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OECD Journal: Financial Market Trends, Volume 2011 Supplement 1
Five Decades at the Heart of Financial Modernisation
OECD Publishing , Publication date:  11 Apr 2014
Pages: 100 , Language: English
Version: Print (Paperback) + PDF
OECD Code: 272011031P1
Price:   €24 | $33 | £21 | ¥3100 | MXN430 , Standard shipping included!
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Other Versions:  E-book - PDF Format
Subscription:  OECD Journal: Financial Market Trends (Available)

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Description

This supplement to the Financial Market Trends journal traces the development of the activities of the OECD in the area of financial markets since its beginning, and specifically the work carried out in the Committee on Financial Markets (CMF), created in 1969. The evolution of the functioning of the CMF over this time results from i) developments in financial markets, ii) the changing priorities of OECD countries, and iii) changing goals and methods of the OECD as an institution. The CMF provides an international platform to exchange views and to produce and disseminate high quality analysis. During decades of financial modernisation and deregulation it has been instrumental in interpreting financial market developments. More recently, contributions to the reforms for a post-crisis financial landscape and opening up to non-members have reinforced the CMF’s role as one of the world’s most relevant forums for building consensus on financial policy.


Table of contents:

I. The formative years of OECD’s work on financial markets: 1964-1980 11
-1. General environment 11
-2. Reforming domestic financial systems and promoting capital mobility 11
-3. Early stirrings of market liberalisation 12
-4. Improving securities markets and investor protection 13
-5. The CMF’s working methods take form 15
-6. Non-member countries in the international financial market 16
II. The emergence of a global financial system: 1980 - 1987 20
-1. Understanding basic structural changes in banking 20
-2. Promoting international competition in financial services 21
-3. EMEs and the post-1982 debt crisis 23
-4. The expansion and internationalisation of securities business and the creation of the group of Government Debt Managers 24
III. Facing up to a globalised financial system with growing systemic risk: 1988-2000 28
-1. Systemic risk tests the adequacy of existing supervisory systems 28
-2. A decade of crises 29
-3. Structural change accelerates and impacts the Committee’s work 31
--(i) New challenges for banks 32
--(ii) Ownership linkages in financial services and growing size of institutions 33
--(iii) Securities market structure and regulation 33
--(iv) Securitisation 34
--(v) Privatisation and capital markets 34
--(vi) Risk capital 35
--(vii) Institutional investors 35
--(viii) Ageing 36
-4. Policy dialogue on financial reform in non-member countries 36
IV. A fully mature financial system: 2000-2007 38
-1. General environment 38
-2. Institutional investors and financial governance 40
-3. Financial markets issues related to the management large-scale disasters  41
-4. Risk capital and SME financing 42
-5. Developing policy responses to the transfer of risk to the household sector 43
--(i) Coping with risks to retirement benefits 43
--(ii) Financial education and financial consumer protection 43
V. The 2007 crisis and beyond 45
-1. Redefining the relationship of financial regulators and supervisors to the market 45
-2. Activities of the CMF to address the crisis 46
--(i) Overview 46
--(ii) Contribution to the OECD exit strategy and intensive monitoring 48
--(iii) Improving banking structure and competition 48
--(iv) OECD Policy Framework for Effective and Efficient Financial Regulation 49
--(v) Devising a strategy to reduce government guarantees 50
--(vi) Regulatory issues related to financial innovation 50
--(vii) Long-term investment financing 51
--(viii) Financial consumer protection and education 52
--(ix) Participating in the work of the Financial Stability Board (FSB) 53
-3. Enlarging OECD membership and broadening the policy dialogue with non-member countries 54
--(i) Accession candidates’ reviews by the CMF 54
--(ii) Engagement with key partners 54
--(iii) Key partner countries in finance: CMF Policy Dialogues 55
-4. Building on the dialogue with the private sector: the OECD Financial Roundtables 55
-5. The CMF’s current programme of work and structure 58
--(i) CMF’s objectives and mandate 58
--(ii) Main directions of the CMF Programme of Work 58
--(iii) Financial market surveillance, financial statistics and debt management 59
--(iv) Promoting efficient policy responses to the new financial landscape 60
--(v) Efficiency and effectiveness of regulatory approaches in the financial sector 60
--(vi) Improving the capacity of financial markets and individuals to respond to financial challenges 60
--(vii) Promoting financial education 61
--(viii) Enhancing financial consumer protection 63
--(ix) Promoting the contribution of financial markets and institutions to savings, financing of business, growth and infrastructure 63
--(x) Promoting the liberalisation of international trade and market access in the financial services sector 64
-6. Outlook 65
VI. Conclusion 66
References 79
Annex: Historical Index of Features 85

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