Oecd Journal: Financial Market Trends最新文献_第8页

Systemic Financial Crises: How to Fund Resolution 系统性金融危机:如何融资解决

Oecd Journal: Financial Market Trends Pub Date : 2011-03-18 DOI: 10.1787/FMT-2010-5KGK9QPNBLXW

Sebastian Schich, Byoung-Hwan Kim

引用次数: 15

The Design of Government Guarantees for Bank Bonds: Lessons from the Recent Financial Crisis 银行债券的政府担保设计:近期金融危机的教训

Oecd Journal: Financial Market Trends Pub Date : 2010-09-22 DOI: 10.1787/FMT-2010-5KM7K9TP8T40

A. Levy, Sebastian Schich

{"title":"The Design of Government Guarantees for Bank Bonds: Lessons from the Recent Financial Crisis","authors":"A. Levy, Sebastian Schich","doi":"10.1787/FMT-2010-5KM7K9TP8T40","DOIUrl":"https://doi.org/10.1787/FMT-2010-5KM7K9TP8T40","url":null,"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","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"92 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117173432","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: 44

Oecd Journal: Financial Market Trends Pub Date : 2010-09-22 DOI: 10.1787/FMT-2010-5KM7K9TNZ6HD

H. Blommestein, O. Jensen, T. Olofsson

引用次数: 2

Thinking beyond Basel III: Necessary Solutions for Capital and Liquidity 超越巴塞尔协议III的思考:资本和流动性的必要解决方案

Oecd Journal: Financial Market Trends Pub Date : 2010-09-22 DOI: 10.1787/FMT-2010-5KM7K9TPCJMN

A. Blundell-Wignall, P. Atkinson

{"title":"Thinking beyond Basel III: Necessary Solutions for Capital and Liquidity","authors":"A. Blundell-Wignall, P. Atkinson","doi":"10.1787/FMT-2010-5KM7K9TPCJMN","DOIUrl":"https://doi.org/10.1787/FMT-2010-5KM7K9TPCJMN","url":null,"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.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134111735","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: 324

Risks Ahead for the Financial Industry in a Changing Interest Rate Environment 金融行业在利率变化环境下面临的风险

Oecd Journal: Financial Market Trends Pub Date : 2010-09-22 DOI: 10.1787/FMT-2010-5KM7K9TP5ZHH

Gert D. Wehinger

{"title":"Risks Ahead for the Financial Industry in a Changing Interest Rate Environment","authors":"Gert D. Wehinger","doi":"10.1787/FMT-2010-5KM7K9TP5ZHH","DOIUrl":"https://doi.org/10.1787/FMT-2010-5KM7K9TP5ZHH","url":null,"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","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"2010 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131064301","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

Statistical Yearbook on African Central Government Debt: Overview of a New OECD Publication 非洲中央政府债务统计年鉴:经合组织新出版物概览

Oecd Journal: Financial Market Trends Pub Date : 2010-09-22 DOI: 10.1787/fmt-2010-5km7k9tnwknw

H. Blommestein, Thor Saari

引用次数: 2

Consumer Protection and Financial Innovation: A Few Basic Propositions 消费者保护与金融创新:几个基本命题

Oecd Journal: Financial Market Trends Pub Date : 2010-09-22 DOI: 10.1787/FMT-2010-5KM7K9TP2JXV

S. Lumpkin

{"title":"Consumer Protection and Financial Innovation: A Few Basic Propositions","authors":"S. Lumpkin","doi":"10.1787/FMT-2010-5KM7K9TP2JXV","DOIUrl":"https://doi.org/10.1787/FMT-2010-5KM7K9TP2JXV","url":null,"abstract":"The issue of financial innovation and consumer protection is mostly about access and suitability. Access refers to a situation in which affordable, mainstream financial products are available to all segments of the population across the range of income levels and demographic characteristics. Suitability addresses the appropriateness of the products for particular consumer groups. Innovative products will tend generally to be either positive for access to finance or neutral. But products that actually result in increased access to finance may nonetheless still raise suitability issues. Innovative products can be particularly difficult for retail consumers to understand and better financial education is needed to help address financial illiteracy. In addition, service providers should have appropriate internal controls to minimise the chances that consumers take on inappropriate exposures. Even the best disclosures, alone, may not be adequate, so to avoid situations in which retail investors become involved with unsuitable products, institutions should be “encouraged” to develop sufficient measures for client protection as part of their product development activities. Stricter penalties should be used when needed to address mis-selling, fraud or firm misconduct. JEL Classification: G01, G28, G38. Keywords: Financial innovation, consumer protection, financial regulation","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114898390","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: 21

