Template-type: ReDIF-Paper 1.0 Author-Name: Elaine Kempson Author-Workplace-Name: University of Bristol Title: Framework for the Development of Financial Literacy Baseline Surveys: A First International Comparative Analysis Abstract: There is growing concern, across a wide range of countries, about the levels of financial capability of consumers. A large number of initiatives are therefore being developed to address this issue; and countries are increasingly rolling out national strategies on financial capability. To do this effectively requires evidence on the areas where financial capability in the population is low and an identification of the extent to which these should be addressed by financial education and/or consumer protection measures. Yet there is remarkably little robust information in this area and none that is comparable across countries. This report is aimed at informing the work of the OECD International Network on Financial Education (INFE) in this field, by 1) elaborating a set of draft good practice guidelines for the design of national financial literacy surveys and; 2) proposing guidelines for the design of a core set of good practice questions for embedding within any national surveys aimed at measuring financial literacy levels.

Cadre pour le développement des connaissances financières à un niveau international : Première étude comparative internationale
De nombreux pays s‘inquiètent de plus en plus des niveaux de compétences financières des consommateurs. Un grand nombre d‘initiatives sont mises en place pour augmenter les niveaux de connaissances financières et les pays se sont attelés à ces enjeux et ont commencé à développer des stratégies nationales en matière de capacité financière. Pour que cette démarche soit efficace, il faut recueillir des données dans les domaines où les connaissances financière de la population sont faibles et identifier jusqu‘à quel point des mesures en matière d‘éducation financière et/ou de protection des consommateurs peuvent aborder ces difficultés. Or, il existe extrêmement peu d‘information solide dans ce domaine et elle ne s‘avère pas comparable entre les pays. Le but de ce rapport est d‘informer sur les travaux que mène le réseau international sur l‘éducation financière de l‘OCDE (INFE) sur cette question à travers 1) l‘élaboration d‘un projet de bonnes pratiques pour la conception d‘enquêtes nationales sur les niveaux de capacité financière ; et 2) la proposition de lignes directrices pour l‘établissement d‘un ensemble de questions fondamentales de base à intégrer dans toute enquête nationale visant à mesurer le niveau de compétence financière des consommateurs, s‘appuyant sur des bonnes pratiques en la matière. Classification-JEL: C83; D14; D18; D91; D92; I22 Keywords: budget, budgets, capacité financière, connaissance financière, consumer protection, dépenses, enquête des connaissances financières, financial capability, financial education, financial literacy, financial literacy survey, financial planning, planification financière, protection des consommateurs, saving, spending, éducation financière, épargne Creation-Date: 2009-12-01 Number: 1 Handle: RePEc:oec:dafaad:1-EN Template-type: ReDIF-Paper 1.0 Author-Name: Pablo Antolín Author-Workplace-Name: OECD Author-Name: Stéphanie Payet Author-Workplace-Name: OECD Author-Name: Juan Yermo Author-Workplace-Name: OECD Title: Assessing Default Investment Strategies in Defined Contribution Pension Plans Abstract: This paper assesses the relative performance of different investment strategies for different structures of the payout phase. In particular, it looks at whether the specific glide-path of life-cycle investment strategies and the introduction of dynamic features in the design of default investment strategies affect significantly retirement income outcomes. The analysis concludes that there is no ?one-size-fits-all? default investment option. Life cycle and dynamic investment strategies deliver comparable replacement rates adjusted by risk. However, life cycle strategies that maintain a constant exposure to equities during most of the accumulation period, switching swiftly to bonds in the last decade before retirement seem to produce better results and are easier to explain. Dynamic management strategies can provide somewhat higher replacement rates for a given level of risk than the more deterministic strategies, at least in the case of pay-outs in the form of variable withdrawals. The length of the contribution period also affects the ranking of the different investment strategies with life cycle strategies having a stronger positive impact the shorter is the contribution period.

