW1LM0S

Frederic Ottesen

{"title":"Infrastructure Needs and Pension Investments: Creating the Perfect Match","authors":"Frederic Ottesen","doi":"10.1787/FMT-2011-5KG55QW1LM0S","DOIUrl":"https://doi.org/10.1787/FMT-2011-5KG55QW1LM0S","url":null,"abstract":"The life insurance and pensions sector manages large funds with a truly long time horizon. These investors therefore naturally seek long-dated assets to match their liabilities. Real assets or real cash flows are preferred in order to hedge against inflation, which is particularly relevant for pension funds in order to assure a decent purchasing power for their clients’ retirement income. Many countries have the daunting tasks of refurbishing and expanding infrastructure, maintaining and expanding public real estate – and doing this in an environmentally friendly manner. Well-conceived infrastructure investments promote productivity and efficiency in both the public and private sector and foster economic – potentially also “green” – growth. Large amounts of capital are needed. Many nations cannot tap the private capital markets as easily as before. Infrastructure investments could be the “perfect match” for a portion of pension savings. Therefore, the link between the capital at hand and its accessibility for infrastructure investments needs to be improved, via regulation, co-operation and communication that foster public-private partnerships, as well as government leadership.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126263386","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: 11

The Contribution of the Asset Management Industry to Long-term Growth 资产管理行业对长期增长的贡献

Oecd Journal: Financial Market Trends Pub Date : 2011-09-20 DOI: 10.1787/FMT-2011-5KG55QW1N6F7

G. Costanzo

{"title":"The Contribution of the Asset Management Industry to Long-term Growth","authors":"G. Costanzo","doi":"10.1787/FMT-2011-5KG55QW1N6F7","DOIUrl":"https://doi.org/10.1787/FMT-2011-5KG55QW1N6F7","url":null,"abstract":"The global asset management industry was severely hit by the worldwide financial crisis, but has recovered well from the crisis. The resiliency of the asset management industry can be explained by a more diversified industry and investors turning to greater diversification in asset classes. The asset management industry is a vital source of economic growth as intermediary in the savings-investment channel. The industry is also one of the most important providers of liquidity needed to ensure smooth functioning of capital markets and provides the means for its clients to diversify their portfolios and achieve their investment goals. Asset managers should act as the ‘stewards’ of their clients’ interest. But less ‘sticky’ liabilities tend to create short-termism of asset managers. A sound governance framework, more transparency, better communication with clients and better management of their expectations may be needed to overcome this problem. But clients themselves, at the institutional as well as retail level, will also have to adopt a more long-term view to appropriately evaluate the risk and returns of their portfolios. Vehicles for longterm retail investment need to be developed and support by fiscal and other incentives may be considered.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"72 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121926631","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: 7

Financial Stability, Fiscal Consolidation and Long-Term Investment after the Crisis 危机后的金融稳定、财政整顿与长期投资

Oecd Journal: Financial Market Trends Pub Date : 2011-09-20 DOI: 10.1787/FMT-2011-5KG55QW1VBJL

Franco Bassanini, E. Reviglio

引用次数: 38

Promoting Longer-Term Investment by Institutional Investors: Selected Issues and Policies 促进机构投资者的长期投资:选择问题和政策

Oecd Journal: Financial Market Trends Pub Date : 2011-09-20 DOI: 10.1787/FMT-2011-5KG55B0Z1KTB

Raffaele Della Croce, F. Stewart, Juan Yermo

{"title":"Promoting Longer-Term Investment by Institutional Investors: Selected Issues and Policies","authors":"Raffaele Della Croce, F. Stewart, Juan Yermo","doi":"10.1787/FMT-2011-5KG55B0Z1KTB","DOIUrl":"https://doi.org/10.1787/FMT-2011-5KG55B0Z1KTB","url":null,"abstract":"Institutional investors in OECD countries held over USD 65 trillion in assets at the end of 2009, and they are growing fast in emerging economies where Sovereign Wealth Funds still predominate as source of long-term capital. Concerns about short-termism and corporate governance have led to calls for more “responsible” and longer-term investment, especially by institutional investors that manage retirement savings. Long-term investors could provide benefits by acting counter-cyclically, engaging as active shareholders, considering environmental and other longer-term risks and by financing long-term, productive activities that support sustainable growth. This requires transformational change in investor behavior, i.e. a new “investment culture”, and various major policy initiatives. This article has been designed to stimulate discussion on the benefits of long-term investing for growth, sustainable development and financial stability, and regulatory and other barriers that impede such investment. Drawing on existing OECD work and guidelines, it also puts forward tentative policy proposals to encourage long-term investing, thus preparing the ground for further analysis and data collection to be undertaken by the OECD in this area.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123223039","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: 92

Financing Future Growth: The Need for Financial Innovations 为未来增长融资:金融创新的必要性

Oecd Journal: Financial Market Trends Pub Date : 2011-09-20 DOI: 10.1787/FMT-2011-5KG55QW0V76F

Z. Bodie, M. Brière

{"title":"Financing Future Growth: The Need for Financial Innovations","authors":"Z. Bodie, M. Brière","doi":"10.1787/FMT-2011-5KG55QW0V76F","DOIUrl":"https://doi.org/10.1787/FMT-2011-5KG55QW0V76F","url":null,"abstract":"Attracting long-term investors from the private sector or in public-private partnerships for stable long-term investment in the innovative sectors and industries needed to generate sustained growth is crucial. Long-term investors want assets that generate regular cash flows, often linked to inflation. While equities seem today less appropriate for long-term investors’ needs, particularly in the context of the recent regulatory changes, inflation-linked bonds, very-long dated conventional bonds, project bonds or specific derivatives better meet their requirements. It seems highly likely that the expansion and increasing regulation of long-term investors in both developed and emerging countries will trigger the development of new financial instruments compatible with long-term investment. While long-term investors are the natural sources of growth financing, they are not necessarily capable of assuming all the associated risks. Establishing and/or developing national or supranational institutions that can partly assume or at least structure some of these risks and thus offer end-investors the products they need is therefore essential. Strict regulation of the new markets arising from this process will also be vital.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123768499","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: 5

Guarantee Arrangements for Financial Promises 财务承诺的担保安排

Oecd Journal: Financial Market Trends Pub Date : 2011-09-20 DOI: 10.1787/FMT-2011-5KG55QW0NKF5

Sebastian Schich, Byoung-Hwan Kim

引用次数: 20

Creating a Better Business Environment for Financing Business, Innovation and Green Growth 为企业融资、创新和绿色增长创造更好的营商环境

Oecd Journal: Financial Market Trends Pub Date : 2011-09-20 DOI: 10.1787/FMT-2011-5KG55QW0X7XX

R. Pelly, Helmut Krämer-Eis

引用次数: 8

Fostering Long-term Investment and Economic Growth: A Long-term Investor's View 促进长期投资与经济增长:一个长期投资者的观点

Oecd Journal: Financial Market Trends Pub Date : 2011-09-20 DOI: 10.1787/FMT-2011-5KG55QW1R6R6

Olivier Mareuse

引用次数: 5