OECD Journal: Financial Market Trends

Frequency :
1995-2872 (en ligne)
1995-2864 (imprimé)
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The twice-yearly journal from OECD providing timely analyses and statistics on financial matters of topical interest and longer-term developments in specific financial sectors. Each issue provides a brief update of trends and prospects in the international and major domestic financial markets along with articles covering such topics as structural and regulatory developments in OECD financial systems, trends in foreign direct investment, trends in privatization, and financial sector statistics covering areas such as bank profitability, insurance, and institutional investors.

Periodically, a small number of articles within one field of financial sector developments – constituting the so-called special focus for the particular issue – may be included.

Now published as part of the OECD Journal package.


Volume 2012, Numéro 2 You do not have access to this content

Date de publication :
29 mars 2013

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  29 mars 2013 Cliquez pour accéder:  The future of the Asian economic and financial community
Rintaro Tamaki
From its beginning, Asia has been an important region for the OECD in terms of its members and partners. While the region’s economic performance is still strong, structural reforms, underpinned by coherent macroeconomic polices, need to be put in place to maintain this positive momentum. This note focuses on three specific medium- to long-term issues that are important in shaping the future of the Asian economic and financial community: First, in the area of trade, the importance of measuring trade in value added terms; second, funding long-term investment, especially in infrastructure, and making these investments "greener"; third, regional financial cooperation in Asia that should become more solid and robust. Some further policy challenges are shortly addressed at the end where several areas of co-operation between the OECD and the Asian region are highlighted and further possibilities for joint work are briefly explored.
  29 mars 2013 Cliquez pour accéder:  Banking in a challenging environment
Gert Wehinger
The current crisis with its on-going banking sector problems has brought to the fore various cases of financial fraud and banking scandals that have additionally undermined the already low confidence in the sector. This has raised concerns about structural flaws in the way banks operate and are being regulated and supervised. Restoring investor confidence may require new approaches to redesign the incentives, rules and regulations for the financial sector. This was the backdrop for the discussions at the October 2012 OECD Financial Roundtable that this article summarises. Topics covered the current outlook and risks for banks as well as banking business models, ethics and approaches towards risks. Participants pointed out that, while downsizing and adjusting their business models, banks had already made improvements in their risk management. At the same time, the now observed renationalisation of assets could worsen the situation particularly in the European periphery. This could be attenuated by a European Banking Union that would also help to break the detrimental link between banks and sovereigns. As banks are deleveraging, non-banks are substituting for part of the reduced bank lending, but to do so would need regulatory support – while the shadow banking sector more generally will come under closer regulatory and supervisory scrutiny. Consumer groups in particular regard financial consumer protection as important to help improve the social value of financial activities that had often been unproductive, if not destructive. Bank representatives opposed regulatory separation of bank business on the grounds that it is insufficient to address problems of risk taking and control. Finally, it was pointed out that regulatory reforms need to be targeted and harness market forces by balancing penalties and rewards. Governance of regulation should also be enhanced, and regulation should be proactive and be complemented by strong macro and micro-supervision. Co-ordinating reforms should ensure a level playing field, but a one-size-fits-all approach should be avoided.
  29 mars 2013 Cliquez pour accéder:  Business models of banks, leverage and the distance-to-default
Adrian Blundell-Wignall, Caroline Roulet
This study models the distance-to-default (DTD) of a large sample of banks with the aim of shedding light on policy and regulatory issues. The determinants of the distance-to-default in a panel sample of 94 banks over the period 2004 to 2011, controlling for the market beta of each bank, includes house prices, relative size, simple leverage, derivatives gross market value of exposure, trading assets, wholesale funding and cross-border revenue. The Basel Tier 1 ratio finds no support as a predictor of default risk. The un-weighted leverage ratio, on the other hand, finds strong support. At the macro level house prices are a powerful predictor of the DTD. At the business model level, the results appear to be consistent with an approach to policy that focuses on the apparent importance of the "size-derivativesleverage- wholesale funding nexus" in influencing the DTD of banks. While these results are preliminary, it is encouraging that the out-of-sample predictive power of the model improves systematically as each year of new observations is added. The results are also consistent with some central bank involvement in the supervision process, given the importance of the asset price cycle, identified in this study.
  29 mars 2013 Cliquez pour accéder:  Developments in the value of implicit guarantees for bank debt
Sebastian Schich, Byoung-Hwan Kim
High values of implicit guarantees for bank debt can be taken as signalling the market’s expectation that public authorities will rescue the institution in question in times of severe financial distress. By the same token, declines in the measure would suggest a drop in the perceived likelihood of such a bailout, perhaps reflecting the availability of more effective failure resolution tools (although they could also reflect other factors such an improvement in the asset quality of banks).
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