The financial crisis: Reform and exit strategies

The financial crisis: Reform and exit strategies

Volumn 9789264073036, Issue , 2009, Pages 1-99

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EID: 84957739723     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.1787/9789264073036-en     Document Type: Book

References (29)

1. Financial Services Authority 2009, The Turner Review: a regulatory response to the global banking crisis, including Discussion paper 09/02, March.
2. "Finance, Competition and Governance: Priorities for Reform and Strategies to Phase out Emergency Measures", paper prepared for the OECD Ministerial Meeting, June 2009.
3. Adrian Blundell-Wignall, Paul Atkinson and Se Hoon Lee, "The Current Financial Crisis: Causes and Policy Issues", Financial Market Trends, OECD, Paris, January 2009, pp 16-18.
4. General Accounting Office, GA-05-325SP, p. 28.
5. General Accounting Office, Agencies Engaged in Consolidated Supervision Can Strengthen Performance measurement and Consolidation, GA-07-154, Washington DC, March 2007, p. i.
6. Erik Sirri, Director, Division of Trading and Markets, US Securities and Exchange Commission, "Testimony concerning the turmoil in credit markets: examining the regulation of investment banks by the Securities and Exchange Commission", before the Subcommittee on Securities, Insurance and Investment, United States Senate, May 7, 2008.
7. SEC's Oversight of Bear Stearns and Related Entities: the CSE Program, Report No. 446-A, September 25, 2008.
8. The US Treasury, Blueprint for a Modernized Financial Regulatory Structure, 31 March 2008, endorsed this approach and proposed that the United States adopt it. This appears to have been superseded by new proposals announced on 26 March, 2009.
9. N. Wellink, "Supervisory Arrangements - Lessons from the Crisis", speech to the 44th SEACEN Governors' Conference 2008, Preserving monetary and financial stability in the new global environment, Kuala Lumpur, 6 February 2009.
10. OECD, Economic Survey of the EU, 2008.
11. M. Lewis and D. Einhorn, "The End of the Financial World as We Know It", New York Times, January 3, 2009, cite several examples, including the two most recent directors of enforcement at the SEC who moved on to become General Counsel at JPMorgan Chase and Deutsche Bank.
12. The report by Oxera, "Ownership rules of audit firms and their consequences for audit market concentration", October 2007, published by the European Commission recommends changes to ownership rules imbedded in directives to encourage more entry.
13. GAO, Audit of Public Companies, Continued Concentration in Audit Market for Large Public Companies Does Not Call for Immediate Action, January 2008.
14. Paul Boyle, "Reassurances over domination of the Big Four are misplaced", Financial Times, January 24, 2008.
15. Financial Stability Forum "Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience", 7 April 2008, p. 34.
16. Carole Loomis, "AIG: the Company that Came to Dinner", Fortune, January 19, 2009.
17. Turner Report discussion paper, DP09/02, p. 22.
18. The Turner Report and its discussion paper, DP09/02, propose the concept of "core funding", consisting of funding sources that are sustainable throughout the business cycle. It notes, however, that the precise definition required to make this operational needs extensive analysis and consultation.
19. Blundell-Wignall, A. and P. E. Atkinson, "The Subprime Crisis and Regulatory Reform", in Lessons from The Financial Turmoil of 2007 and 2008, Reserve bank of Australia, 2008, for a critique of Basel II, and related issues.
20. Such "dynamic provisioning" was introduced by the Bank of Spain in June 2000 and has served to mitigate the damage to the banking system during the current crisis.
21. Diane M. Ring, "One Nation Among many: Policy Implications of Cross-Border Tax Arbitrage", Boston College Law Review, vol. 44, 2002.
22. Samuel Eddins, "Tax Arbitrage Feedback Theory", SSRN 1356159, March 2009.
23. Paul van den Noord, "Tax incentives and house price volatility in the euro area: theory and evidence", OECD Economics Department Working Paper 356, May 2003.
24. S. Schich, Financial Market Trends, OECD, Paris, April 2009.
25. In order to promote rigor in this review process, governments can use pro-competitive regulatory guidance, such as that contained in the OECD's Competition Assessment Toolkit (www.oecd.org/competition/toolkit).
26. OECD Guidelines on Corporate Governance of State Owned Enterprises, OECD Paris, 2005.
27. Some best practices are summarised in OECD, "Privatisation in the 21st Century: Recent Experiences in OECD Countries", a report by the OECD Working Group on Privatisation and Corporate Governance of State-Owned Assets, forthcoming.
28. The recommendations in this section are based on OECD (2009), "Privatisation in the 21st Century: Recent Experiences in OECD Countries", a best practice report released by the Working Group on Privatisation and Corporate Governance of State-Owned Assets.
29. OECD, OECD Private Pensions Outlook 2008, Paris, 2009.