Other publications - 2002 to 2007

Date Titles
Sep 2005

Ageing and pension system reform: implications for financial markets and economic policies

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

Turbulence in Asset Markets: the Role of Micro Policies

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

Insolvency Arrangements and Contract Enforceability

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

Insolvency Arrangements and Contract Enforceability - Contact group on the legal and institutional underpinnings of the international financial system