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Responder a nuevos retos implica adoptar marcos de referencia más ambiciosos, diseñar herramientas más eficaces y proponer políticas más precisas que tomen en cuenta su carácter complejo y multidimensional. La meta es tener una idea más clara de cómo las economías funcionan en realidad y cómo articular estrategias que reflejen este entendimiento. La iniciativa de la OCDE Nuevos Enfoques ante los Retos Económicos (NAEC, por sus siglas en inglés) cuestiona nuestros supuestos y nuestro entendimiento del funcionamiento de la economía. En esta colección de Esenciales OCDE se resumen las opiniones de expertos internos y externos a la Organización sobre cómo puede la NAEC contribuir a lograr los ODS y describe de qué manera la OCDE pone sus capacidades de estadística, seguimiento y análisis al servicio de la comunidad internacional.

Financial crises.

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Financial crises

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"Studies use different conceptual and operational definitions of crises. The different crisis identifications can lead to inconsistent conclusions and policy formulation even if the same analytical framework is applied. Also, most studies focus on only a few types of crises. This narrow focus on crises may not capture the multidimensionality of crises. Seven crisis types are analyzed, namely (1) liquidity type banking crises, (2) solvency type banking crises, (3) balance of payments crises, (4) currency crises, (5) debt crises, (6) growth rate crises, and (7) financial crises. Crisis data were collected from 15 emerging economies in 1980-2002 on a quarterly basis. The crisis identification exercise finds that multidimensionality in which different crisis types occur in short periods is one of the most important characteristics of recent crises. Further, the Granger causality tests in five Asian economies (Indonesia, the Republic of Korea, Malaysia, the Philippines, and Thailand) find that currency crises tend to trigger other types of crises, and therefore exchange rate management is essential. "--World Bank web site.

Financial crises

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Fintech presents unique opportunities for central banks. The rapid changes in technology that are transforming the financial system will allow central banks to enhance the execution of various of their core functions, such as currency issuance and payment systems. But some aspects of fintech pose major challenges. Central banks have always been at the cutting edge of financial technology and innovation. In the past, the invention of the banknote, the processing of payments through debits and credits in book-entry accounts, and the successive transitions of interbank payment systems from the telegraph to internet protocols were all transformative innovations. Today, central banks are facing new and unprecedented challenges: distributed ledger technology, new data analytics (artificial intelligence [AI] and machine learning), and cloud computing, along with a wider spread of mobile access and increased internet speed and bandwidth. The purpose of this note is to discuss the authors' preliminary views on how, from a legal perspective, central banks can best deal with the impact of fintech on their governance. These preliminary views are based on a review of central banks' reaction thus far to the challenges posed by fintech to the legal foundations of their governance.

Financial crises.

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Financial stability risks have increased rapidly as the resilience of the global financial system has faced a number of tests. Recent turmoil in the banking sector is a powerful reminder of the challenges posed by the interaction between tighter monetary and financial conditions and the buildup in vulnerabilities since the global financial crisis. The emergence of stress in financial markets complicates the task of central banks at a time when inflationary pressures are proving to be more persistent than anticipated. Large emerging markets have so far avoided adverse spillovers, but smaller and riskier economies continue to confront worsening debt sustainability trends.

Financial crises.