Évaluation des stratégies d'investissement par défaut pour les plans de retraite à cotisations définies
Ce document examine la performance relative de différentes stratégies d’investissement pour différentes structure de la phase de paiement. Il regarde en particulier si la forme spécifique des stratégies d’investissement à cycle de vie et l’introduction de caractéristiques dynamiques dans la conception des stratégies d’investissement par défaut jouent un rôle significatif sur les revenus de retraite résultants. Cette analyse conclue qu’il n’y a pas d’option d’investissement par défaut qui convienne pour toutes les situations. Les stratégies d’investissement à cycle de vie et les stratégies d’investissement dynamiques délivrent des taux de remplacement ajustés du risque comparables. Toutefois, les stratégies à cycle de vie qui maintiennent une exposition aux actions constante pendant la plus grande partie de la période d’accumulation, puis passent progressivement aux obligations, semblent fournir une meilleure performance en général et sont plus aisées à expliquer. Les stratégies à gestion dynamique peuvent fournir des taux de remplacement légèrement meilleurs pour un niveau de risque donné en comparaison avec les stratégies plus déterministes, au moins s’agissant du cas où les paiements se font sous la forme de retraits variables. La durée de la période de cotisation influence le classement des différentes stratégies d’investissement, les stratégies à cycle de vie ayant un impact positif plus important pour les périodes de cotisations plus courtes. Classification-JEL: D14; D91; E21; G11; G38; J14; J26 Keywords: defined contribution pension plans, gestion des risques, investissement, investment, plans de retraite à cotisations définies, regulation, replacement ratios, retirement income, revenu des retraites, risk-management, régulation, taux de remplacement Creation-Date: 2010-06-01 Number: 2 Handle: RePEc:oec:dafaad:2-EN Template-type: ReDIF-Paper 1.0 Author-Name: Juan Yermo Author-Workplace-Name: OECD Author-Name: Clara Severinson Author-Workplace-Name: OECD Title: The Impact of the Financial Crisis on Defined Benefit Plans and the Need for Counter-Cyclical Funding Regulations Abstract: Three essential goals of pension plan funding are the long-term viability, stability and security of member benefits. Reform of funding regulations for defined benefit (DB) pension schemes to make them more counter-cyclical in nature can help achieve these goals as well as make DB schemes more attractive to plan sponsors that are increasingly moving away from DB towards defined contribution plans. If designed properly, funding regulations could help maintain DB systems for the long-term and provide greater member security. Broadly speaking, DB funding regulations should (i) encourage deficit reduction contributions and appropriate build up of surplus when plan sponsor finances are strong; (ii) help maintain predictable costs and dampen volatility; and, (iii) give plan sponsors more control to manage risks and costs. This paper discusses the impact of the crisis on DB pension schemes and the temporary responses taken by regulators to help ease financially strained plan sponsors. Furthermore, the paper presents suggestions to governments and policy-makers for making funding regulations more counter-cyclical in nature. Such measures could strengthen the security of DB benefits and help to maintain DB plans for future workers.

Répercussions de la crise financière sur les plans à prestations définies et nécessité d'imposer des règles de financement à caractère anticyclique
Le financement des plans de retraite obéit à trois objectifs essentiels : viabilité à long terme, stabilité et sécurité des prestations servies aux adhérents. Réformer les règles de financement des régimes de retraite à prestations définies pour renforcer leur nature anticyclique peut contribuer à atteindre ces objectifs et à rehausser leur attrait pour les promoteurs des plans qui s’en détournent de plus en plus au profit des dispositifs à cotisations définies. Si elles sont bien conçues, ces règles de financement pourraient permettre de préserver les systèmes à prestations définies sur un horizon lointain et d’apporter aux adhérents une sécurité accrue. D’une manière générale, les règles de financement des mécanismes à prestations définies doivent (i) favoriser la fixation de cotisations de nature à réduire le déficit de financement, ainsi que la constitution d’excédents à bon escient lorsque la situation financière du promoteur du plan est satisfaisante ; (ii) favoriser la prévisibilité des coûts et atténuer les phénomènes d’instabilité ; et (iii) donner davantage de latitude aux promoteurs pour gérer les risques et les coûts. Le présent document contient une analyse des répercussions de la crise sur les régimes de retraite à prestations définies, ainsi que des mesures provisoires adoptées par les autorités de tutelle pour aider les promoteurs de plans qui connaissent des difficultés financières. On y trouvera également des propositions utiles aux pouvoirs publics et aux décideurs pour accentuer le caractère anticyclique des règles de financement. De telles mesures pourraient accroître la sécurité des prestations servies par les dispositifs à prestations définies et contribuer à préserver ces plans pour les travailleurs de demain. Classification-JEL: D21; E32; G01; G15; G23; G32; J33; K20; M40; M52 Keywords: anticyclique, contribution, cotisation, counter-cyclical, crise financière, deficit, defined benefit, déficit, excédent, financement, financial crisis, funding, marked-to-market, pensions, prestations définies, regulation, retraites, réglementation, surplus, valorisation au prix du marché Creation-Date: 2010-07-01 Number: 3 Handle: RePEc:oec:dafaad:3-EN Template-type: ReDIF-Paper 1.0 