Oecd Journal: Financial Market Trends最新文献_第9页

The elephant in the room: The need to deal with what banks do 房间里的大象:需要处理银行的业务

Oecd Journal: Financial Market Trends Pub Date : 2010-03-30 DOI: 10.1787/FMT-V2009-ART11-EN

A. Blundell-Wignall, Gert D. Wehinger, Patrick Slovik

{"title":"The elephant in the room: The need to deal with what banks do","authors":"A. Blundell-Wignall, Gert D. Wehinger, Patrick Slovik","doi":"10.1787/FMT-V2009-ART11-EN","DOIUrl":"https://doi.org/10.1787/FMT-V2009-ART11-EN","url":null,"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.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"89 10","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131878300","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: 68

Expanded guarantees for banks: Benefits, costs and exit issues 扩大银行担保:收益、成本和退出问题

Oecd Journal: Financial Market Trends Pub Date : 2010-03-30 DOI: 10.1787/FMT-V2009-ART16-EN

Sebastian Schich

{"title":"Expanded guarantees for banks: Benefits, costs and exit issues","authors":"Sebastian Schich","doi":"10.1787/FMT-V2009-ART16-EN","DOIUrl":"https://doi.org/10.1787/FMT-V2009-ART16-EN","url":null,"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.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"272 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":"124206324","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: 28

Responding to the crisis: Changes in OECD government debt issuance procedures, portfolio management and primary dealer systems 应对危机:经合组织政府债券发行程序、投资组合管理和一级交易商系统的变化

Oecd Journal: Financial Market Trends Pub Date : 2010-03-30 DOI: 10.1787/FMT-V2009-ART21-EN

H. Blommestein

{"title":"Responding to the crisis: Changes in OECD government debt issuance procedures, portfolio management and primary dealer systems","authors":"H. Blommestein","doi":"10.1787/FMT-V2009-ART21-EN","DOIUrl":"https://doi.org/10.1787/FMT-V2009-ART21-EN","url":null,"abstract":"Tougher issuance conditions related to the surge in government borrowing needs are the reasons why issuance arrangements have not always been working as efficiently as before the crisis. This prompted debt management offices (DMOs) in the OECD area to review existing issuance policies and procedures. The crisis also had an impact on the use of indicators or guidelines relating to the key risks of the maturity structure of issuance or outstanding debt. Although OECD issuance procedures are likely to differ considerably at the level of technical standards and detailed institutional arrangements, increased integration of global financial markets has encouraged the standardisation of financial instruments and convergence of general issuance procedures. As a result, OECD issuance policies and procedures are broadly similar with a high degree of transparency and predictability. However, in response to tougher issuance conditions, DMOs have implemented changes in existing issuance procedures and policies that may have led to a somewhat greater diversity of primary market arrangements and procedures. The paper also reviews strategies and indicators for the management of the debt portfolio. Although issuance procedures and targets for portfolio management may have become somewhat more opportunistic in some jurisdictions, debt managers continue to emphasise the importance of transparency and predictability.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"11 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":"134412605","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: 1

The financial industry and challenges related to post-crises exit strategies 金融行业与危机后退出战略相关的挑战

Oecd Journal: Financial Market Trends Pub Date : 2010-03-30 DOI: 10.1787/FMT-V2009-ART12-EN

Gert D. Wehinger

{"title":"The financial industry and challenges related to post-crises exit strategies","authors":"Gert D. Wehinger","doi":"10.1787/FMT-V2009-ART12-EN","DOIUrl":"https://doi.org/10.1787/FMT-V2009-ART12-EN","url":null,"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.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"149 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":"122910928","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

The surge in borrowing needs of OECD governments 经合组织成员国政府借款需求激增

Oecd Journal: Financial Market Trends Pub Date : 2010-03-30 DOI: 10.1787/FMT-2009-5KMN0VN9G28Q

