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OECD Journal : Financial Market Trends
Number of Followers: 14  
 
  Full-text available via subscription Subscription journal
ISSN (Print) 1995-2864 - ISSN (Online) 1995-2872
Published by OECD Homepage  [80 journals]
  • Green financing: Challenges and opportunities in the transition to a clean
           and climate-resilient economy
    • Abstract: Greening the economy involves improving the quality of the environment and tackling climate change, and is a major policy, economic and financial challenge. Key issues that have emerged in this context relate to financing climate change mitigation and adaptation and how to close the financing gap to fund the needed low-carbon investments. Beyond such capital mobilisation there is the more general challenge of whether and how the financial system can enable capital reallocation consistent with the “green” transition and for the long run, and what risks, opportunities and incentives are involved. This article provides a brief overview and summarises an OECD roundtable discussion on these issues. JEL classification: Q54, E10, E44, G12, G14, G21, G22, G23, G28.
      Keywords: Climate change, low carbon, climate finance, green finance, investment, capital allocation, financial system, disclosure, stranded assets, risks, COP21.                                                      
      PubDate: 2017-03-10T00:00:00Z
       
  • The evolution of insurer portfolio investment strategies for long-term
           investing
    • Abstract: The recent global financial crisis, combined with regulatory changes in financial industries, has altered the financial landscape in terms of how financing can be achieved and the potential role of institutional investors. The potential role that insurers, particularly life insurers and pension funds, can play as long-term institutional investors has become a central topic of discussion in various fora. How this role develops will, in the long run, affect how firms obtain financing for their investments and ultimately lead to growth of the real economy. This article provides an overview of the evolving investment strategies of insurers and identifies the opportunities and constraints they may face with respect to long-term investment activity. The report investigates the extent to which changes in macroeconomic conditions, market developments and insurance regulation may affect the role of insurers in long-term investment financing. It concludes that regulation should neither unduly favour nor hinder long-term investment as such but place priority on incentivising prudent assetand- liability management with mechanisms that allow for a “true and fair view” of insurers’ risk exposures. In risk-based solvency regulation, an asset’s risk relative to liabilities is reflected in the capital requirements.
      JEL classification: G22, E22, F21, O16,
      Keywords: insurance, long-term investment, asset-liability management, risk-based capital
      PubDate: 2016-12-17T00:00:00Z
       
  • Analytical tools for the insurance market and macro-prudential
           surveillance
    • PubDate: 2016-11-10T00:00:00Z
       
  • Estimating the size and incidence of bank resolution costs for selected
           banks in OECD countries
    • Abstract: This report provides estimates of the costs associated with bank resolution both in terms of the expected costs that might arise should a bank fail (i.e. as “ex-post” costs), as well as the cost associated with the likelihood that a solvent bank might fail (i.e. as “ex-ante” costs) over the next year. It finds that expected resolution costs (ex-post costs) have dropped recently due to higher average capital ratios and a lower level of bank liabilities as a percentage of GDP. The annualised value of these expected resolution costs (ex-ante costs), which increased sharply after 2008, has since subsided, but remains well above its 2008 level. Overall, the estimates produced in this report support the notion that recent financial sector reforms have had an impact on reducing the costs associated with bank failure, including the expected costs to taxpayers. However, estimates are in most cases yet to return to pre-crisis levels.
      PubDate: 2016-07-07T00:00:00Z
       
  • Evaluating capital flow management measures used as macro-prudential tools
    • Abstract: Earlier OECD research has shown that capital flow management measures (CFMs) that are used as macro-prudential measures (MPMs), including currency-based restrictions applied to banks’ operations also with non-residents, have the intended negative impact on capital account openness as measured by covered interest parity indicators. But what is their impact as macro-prudential tools to improve resilience to financial stability risks'
      This paper refers to the Bruno and Shin (2013) study that suggests that currency-based restrictions act as an effective macro-prudential buffer by reducing the sensitivity in emerging economies of cross-border bank lending to global credit cycles as measured by the volatility index VIX. The specific restrictions considered by the Bruno and Shin study are defined as CFMs and MPMs by both the IMF and the OECD. The paper shows that this result is mitigated when using updated data and testing the same hypotheses for more countries. Therefore further research is needed before concluding on the effectiveness of CFMs used as MPMs. On the other hand, the paper does find that CFMs, including currency-based measures, play a role in managing the domestic credit implications of those central banks engaged in foreign exchange interventions.
      The paper suggests that countries concerned with financial stability risks that may arise from global credit push factors, while wishing to avoid price distortions caused by CFMs, could use Basel III-consistent liquidity coverage ratios and net stable funding ratios as alternatives to CFMs; they also have the advantage of not having raised objections between governments so far regarding international commitments to exchange rate flexibility and cross-border openness, including the OECD Code of Liberalisation of Capital Movements.
      PubDate: 2016-04-22T00:00:00Z
       
  • Financial risks in the low-growth, low-interest rate environment
    • Abstract: The current post-crisis economic and financial landscape has been characterised by rising asset prices – driven by record low interest rates and easy monetary policy – and low productive investment by firms in advanced countries. The OECD Business and Finance Outlook 2015 examines this situation and looks at the way in which companies, banks, institutional investors and shadow banking entities are operating in the low-growth and low-interest rate environment and explores the build-up of risks in the financial system. The “promises” of growth, employment, and adequate retirement income are seen to be at risk in the absence of policy actions. These issues were also discussed at a launch event of that publication, a summary of which is presented in this article. JEL classification: E2, E4, E5, F21, F23, G1, G2.
      Keywords: financial system, financial crisis, asset prices, financial institutions, institutional investors, shadow banking, pension systems, retirement income, financial education.
      PubDate: 2016-04-22T00:00:00Z
       
 
 
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