Author-Name: Adrian Blundell-Wignall Author-Workplace-Name: OECD Author-Name: Patrick Slovik Author-Workplace-Name: OECD Title: The EU Stress Test and Sovereign Debt Exposures Abstract: This working paper’s quantifications show that most sovereign debt is held on the banking books of banks, whereas the EU stress test considered only their small trading book exposures. It discusses why sovereign debt held in the banking book cannot be ignored by investors and creditors, because of: (a) recovery values in the event of individual bank failures; and (b) fiscal sustainability and structural competitiveness issues which mean the market cannot give a zero probability to debt restructurings beyond the period of the stress test and/or the period after which the role of the European Financial Stability Facility Special Purpose Vehicle (EFSF SPV) comes to an end. How the SPV could operate to shift sovereign risk from banks to the public sector is also an important part of the discussion. Classification-JEL: E62; G21; G28 Keywords: financial stability Creation-Date: 2010-08-01 Number: 4 Handle: RePEc:oec:dafaad:4-EN Template-type: ReDIF-Paper 1.0 Author-Name: Clara Severinson Author-Workplace-Name: OECD Title: The New IAS 19 Exposure Draft Abstract: At the end of April 2010, the International Accounting Standards Board (IASB) published an exposure draft with proposed changes to International Accounting Standard No. 19 (IAS 19). IAS 19 is the current standard for the financial reporting of company pension obligations that stem from defined benefit (DB) and similar plans. It is required for exchange-listed companies in many parts of the world. If enacted, the changes to IAS 19 proposed by the IASB are expected to have a significant impact on company financials on a global basis. The following paper summarizes the proposed changes as presented in the April 2010 exposure draft and explores some of their implications. This paper does not cover all the changes proposed by the IASB but attempts to focus on some key and controversial issues. Classification-JEL: G23; G32; M41; M52 Keywords: IAS 19, pension accounting Creation-Date: 2010-09-01 Number: 5 Handle: RePEc:oec:dafaad:5-EN Template-type: ReDIF-Paper 1.0 Author-Name: Fiona Stewart Author-Workplace-Name: OECD Author-Name: Juan Yermo Author-Workplace-Name: OECD Title: Options to Improve the Governance and Investment of Japan's Government Pension Investment Fund Abstract: This paper suggests avenues for strengthening the governance and management of the Japanese Government Pension Investment Fund (GPIF), the largest single pool of pension assets in the world. The GPIF earned its name in 2006 as part of a major governance reform that aimed at increasing the transparency and autonomy of the fund. While much improved, the new governance structure still falls short of international best practices and in some aspects does not meet some of the basic criteria contained in OECD recommendations, in particular the OECD Guidelines for Pension Fund Governance.

Options pour renforcer la gouvernance et la gestion du Fond d'Investissement des Pensions du Gouvernement japonais
Ce document suggère des solutions pour renforcer la gouvernance et la gestion du Fond d‘Investissement des Pensions du Gouvernement japonais, la plus grande réserve d‘actifs de retraite du monde. Le Fond d‘Investissement des Pensions du Gouvernement a acquis son nom en 2006 lors d‘une réforme majeure de la gouvernance dont le but était d‘augmenter la transparence et l‘autonomie du fonds. Bien que la nouvelle structure de gouvernance se soit fortement améliorée, elle reste en deçà des meilleures pratiques internationales et par certains aspects ne satisfait pas à certains critères de base contenus dans les recommandations de l‘OCDE, notamment les Lignes directrices de l’OCDE sur la gouvernance des fonds de pension. Classification-JEL: G18; G23; G28 Keywords: asset management, caisses de réserve, fonds de pension, gestion de portefeuille, gouvernance, governance, pension fund, protection sociale, public pensions, reserve funds, régime publics de retraite, social security Creation-Date: 2010-12-01 Number: 6 Handle: RePEc:oec:dafaad:6-EN Template-type: ReDIF-Paper 1.0 Author-Name: Woochan Kim Author-Workplace-Name: KDI School of Public Policy and Management Author-Name: Fiona Stewart Author-Workplace-Name: OECD Title: Reform on Pension Fund Governance and Management: The 1998 Reform of Korea National Pension Fund Abstract: This paper provides a detailed chronological account of the governance-cum-management reform of National Pension Fund in Korea and analyzes its success factors, drawing lessons for other countries. A review of the current governance structures with the fund versus OECD guidelines and international good practice is also provided, along with suggestions for further reform. Classification-JEL: G18; G23; G28 Keywords: governance, Korea, National Pension Fund, OECD, public pension reserve funds Creation-Date: 2011-02-01 Number: 7 Handle: RePEc:oec:dafaad:7-EN Template-type: ReDIF-Paper 1.0 Author-Name: Eduard Ponds Author-Workplace-Name: OECD Author-Name: Clara Severinson Author-Workplace-Name: OECD Author-Name: Juan Yermo Author-Workplace-Name: OECD Title: Funding in Public Sector Pension Plans: International Evidence Abstract: Most countries have separate pension plan for public sector employees. The future fiscal burden of these plans can be substantial as the government usually is the largest employer, pension promises in the public sector tend to be relatively generous, and future payments have to be paid out directly from government revenues (pay-as-you-go) or by funded plans (pension funds) which tend to be underfunded. The valuation and disclosure of these promises in some countries lacks transparency, which may be hiding potentially