The financial crisis: reform and exit strategies
The financial crisis required governments to make massive interventions in their financial systems. This book sets out priorities for reforming incentives in financial markets as well as for phasing out these emergency measures.--Publisher's description.
Saved in:
| Format: | Book |
|---|---|
| Language: | English |
| Published: |
Paris
OECD
2009
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Summary: | The financial crisis required governments to make massive interventions in their financial systems. This book sets out priorities for reforming incentives in financial markets as well as for phasing out these emergency measures.--Publisher's description. |
| Item Description: | Also available in French: La crise financière : réforme et stratégies de sortie Includes bibliographical references |
| Physical Description: | 99 S. graph. Darst. |
| ISBN: | 9264073019 9789264073012 |
Staff View
MARC
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| 245 | 1 | 0 | |a The financial crisis |b reform and exit strategies |
| 246 | 1 | 3 | |a La> crise financière |
| 264 | 1 | |a Paris |b OECD |c 2009 | |
| 300 | |a 99 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 500 | |a Also available in French: La crise financière : réforme et stratégies de sortie | ||
| 500 | |a Includes bibliographical references | ||
| 520 | 3 | |a The financial crisis required governments to make massive interventions in their financial systems. This book sets out priorities for reforming incentives in financial markets as well as for phasing out these emergency measures.--Publisher's description. | |
| 650 | 4 | |a Financial crises | |
| 650 | 0 | 7 | |a Finanzkrise |0 (DE-588)7635855-0 |2 gnd |9 rswk-swf |
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| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe, PDF |z 978-92-64-07303-6 |
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Record in the Search Index
| _version_ | 1804140687793324032 |
|---|---|
| adam_text | Table
of
Contents
Summary of Main Themes
......................................................................9
Reform Principles
........................................................................................9
Exit Strategy Principles
.............................................................................10
I. introduction
.........................................................................................13
Where are we in dealing with the crisis?
..................................................20
Requirements of reform and exit from extraordinary policies
...................20
Exit strategies need to be broadly consistent with longer-run
economic goals
.........................................................................................23
Notes
.........................................................................................................23
II. Priorities for Reforming Incentives in Financial Markets
.............25
A. Lessons from past experience
..............................................................27
B. Strengthen the regulatory framework
...................................................29
1.
Streamline regulatory institutions and clarify responsibilities
........29
2.
Stress prudential and business conduct rules
and their enforcement
...................................................................32
3.
Beware of capture
.........................................................................34
С
Focus on integrity and transparency in financial markets
....................36
1.
Restore confidence in the integrity of financial markets
...............36
2.
Strengthen disclosure and information processing by markets
.... 36
3.
Audit
..............................................................................................37
4.
Credit rating agencies
...................................................................38
5.
Derivatives
.....................................................................................39
6.
Accounting standards
....................................................................39
D. Strengthen capital adequacy rules
.......................................................41
1.
Ensuring capital adequacy: more capital, less leverage
...............41
2.
Strengthening liquidity management
.............................................42
3.
Avoiding regulatory subsidies to the cost of capital
......................43
4.
Avoiding pro-cyclical bias
..............................................................43
5.
The leverage ratio option
..............................................................44
THE FINANCIAL CRISIS: REFORM AND EXIT STRATEGIES
-
ISBN
978-92-64-07301-2 -
β
OECD
2009
б
-
TABLE OF CONTENTS
E.
Strengthen understanding of how tax policies affect the soundness
of financial markets
............................................................................45
1.
Debt versus equity
........................................................................45
2.
Capital gains versus income and securitisation
............................47
3.
Possible tax link to credit default swap boom
...............................47
4.
Tax havens and SPVs
...................................................................48
5.
Mortgage interest deductibility
......................................................49
6.
Tax and bank capital adequacy
....................................................49
7.
Further work
..................................................................................51
F. Ensure accountability to owners whose capital is at risk
...................51
1.
Strengthen corporate governance of financial firms
.....................51
2.
Deposit insurance, guarantees and moral hazard
........................53
G. Corporate structures for complex financial firms
................................57
1.
Contagion risk and firewalls
..........................................................57
2.
The NOHC structure
.....................................................................60
3.
Advantages of the NOHC structure
..............................................63
H. Strengthening financial education programmes
and consumer protection
....................................................................64
Notes
.........................................................................................................65
III. Phasing Out Emergency Measures
................................................71
A. The timeline for phasing out emergency measures
...........................73
B. Rollback measures in the financial sector
..........................................77
1.
Establishing crisis and failed institution resolution mechanisms...
77
2.
Establishing a revised public sector liquidity support function
......80
3.
Keeping viable recapitalised banks operating
...............................81
4.
