Other publications - 2000 to 2005

Date Titles
Sep 2005

The principal conclusions and recommendations are as follows: changes under way in public and private pension schemes may increase significantly the influence of retirement saving and related capital flows in financial markets; governments could help to facilitate the development and expansion of markets for undersupplied financial instruments that will be useful for retirement savings and the provision of pension benefits; regulatory and supervisory developments should aim to influence and support the trend towards more rigorous risk management, greater transparency, and better governance at private pension funds, also by ensuring consistency between funding and prudential requirements and accounting standards; ...

Jan 2003

Several factors suggest that asset markets affect economies more today than they did two decades ago. Financial liberalisation has led to a steady increase in the stock of financial assets, and the ownership of financial instruments has widened immensely. Continued economic integration has increased the correlation between asset markets and has reduced individual countries' scope to avoid market shocks. Financial liberalisation also appears to have led to larger credit cycles and to credit growth becoming more procyclical. Somewhat paradoxically, this development has taken place alongside the achievement of macroeconomic stability in many western countries. Hence, price stability has not automatically brought about financial stability. This insight, plus the fact that ...

Dec 2002

Recent episodes of financial stress (Enron, LTCM, LTCB) demonstrate the importance of having effective means to achieve the rapid, efficient and equitable resolution of troubled and insolvent companies with extensive financial operations. The challenge is made greater by the increasing global reach of ever larger and more complex financial institutions and non-financial firms with substantial financial activities. The rapid evolution of the environment in which insolvencies occur and the more measured evolution of insolvency regimes have created notable tensions and significant pressures for change. Effective resolution techniques are needed for financial institutions and other active financial market participants in order to contain systemic risk, limit moral hazard and ...

Dec 2002

Sep 2002

It is widely recognised that an important factor complicating the rapid and orderly resolution of sovereign debt crises is the collective action problem, whereby the incentives for individual creditors diverge from those of creditors as a whole. This problem has become more acute as bond finance has accounted for an increasing share of sovereign borrowing, leading to growing interest in mechanisms to facilitate faster and more orderly debt restructuring. In that context, the G10 Ministers and Governors have approved the public release of a report prepared by a working group operating under their auspices. The report sets out the key features of collective action clauses for sovereign bonds that the G10 Ministers and Governors believe would, if widely adopted, make ...

Jan 2001

The ongoing consolidation of financial institutions is one of the most notable contemporary features of the financial landscape both within and across many industrial countries. In recognition of this fact, and its potential implications for public policy in a variety of areas, in September 1999 Finance Ministers and central bank Governors of the Group of Ten asked their Deputies to conduct a study of financial consolidation and its potential effects. This Report presents the results of that study.