OECD Economic Surveys: Israel 2011
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OECD Economic Surveys: Israel 2011

OECD's 2011 Economic Survey of Israel examines recent economic developments, policy and prospects, the housing market, private sector finance, and the energy sector and provides a series of recommendations.
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Date de publication :
12 déc 2011
DOI :
10.1787/eco_surveys-isr-2011-en
 
Chapitre
 

Issues in private-sector finance You do not have access to this content

Anglais
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Auteur(s):
OCDE
Pages :
71–96
DOI :
10.1787/eco_surveys-isr-2011-5-en

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The 2008-09 global financial crisis did not result in the failure of any major financial institution in Israel, but it did reveal vulnerabilities in the non-banking sector – particularly in the corporate-bond market. Conservative regulation of the banking sector helped this segment avoid a financial meltdown, and low loan-to-value ratios in mortgage lending are undoubtedly helping limit the pace of house-price increases. Nevertheless, as elsewhere, capital requirements and stress tests for banks have been ramped up. Also the identification and monitoring of systemic risks and macro-prudential problems has intensified. In the Israeli context somewhat unusual issues arise from the control of most of Israel’s major financial institutions by family-based business groups that have significant interests in non-financial sectors of the economy. This close link between the financial and non-financial sectors generates potential risks to financial stability, and it is a key issue in a wider debate about the relative merits of the business groups in terms of competition and control in the economy.
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