H. Blommestein, A. Gok

{"title":"The surge in borrowing needs of OECD governments","authors":"H. Blommestein, A. Gok","doi":"10.1787/FMT-2009-5KMN0VN9G28Q","DOIUrl":"https://doi.org/10.1787/FMT-2009-5KMN0VN9G28Q","url":null,"abstract":"OECD governments are facing ongoing, unprecedented challenges in raising smoothly large volumes of funds at lowest possible cost, while balancing refinancing-, repricing- and interest rate risks. Amidst continued uncertainty about the pace of recovery as well as the timing and sequencing of the steps of the exit strategy, gross borrowing needs of OECD governments are expected to reach almost USD 16 trillion in 2009, up from an earlier estimate of around USD 12 trillion. The tentative outlook for 2010 shows a stabilising borrowing picture at around the level of USD 16 trillion. A looming additional challenge is the risk that when the recovery gains traction, yields will start to rise. Although there are signs that issuance conditions are becoming tougher, most OECD debt managers have been successful in financing the surge in funding needs. Less successful auctions can therefore best be interpreted as \"single market events\" and not as unambiguous evidence of systemic market absorption problems. The future could become more challenging though, given that rising issuance is occurring in tandem with increasing overall debt levels and debt service costs. In response, sovereign debt managers, with the essential support of the fiscal authorities, need to implement a timely and credible medium-term exit strategy to avoid future \"crowding out\" and systemic issuance problems, while reducing government borrowing costs.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"51 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":"122168870","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: 4

Private pensions and the financial crisis: How to ensure adequate retirement income from DC pension plans 私人养老金和金融危机:如何确保DC养老金计划有足够的退休收入

Oecd Journal: Financial Market Trends Pub Date : 2010-03-30 DOI: 10.1787/FMT-V2009-ART22-EN

P. Antolín

{"title":"Private pensions and the financial crisis: How to ensure adequate retirement income from DC pension plans","authors":"P. Antolín","doi":"10.1787/FMT-V2009-ART22-EN","DOIUrl":"https://doi.org/10.1787/FMT-V2009-ART22-EN","url":null,"abstract":"The current economic and financial crisis has shaken confidence in funded pension systems in general and in defined contribution (DC) pension plans in particular. The crisis has highlighted the impact of market conditions on retirement savings accumulated in DC pension plans and the uncertainty as to whether those retirement savings may prove adequate to finance retirement – particularly for those close to retirement. The purpose of this paper is to provide recommendations on how to ensure adequate retirement income from DC pension plans. In this context, this paper addresses three main questions: 1) How much do people need to save? 2) How can the effects of market risk on DC pension plans be alleviated? 3) How can retirement income be protected during the payout phase? The analysis concludes that in order to deliver adequate retirement income from DC pension plans with a certain degree of certainty, there is a need for comprehensive measures which include: higher contributions; increasing the contribution period by postponing retirement; setting as default options relatively conservative investment policies including life-cycle strategies; and managing risk in the payout phase with inflationindexed life annuities.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"2009 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":"130805775","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

The turmoil and the financial industry: Developments and policy responses 动荡与金融业:发展与政策应对

Oecd Journal: Financial Market Trends Pub Date : 2009-09-25 DOI: 10.1787/FMT-V2009-ART2-EN

Gert D. Wehinger

引用次数: 7

New challenges in the use of governement debt issuance procedures, techniques and policies in OECD markets 在经合组织市场中使用政府债券发行程序、技术和政策的新挑战

Oecd Journal: Financial Market Trends Pub Date : 2009-09-25 DOI: 10.1787/FMT-V2009-ART9-EN

H. Blommestein

引用次数: 13

Evaluating risk sharing in private pensions plans 评估私人养老金计划的风险分担

Oecd Journal: Financial Market Trends Pub Date : 2009-09-25 DOI: 10.1787/FMT-V2009-ART7-EN

H. Blommestein, Pascal Janssen, N. Kortleve, Juan Yermo

引用次数: 5

Expanded government guarantees for bank liabilities: Selected issues 扩大政府对银行负债的担保:选定问题

Oecd Journal: Financial Market Trends Pub Date : 2009-09-25 DOI: 10.1787/FMT-V2009-ART4-EN

Sebastian Schich

引用次数: 17