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Deleveraging: Challenges, Progress and Policies
Bouis, Romain; Christensen, Ane Kathrine; Cournède, Boris - Economics Department, Organisation de Coopération et … - 2013
In the run-up to the financial crisis, indebtedness of households and non-financial businesses rose to historically high levels in many OECD countries; gross debt of financial companies rose dramatically relative to GDP. Much of the debt accumulation appears to have been based on excessive...
Persistent link: https://www.econbiz.de/10011276972
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Russia's Long and Winding Road to a more Efficient and Resilient Banking Sector
Barnard, Geoff - Economics Department, Organisation de Coopération et … - 2009
In the decade following the 1998 financial crisis Russia’s banking system grew much larger and stronger – indeed … efficiency and resilience of the financial system and raise Russia’s potential growth rate. While the current crisis is painful …
Persistent link: https://www.econbiz.de/10008498037
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Banking Reform in Russia: Problems and Prospects
Tompson, William - Economics Department, Organisation de Coopération et … - 2004
the role of the state – and of the Bank of Russia in particular – in the ownership of credit institutions, there is still … Russian bank reform strategy concerns the future of state-owned banks. Despite a long-standing official commitment to reducing …
Persistent link: https://www.econbiz.de/10005045927
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The Danish Housing Market: Less Subsidy and more Flexibility
Erlandsen, Espen; Lundsgaard, Jens; Hüfner, Felix - Economics Department, Organisation de Coopération et … - 2006
While Denmark has fairly flexible labour and product markets in most respects, the housing market stands out with large direct and indirect subsidies for all types of housing and a highly regulated rental market hindering mobility, probably resulting in a mismatch between housing needs and use....
Persistent link: https://www.econbiz.de/10005046153
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Monetary Policy Responses to the Crisis and Exit Strategies
Minegishi, Makoto; Cournède, Boris - Economics Department, Organisation de Coopération et … - 2010
Central banks have responded with exceptional vigour to the crisis by using their traditional interest-rate tools to their limits and deploying a wide range of unconventional measures. This paper documents these responses in a systematic way, reviews the evidence about their impact, and...
Persistent link: https://www.econbiz.de/10008542499
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Monetary Transmission Mechanism in Central and Eastern Europe: Surveying the Surveyable
Égert, Balázs; MacDonald, Ronald - Economics Department, Organisation de Coopération et … - 2008
This paper surveys recent advances in empirical studies of the monetary transmission mechanism (MTM), with special attention to Central and Eastern Europe (CEE). Our results indicate that the strength of the exchange rate pass-through substantially declined over time mainly due to a fall in...
Persistent link: https://www.econbiz.de/10005045716
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Policy Pre-Commitment and Institutional Design: A Synthetic Indicator Applied to Currency Boards
Gilson, Marie-Thérèse Camilleri - Economics Department, Organisation de Coopération et … - 2002
Currency boards have been portrayed as an extreme way of creating currency quality and improving monetary policy credibility in emerging market economies. Yet the link between currency board operations and credibility is far from obvious. Indeed, under the heading of currency boards, there is in...
Persistent link: https://www.econbiz.de/10005045978
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Towards a Flexible Exchange Rate Policy in Russia
Beck, Roland; Barnard, Geoff - Economics Department, Organisation de Coopération et … - 2009
In the years preceding the onset of the global financial crisis, the Central Bank of Russia (CBR) had two goals: to … reduce inflation and limit the real appreciation of the rouble. Given the strength of Russia’s balance of payments during the … crisis in 2008-09 Russia’s monetary policy was initially constrained by a large degree of private debt dollarisation. After a …
Persistent link: https://www.econbiz.de/10008498033
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Macroprudential Policy Tools in Norway: Strengthening Financial System Resilience
Jin, Yosuke; Lenain, Patrick; O'Brien, Paul - Economics Department, Organisation de Coopération et … - 2014
In Norway house prices have risen to high levels, associated with very strong credit growth, in a context of low interest rates. Such a combination was in many countries a contributory factor to the 2008- 09 crisis. The Norwegian authorities have been well aware of the problem. Below-target...
Persistent link: https://www.econbiz.de/10011276979
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The Significance of Switzerland's Enormous Current-Account Surplus
Jarrett, Peter; Letremy, Céline - Economics Department, Organisation de Coopération et … - 2008
Switzerland has had a long-standing surplus on its current account. But over the past 15 years that surplus has surged to levels unmatched by nearly any other OECD country at any point. This paper looks at the surplus from a balance of payments vantage point as well as from the optic of the...
Persistent link: https://www.econbiz.de/10005045585