Sovereign Wealth Funds (SWFs) are pools of assets owned and managed directly or indirectly by governments to achieve national objectives. These funds have raised concerns about: i) financial stability; ii) corporate governance and iii) political interference and protectionism. At the same time...

In previous studies, the OECD has identified the main hallmarks of the crisis as too-big-to-fail institutions that took on too much risk; insolvency resulting from contagion and counterparty risk; the lack of regulatory and supervisory integration; and the lack of efficient resolution regimes....

The paper revises our previous USD 300 bn estimate for mortgage related losses to a range of USD 350-420 bn. In doing this the paper explicitly rejects the previous approach based on implied defaults from ABX pricing, because these prices are affected by illiquidity and extreme volatility; they...

This article treats some ideas and issues that are part of ongoing reflection at the OECD. They were first raised in a major research article for the Reserve Bank of Australia conference in July 2008, and benefited from policy discussion in and around that conference. One fundamental cause of...