huge fiscal liabilities that are being passed on to future generations of workers. In order to arrive at a fair comparison between countries regarding the fiscal burden of their DB public sector pension plans, this paper gathers more evidence on public sector pension plans regarding the type of pension promise and quantifies the future tax burden related to these pension promises. The reported liabilities are recalculated using both a fair value approach (local market discount rates) and a common, fixed discount rate across all countries which reflects projected growth in national income. We also estimate for a number of plans from a sample of OECD countries the size of the net unfunded liabilities in fair value terms as of the end of 2008. This fiscal burden can also be interpreted as the implicit pension debt in fair value terms. Classification-JEL: G23; H55; H75; H83; J32 Keywords: actuarial evaluation, defined benefit, fair value, funding, hybrid plans, pension fund, public sector pensions Creation-Date: 2011-05-01 Number: 8 Handle: RePEc:oec:dafaad:8-EN Template-type: ReDIF-Paper 1.0 Author-Name: Erwann Michel-Kerjan Author-Workplace-Name: Wharton School, University of Pennsylvania Author-Name: Ivan Zelenko Author-Workplace-Name: The World Bank Author-Name: Victor Cardenas Author-Name: Daniel Turgel Author-Workplace-Name: Arch Re Facultative Title: Catastrophe Financing for Governments: Learning from the 2009-2012 MultiCat Program in Mexico Abstract: With rapidly increasing population and growing catastrophe exposure in their countries, many more government leaders (including Presidents, Prime Ministers and Rulers) are now faced with a strategic question: how best develop a national strategy to hedge against the massive economic burden of extreme events that could hit their country tomorrow? We propose a framework to help those leaders in governments around the world and their advisors think more clearly about these issues, focusing specifically on the role that risk transfer mechanisms alternative to traditional insurance can play. The paper provides a case study of the $290 million multi-peril, multi-tranche catastrophe bond recently sponsored by the Government of Mexico and arranged by the World Bank under the MultiCat Program. We discuss the step-bystep creation of this catastrophe bond, from starting discussions that took place in 2008 to the investor road show and the successful issuance of the bond in October 2009. This joint initiative could provide an example for other countries that wish to establish their own financial coverage solution against disasters, as part of a broader national risk management strategy. We illustrate this with the case of the government of Chile and earthquake risks. It also shows that considering countries, or even cities, for the issuance of such insurancelinked securities (ILS) could considerably expand this market for alternative catastrophe risk transfer instruments. Keywords: ART, catastrophe economics, leadership in government, Mexico, MultiCat Program, risk financing, Sovereign Catastrophe Bonds Creation-Date: 2011-05-01 Number: 9 Handle: RePEc:oec:dafaad:9-EN Template-type: ReDIF-Paper 1.0 Author-Name: Raffaele Della Croce Author-Workplace-Name: OECD Author-Name: Christopher Kaminker Author-Workplace-Name: OECD Author-Name: Fiona Stewart Author-Workplace-Name: OECD Title: The Role of Pension Funds in Financing Green Growth Initiatives Abstract: It is estimated that transitioning to a low-carbon, and climate resilient economy, and more broadly „greening growth? over the next 20 years to 2030 will require significant investment and consequently private sources of capital on a much larger scale than previously. With their USD 28 trillion in assets, pension funds - along with other institutional investors - potentially have an important role to play in financing such green growth initiatives.Green projects - particularly sustainable energy sources and clean technology - include multiple technologies, at different stages of maturity, and require different types of financing vehicle. Most pension funds are more interested in lower risk investments which provide a steady, inflation adjusted income stream - with green bonds consequently gaining interest as an asset class, particularly - though not only - with the SRI universe of institutional investors... Classification-JEL: G15; G18; G23; G28; J26 Keywords: green bonds, green growth, infrastructure, pension fund Creation-Date: 2011-09-01 Number: 10 Handle: RePEc:oec:dafaad:10-EN Template-type: ReDIF-Paper 1.0 Author-Name: Pablo Antolín Author-Workplace-Name: OECD Author-Name: Stéphanie Payet Author-Workplace-Name: OECD Author-Name: Edward Whitehouse Author-Workplace-Name: OECD Author-Name: Juan Yermo Author-Workplace-Name: OECD Title: The Role of Guarantees in Defined Contribution Pensions Abstract: This paper examines the role of guarantees in DC pension plans, in particular minimum investment return guarantees during the accumulation phase. The main goal is to assess the cost and benefits of different return guarantees. The report uses a stochastic financial market model where guarantee claims are calculated as a financial derivative in a financial market framework (like e.g. the valuation of a put option). In this context, the report highlights the value of capital guarantees that protect the nominal value of contributions in DC pension plans. However, such guarantees can only be introduced relatively easily in the very specific context considered in this report. Allowing plan members vary contribution periods or investment strategies, or change providers, would raise major challenges for an effective and efficient implementation of return guarantees in a DC context. This would increase the complexity and cost of administering the guarantee.

