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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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Au cours des dernières décennies, les IDE ont figuré parmi les principaux bénéficiaires de la libéralisation des mouvements de capitaux, tant et si bien qu'ils constituent aujourd'hui la forme principale des entrées de capitaux dans de nombreux pays en développement, y compris des pays à faible niveau de revenu comme le Tchad, le Soudan ou la Zambie. Si l'on peut à juste titre se réjouir d'un tel succès, les dérèglements financiers actuels ne sont cependant pas de bon augure pour la pérennité de ces flux en 2009.

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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This paper informs the Executive Board of the staff-level understandings reached with global Standard Setting Bodies (SSBs) on the use of the three financial sector supervisory standards in FSAPs: the Basel Committee's Core Principles for Effective Banking Supervision (BCP), set by the Basel Committee on Banking Supervision (BCBS); the Insurance Core Principles (ICP), set by the International Association of Insurance Supervisors (IAIS); and the Objectives and Principles of Securities Regulation (Principles), set by the International Organization of Securities Commissions (IOSCO). As graded assessments of compliance with supervisory standards are voluntary, FSAPs have adopted a flexible approach to the use of supervisory standards. A standard is either assessed in full, resulting in grades, or used as the basis for a deeper analysis of selected elements of the oversight framework in a focused review, without grades. The SSBs and Fund staff have reached understandings on a refinement of the existing flexible approach, with sets of "base principles" serving as the starting points for focused reviews.

Financial crises.