Current and structural developments in the financial systems of OECD enhanced engagement countries 经合组织金融体系的当前和结构性发展加强了参与国

Oecd Journal: Financial Market Trends Pub Date : 2010-03-30 DOI: 10.1787/FMT-V2009-ART19-EN

John Thompson

{"title":"Current and structural developments in the financial systems of OECD enhanced engagement countries","authors":"John Thompson","doi":"10.1787/FMT-V2009-ART19-EN","DOIUrl":"https://doi.org/10.1787/FMT-V2009-ART19-EN","url":null,"abstract":"This paper discusses the financial systems of OECD Enhanced Engagement Countries (EE5: Brazil, China, India, Indonesia, and South Africa). Rather than providing a comprehensive survey of each financial system, it is designed to highlight some of the salient features of EE5 financial systems, emphasising those aspects of the system that these countries have in common and those that are different from those in OECD countries. While there are significant differences among EE5 countries, this group shares some distinctive characteristics. EE5 have relatively lower financial assets/GDP ratios and their financial intermediation remains relatively bank dominated and less international. Equity markets have reached proportions comparable to those of OECD countries, but fixed income markets (especially private debt markets) remain relatively backward. At the same time, the financial systems of EE5 countries have been developing rapidly supported by steady reforms. Going forward, many institutions outside OECD countries are likely to become bigger players in financial markets, and the emergence of large asset holdings, rising shares of world equity and bond markets and the emergence of powerful financial institutions in new regions of the world are likely to influence the contours of the world financial system in years to come.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125486997","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

Regulatory issues related to financial innovation 与金融创新相关的监管问题

Oecd Journal: Financial Market Trends Pub Date : 2010-03-30 DOI: 10.1787/FMT-V2009-ART14-EN

S. Lumpkin

{"title":"Regulatory issues related to financial innovation","authors":"S. Lumpkin","doi":"10.1787/FMT-V2009-ART14-EN","DOIUrl":"https://doi.org/10.1787/FMT-V2009-ART14-EN","url":null,"abstract":"This note explores various regulatory issues related to financial innovation. It starts from a premise that financial innovations are neither always helpful (or benign) nor always threatening. Innovations have the potential to provide for a more efficient allocation of resources and thereby a higher level of capital productivity and economic growth. Many financial innovations have had this effect. But others have not. Examples of the latter include products that may have been misrepresented to end-users and resulted in delinquencies, bankruptcies or other problems among them, or products that have been inadequately managed with respect to the various credit or market risks they entail. Considerations of problems aside, innovation should be seen as a natural aspect of the workings of a competitive system. Thus, the ideal policy approach is to find an appropriate balance between preserving safety and soundness of the system and allowing financial institutions and markets to perform their intended functions. That approach entails first ensuring that the necessary market-framing and market-perfecting rules are in place and then establishing a proper structure for reviewing financial innovations. Seven steps needed to accomplish this task are outlined in the report.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130704508","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: 65

Insurance companies and the financial crisis 保险公司和金融危机

Oecd Journal: Financial Market Trends Pub Date : 2010-03-30 DOI: 10.1787/FMT-2009-5KS5D4NPXM36

Sebastian Schich

{"title":"Insurance companies and the financial crisis","authors":"Sebastian Schich","doi":"10.1787/FMT-2009-5KS5D4NPXM36","DOIUrl":"https://doi.org/10.1787/FMT-2009-5KS5D4NPXM36","url":null,"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.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"61 6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127150802","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: 73