Le rôle de garanties dans les plans de retraite à cotisations définies
Ce papier examine le rôle des garanties dans les plans de retraite à cotisations définies, en particulier les garanties de rendement minium sur l'investissement pendant la phase d'accumulation. Le rapport utilise un modèle de marché financier stochastique dans lequel les demandes de garantie sont calculées en tant que dérivés financiers dans un contexte de marché financier (comme par exemple la valorisation d'une option put). Dans ce contexte, le rapport souligne la valeur de la garantie du capital, qui protège la valeur nominale des cotisations aux plans de retraite à cotisations définies. Toutefois, ces garanties ne peuvent être introduites relativement facilement que dans le contexte spécifique de ce rapport. Si les adhérents des plans à cotisations définies sont autorisés à modifier les périodes de cotisation ou les stratégies d'investissement, ou à changer de prestataire, cela poserait des défis importants pour une implémentation efficace et efficiente des garanties sur les rendements. Cela augmenterait la complexité et le coût d'administration des garanties. Classification-JEL: G12; G23; J26 Keywords: accumulation phase, defined contribution, garanties, garanties de rendement minimums, guarantees, minimum return guarantees, pensions, pensions, phase d’accumulation, plans de retraite à cotisations définies, put options Creation-Date: 2011-09-01 Number: 11 Handle: RePEc:oec:dafaad:11-EN Template-type: ReDIF-Paper 1.0 Author-Name: Robert Muir-Wood Author-Workplace-Name: Risk Managment Solutions Limited Title: Designing Optimal Risk Mitigation and Risk Transfer Mechanisms to Improve the Management of Earthquake Risk in Chile Abstract: The property losses from the Feb 27th 2010 Maule earthquake are assessed as $18.1Bn paid for 38% by insurers, 47% by the Government of Chile and 15% by individuals and businesses. Including $4Bn damage to infrastructure and the costs of lost economic activity the total loss in 2010 values is estimated to have been close to $28Bn. The report considers policy options for expanding the proportion of future Chilean earthquake losses that would be covered via new and expanded risk transfer mechanisms: for low income homeowners, small commercial enterprises and government buildings. Consideration is also given to how the overall levels of earthquake risk in Chile could be reduced through targeted efforts at risk mitigation. Recommendations are made for how the insurance industry and government in Chile should expand the use of probabilistic catastrophe loss models for defining and pricing risk management options.

Concevoir les meilleurs mécanismes possibles d'atténuation et de transfert des risques pour améliorer la gestion du risque sismique au Chili
Les sinistres immobiliers causés par le tremblement de terre qui a frappé, le 27 février 2010, la ville de Maule au Chili sont évalués à 18.1 milliards USD, pris en charge à hauteur de 38 % par les assureurs, de 47 % par l’État chilien et de 15 % par les particuliers et les entreprises. Si l’on y ajoute les 4 milliards USD de dommages aux infrastructures et les coûts liés à la perte d’activité économique, on estime que le montant total du sinistre avoisinait, en 2010, 28 milliards USD. Le rapport analyse les solutions permettant aux pouvoirs publics chiliens d’augmenter la proportion des futurs sinistres sismiques qui pourrait être couverte par des mécanismes nouveaux et renforcés de transfert des risques, applicables aussi bien aux propriétaires de logement à faible revenu, aux petites entreprises commerciales et aux bâtiments publics. Il étudie en outre comment le Chili pourrait réduire son risque sismique global en ciblant ses efforts d’atténuation des risques. Le rapport contient par ailleurs des recommandations sur le fait que le secteur de l’assurance et les pouvoirs publics chiliens devraient davantage utiliser des modèles probabilistes de sinistre catastrophique pour définir et déterminer le coût des différentes solutions de gestion des risques. Classification-JEL: C63; G22; H12; H54 Keywords: Assurance de risques catastrophiques,, catastrophe insurance, Catastrophe model, Catastrophe risk securitization, Financement des risques, micro-assurance, Microinsurance, modélisation du risque catastrophique, risk financing, risk mitigation, Réduction des risques, titrisation des risques catastrophiques Creation-Date: 2011-11-01 Number: 12 Handle: RePEc:oec:dafaad:12-EN Template-type: ReDIF-Paper 1.0 Author-Name: Raffaele Della Croce Author-Workplace-Name: OECD Title: Pension Funds Investment in Infrastructure: Policy Actions Abstract: Pension funds are increasingly looking at infrastructure investment with some investors actively pursuing opportunities in the sector. Different countries are at different stages in the evolution of pension fund investment in infrastructure. A survey of a sample of the most significant actors was launched by the OECD in May 2010 within the framework of the OECD Project on