Withdrawing emergency liquidity and official lending support
......81
5.
Unwinding guarantees that distort risk assessment
and competition
.............................................................................82
С
Fostering corporate structures for stability and competition
..............83
1.
Care in the promotion of mergers and design of aid
.....................83
2.
Competitive mergers and competition policy
................................84
3.
Conglomerate structures that foster transparency and simplify
regulatory/supervisory measures
..................................................85
4.
Full applicability of competition policy rules
..................................85
D. Strengthening corporate governance
.................................................86
1.
Independent and competent directors
..........................................86
2.
Risk officer role
..............................................................................87
3.
Fiduciary responsibility of directors
...............................................87
4.
Remuneration
................................................................................87
THE FINANCIAL CRISIS. REFORM AND EXIT STRATEGIES
-
ISBN
978-92-Ы-07301-Д
-
Є
OECD
2009
TABLE
OF
CONTENTS
- 7
E.
Privatising recapitalised banks
.............................................................88
1.
Pools of long-term capital for equity
..............................................88
2.
A good competitive environment
...................................................89
3.
Aligning deposit insurance regimesl
.............................................89
F. Getting privatisation right
......................................................................89
G. Maximising recovery from bad assets
..................................................91
H. Reinforcing pension arrangements
......................................................92
Notes
.........................................................................................................98
Boxes
11.1.
G
20
reform of financial markets
......................................................28
11.2. Staffing financial supervision
...........................................................32
Tables
1.1.
Selected support packages
...........................................................18
11.2. Financial Intermediation And Supervisory Resources
In Selected
OECD
Countries
........................................................33
11.3. Pre-crisis leverage ratios in the financial sector
............................42
11.4.
Tax bias against equity in
OECD
countries
..................................46
11.5.
Deposit insurance schemes in selected
OECD
countries
............52
11.6.
Payments to major AIG counterparties
16
September to
31
December
2008............................................55
N.7.
Affiliate restrictions applying prior to Gramm-Leach-Bliley
...........59
111.8.
General government fiscal positions
.............................................73
111.
9.
Policy responses to the crisis: Financial sector rescue efforts
.....75
111.10.
Private pension assets and public pension system s
gross replacement rate,
2007.......................................................94
Figures
11.1.
Credit default swaps outstanding (LHS)
&
Positive
replacement value (RHS)
..............................................................40
11.2. House prices and household indebtedness
..................................50
11.3. Glass-Steagall and periods with firewalls shifts
............................62
11.4. Opaque universal banking model
..................................................63
11.5. Non-operating holding company structure, with firewalls
.............64
THE HNANCIAL CRISIS: REFORM AND EXIT STRATEGIES
-
ISBN 978-92-64-O73OI-2
-
O OECD
2009
|
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| illustrated | Illustrated |
| indexdate | 2024-07-09T22:03:57Z |
| institution | BVB |
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| isbn | 9264073019 9789264073012 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-018622792 |
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| physical | 99 S. graph. Darst. |
| publishDate | 2009 |
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| publisher | OECD |
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| spelling | The financial crisis reform and exit strategies La> crise financière Paris OECD 2009 99 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Also available in French: La crise financière : réforme et stratégies de sortie Includes bibliographical references The financial crisis required governments to make massive interventions in their financial systems. This book sets out priorities for reforming incentives in financial markets as well as for phasing out these emergency measures.--Publisher's description. Financial crises Finanzkrise (DE-588)7635855-0 gnd rswk-swf Finanzkrise (DE-588)7635855-0 s DE-604 OECD Sonstige (DE-588)5157-3 oth Erscheint auch als Online-Ausgabe, PDF 92-64-07303-5 Erscheint auch als Online-Ausgabe, PDF 978-92-64-07303-6 Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018622792&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | The financial crisis reform and exit strategies Financial crises Finanzkrise (DE-588)7635855-0 gnd |
| subject_GND | (DE-588)7635855-0 |
| title | The financial crisis reform and exit strategies |
| title_alt | La> crise financière |
| title_auth | The financial crisis reform and exit strategies |
| title_exact_search | The financial crisis reform and exit strategies |
| title_full | The financial crisis reform and exit strategies |
| title_fullStr | The financial crisis reform and exit strategies |
| title_full_unstemmed | The financial crisis reform and exit strategies |
| title_short | The financial crisis |
| title_sort | the financial crisis reform and exit strategies |
| title_sub | reform and exit strategies |
| topic | Financial crises Finanzkrise (DE-588)7635855-0 gnd |
| topic_facet | Financial crises Finanzkrise |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018622792&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT oecd thefinancialcrisisreformandexitstrategies AT oecd lacrisefinanciere |