Transcontinental Infrastructure 2030-20501. Based on the survey a series of barriers to investment were indentified. This paper draws largely on the results of the survey... Classification-JEL: G15; G18; G23; G28; J26 Keywords: alternative assets, asset allocation, barriers, diversification, infrastructure, listed securities, pensions, private finance, regulatory constraints, returns, risk Creation-Date: 2011-09-01 Number: 13 Handle: RePEc:oec:dafaad:13-EN Template-type: ReDIF-Paper 1.0 Author-Name: Angela Hung Author-Workplace-Name: RAND Corporation Author-Name: Joanne Yoong Author-Workplace-Name: RAND Corporation Author-Name: Elizabeth Brown Author-Workplace-Name: RAND Corporation Title: Empowering Women Through Financial Awareness and Education Abstract: The potential implications of gender differences in financial literacy are far-reaching. This paper describes the findings of a review of the literature on gender differences in financial literacy with the aim to better understand their causes and consequences, as well as possible policy responses. It provides a starting point to collect further evidence, develop analytical work and case studies, and to identify areas that deserve further research, thus paving the way for future work to be developed by the OECD and the INFE.A relatively broad range of empirical literature documents the existence of gender differences in financial literacy in various countries and along several dimensions. On average, women perform worse than men on tests of financial knowledge and have less confidence in their financial skills. However, so far policy awareness of the existence and relevance of these differences is quite low.The literature (albeit so far limited) on what drives such gender differences points to several potentially complementary explanations including differences in skills, attitudes, and opportunities. In this context, the contribution of improved and targeted financial education programmes aimed at better addressing women’s needs is promising and worth exploring further.

Le rôle de la sensibilisation et l'éducation financière dans l'autonomisation des femmes
Les implications des différences entre hommes et femmes en matière de culture financière sont potentiellement significatives. Cet article décrit les résultats de l’examen de la recherche existant sur le sujet afin de mieux en appréhender les causes et conséquences, et d’identifier de possibles réponses en matière de politiques publiques. Cet article fournit une base solide pour collecter de nouvelles données, développer l’analyse et des études de cas et d'identifier les zones qui méritent d’être approfondies, ouvrant ainsi la voie aux prochains travaux de l'OCDE et l'INFE en la matière.Un éventail relativement large de recherches empiriques montre l’existence de différences entre hommes et femmes en matière de culture financière dans divers pays et sur plusieurs déterminants de cette culture. En moyenne, les femmes ont de moins bons résultats que les hommes aux tests de connaissances financières et ont moins confiance en elles quand il s’agit de leurs compétences financières. La prise de conscience politique de l'existence et de la pertinence de ces différences reste néanmoins à ce jour plutôt faible.La recherche (quoique limitée) portant sur les facteurs expliquant ces différences met en avant plusieurs explications potentielles et complémentaires comme les différences de compétences, de comportements, et d’opportunités. Dans ce contexte, la contribution que peuvent apporter des programmes d’éducation financière performant et adaptés aux besoins des femmes est prometteuse et mérite d’être explorée plus avant. Classification-JEL: D14; D18; D91; J16 Keywords: capacité financière, connaissance financière, consumer protection, femmes, financial capability, financial education, financial literacy, gender, genre, protection des consommateurs, Women, éducation financière Creation-Date: 2012-03-01 Number: 14 Handle: RePEc:oec:dafaad:14-EN Template-type: ReDIF-Paper 1.0 Author-Name: Adele Atkinson Author-Workplace-Name: OECD Author-Name: Flore-Anne Messy Author-Workplace-Name: OECD Title: Measuring Financial Literacy: Results of the OECD / International Network on Financial Education (INFE) Pilot Study Abstract: This paper presents the findings from an OECD International Network on Financial Education pilot study undertaken in 14 countries. The analysis focuses on variations in financial knowledge, behaviour and attitude across countries and within countries by socio-demographics.The results highlight a lack of financial knowledge amongst a sizeable proportion of the population in each of the countries surveyed. Furthermore, there is considerable room for improvement in terms of financial behaviour. Attitudes are shown to vary widely. These results will enable countries to identify needs and gaps in financial education provision and develop national policies or strategies. They also provide a sound evidence base for developing OECD recommendations and principles.

Mesurer la culture financière: Résultats de l'étude pilote de l'OCDE / INFE
Ce document présente les résultats de l’étude pilote effectuée par le Réseau international de l’éducation financière (INFE) de l’OCDE dans 14 pays. L’analyse porte sur les différences en matière de connaissance financières, de comportements et d’attitudes des individus entre les pays ayant pris part au pilote et au sein de ces pays en fonction de critères sociodémographiques. Les résultats révèlent le manque de connaissances financières d’une partie importante de la population dans tous les pays participant à l’étude. En outre, le comportement et les prises de décisions en matière financière de la population pourrait être très sensiblement amélioré. L’étude montre aussi de grandes variations en ce qui concerne les attitudes des individus dans ce domaine. Les résultats de cette étude permettront aux principaux responsables d’identifier les besoins et les lacunes de l’éducation financière dans leur pays et de développer des politiques et des stratégies nationales adaptées. Ils constituent également une source fiable de données permettant de développer les recommandations et principes de l’OCDE. Classification-JEL: D12; D14; D18; D63 Creation-Date: 2012-03-26 Number: 15 Handle: RePEc:oec:dafaad:15-EN Template-type: ReDIF-Paper 1.0 Author-Name: Andrea Grifoni Author-Workplace-Name: OECD Author-Name: Flore-Anne Messy Author-Workplace-Name: OECD Title: Current Status of National Strategies for Financial Education: A Comparative Analysis and Relevant Practices Abstract: In both developing and developed economies, the awareness of the importance of financial education led to the development of an increasing number of tailored national strategies for financial education. These frameworks promote a smoother and more sustainable co-operation between interested parties and stakeholders, avoid duplication of resources and allow the development of articulated and tailored roadmaps with measurable and realistic objectives based on dedicated national assessments. The comparative analysis shows how countries overcame a series of challenges such as lack of resources, the identification a leading institution, gathering all stakeholders around common objectives and move efficiently to the operational phase. The experiences analysed in this report provide a global picture of the situation in 2011/12 and a selection of relevant solutions and tools to address these issues in a replicable way. This comparative report should be seen as a background document and as a complement to High-level Principles on National Strategies for Financial Education prepared by the OECD and its International Network on Financial Education (INFE).

Statut actuel des stratégies nationales sur l'éducation financière : Analyse comparative et pratiques pertinentes
La prise de conscience de l’importance de l’éducation financière a permis la mise en place d’un nombre croissant de stratégies nationales sur l’éducation financière, tant dans les pays en voie de développement que dans les pays développés. Ces structures promeuvent une coopération facilitée et plus durable entre les parties intéressées et les parties prenantes, évitant la duplication de ressources et permettant le développement de feuilles de route plus adaptées et articulées avec des objectifs mesurables et réalistes basés sur des évaluations nationales ciblées. L’analyse comparative qui en est faite montre comment les pays ont surmontés certains défis comme le manque de ressources, l’identification d’une institution coordinatrice, et comment ils ont réussis à réunir l’ensemble des parties prenantes atour d’un objectif commun et sont passés efficacement à la phase opérationnelle. Les expériences analysées dans ce rapport offrent une image globale de la situation 2011-2012 ainsi qu’une sélection d’outils et de solutions pertinentes qui pourront être transposés dans différents contextes nationaux. Ce rapport comparatif doit être considéré comme un document complémentaire aux Principes de haut niveau sur les stratégies nationales pour l’éducation financière, préparés par l’OCDE et son réseau international sur l’éducation financière (INFE). Classification-JEL: D14; D18; I28; O16; O19 Keywords: capacité financière, connaissance financière, financial capability, financial education, financial inclusion, financial literacy, financial services, G20, inclusion financière, politique publique, public policy, services financiers, éducation financière Creation-Date: 2012-04-20 Number: 16 Handle: RePEc:oec:dafaad:16-EN Template-type: ReDIF-Paper 1.0 Author-Name: Clara Severinson Author-Workplace-Name: OECD Author-Name: Fiona Stewart Author-Workplace-Name: OECD Title: Review of the Swedish National Pension Funds Abstract: This paper provides a review of the Swedish National Pension Funds based on international good practice and OECD guidelines. The paper focuses mainly on the general size and structure of the funds, the investment framework and the governance of the funds. The internal management of the funds appears to be strong, with governance and risk management structures in place that appear to broadly follow OECD guidelines. The report concludes that the AP funds could benefit from having one clear and specific long-term investment objective, set by an independent committee answerable to Parliament, for all the AP funds against which their long-term performance can objectively be measured. The mandate and role of the AP6 fund could also be clarified. The report recommends the implementation of the prudent person rule as restrictive investment regulations are leaving the AP funds with less room to adopt varying investment strategies, and thus takes away some of the potential benefits of competition and diversification from having four different funds. Finally the selection process for the Governing Boards of the funds could be made more transparent and rigorous.

Examen des fonds nationaux de pension en Suède
On trouvera dans cette note un examen des fonds nationaux de pension en Suede fonde sur les bonnes pratiques menees dans les differents pays et les Lignes directrices de l.OCDE. La note met principalement l.accent sur le montant observe en general et sur la structure des fonds, le cadre des investissements et la gouvernance des fonds. La gestion interne des fonds apparait saine, et il semble que les structures de gouvernance et de gestion du risque qui sont applicables soient conformes dans l.ensemble aux Lignes directrices de l.OCDE. L.etude conclut que les fonds AP gagneraient a se fixer un objectif a long terme d.investissement clair et specifique, determine par une commission independante responsable devant le Parlement, pour tous les fonds AP par rapport auxquels leurs performances a long terme peut etre objectivement mesurees. Le mandat et le role du fonds AP6 pourraient egalement etre clarifies. Cette etude recommande l.application de la regle de prudence, dans la mesure ou des reglementations restrictives en matiere d.investissement laissent peu de marge de manoeuvre aux fonds AP pour faire varier leurs strategies d.investissement et les privent donc des avantages potentiels de la concurrence et de la diversification qui resultent de l.existence de quatre fonds differents. Enfin, le processus de selection des membres des comites directeurs des fonds pourrait etre rendu plus transparent et plus rigoureux. Classification-JEL: G18; G23; G28 Keywords: AP Funds, cadre d’investissement, fonds AP, fonds de pension, fonds de réserve, fonds nationaux de pension suédois, gouvernance, governance, investment framework, pension fund, pensions publiques, public pensions, reserve funds, Swedish National Pension Funds Creation-Date: 2012-05-04 Number: 17 Handle: RePEc:oec:dafaad:17-EN Template-type: ReDIF-Paper 1.0 Author-Name: Adele Atkinson Author-Workplace-Name: OECD Author-Name: Debbie Harrison Author-Workplace-Name: Pensions Institute, Cass Business School Author-Name: Flore-Anne Messy Author-Workplace-Name: OECD Author-Name: Juan Yermo Author-Workplace-Name: OECD Title: Lessons from National Pensions Communication Campaigns Abstract: The present report focuses on the pre-campaign planning, the design, the delivery, and the monitoring and evaluation of National Pension Communication Campaigns in a range of OECD and non-OECD countries. The research identifies barriers to effective communications and highlights models of good practice in order to help organisers design campaigns that are more effective in terms of impact and more efficient in the way they use resources. In particular, the report argues that the success of campaign organisers will depend on their ability to set realistic and measurable goals that can be delivered in a timely, cost-effective and innovative manner to achieve maximum impact. The report also calls for better evaluation of campaigns and more targeted communication that delivers clearer messages.

Les enseignements tirés des campagnes d'information nationales sur l'épargne-retraite
Ce rapport examine les travaux préparatoires, la conception, le déroulement, le suivi et l’évaluation des campagnes nationales d.information sur l’épargne-retraite dans différents pays, membres ou non de l’OCDE. L’étude recense les obstacles à une communication pertinente et met en évidence les modèles de bonnes pratiques pour concevoir des campagnes plus efficaces en termes d’impact et plus efficientes en termes d’utilisation des ressources. Le rapport montre notamment que la réussite d’une campagne dépend de la capacité des prestataires à fixer des objectifs réalistes et mesurables, susceptibles d’être atteints dans les délais, de facon rentable et innovante, pour garantir un impact maximal. Le rapport prône également une meilleure évaluation des campagnes d’information, une communication plus ciblée, portant des messages plus clairs. Classification-JEL: D14; D18; G23; G28; I28; J26; O16; O19 Keywords: campagnes d'information, communication campaigns, culture financière, defined contribution, financial education, financial literacy, fonds de pension, pension fund, pension reform, plans de retraite à cotisations définies, réforme des retraites, éducation financière Creation-Date: 2012-05-14 Number: 18 Handle: RePEc:oec:dafaad:18-EN Template-type: ReDIF-Paper 1.0 Author-Name: Pablo Antolín Author-Workplace-Name: OECD Author-Name: Debbie Harrison Author-Workplace-Name: Pensions Institute, Cass Business School Title: Annual DC Pension Statements and the Communications Challenge Abstract: This paper examines and evaluates the content and design of the annual pension statement sent to members of funded defined contribution (DC) pension schemes in a selection of OECD and non-OECD countries. The aims of the research are to identify the potential shortcomings in statement planning and design processes, to consider potential barriers in communications to members, and to highlight trends and models of good practice in these critical areas. The overarching objective is to develop recommended guidelines for organisers, so that the statement can be developed as an effective (impact) and efficient (cost-benefit analysis, value for money) medium to deliver essential member information and to encourage appropriate member actions.

Relevés annuels de retraite des plans à cotisations définies et le défi
Ce document examine et évalue le contenu et la forme du relevé annuel de retraite envoyé aux adhérents des plans de retraite par capitalisation à cotisations définies dans certains pays de l?OCDE et hors OCDE. Les objectifs de le recherche sont d?identifier les éventuels défauts dans les processus de planification et de conception du relevé, de considérer les barrières potentielles dans les communications aux adhérents et de souligner les tendances et modèles de bonnes pratiques dans ces domaines essentiels. L?objectif global est de développer des directives recommandées pour les organisateurs, de manière à ce que le relevé puisse être élaboré comme un moyen efficace (impact) et efficient (analyse de rentabilité, rapport qualité/prix) pour délivrer l?information essentielle aux adhérents et encourager des actions appropriées de leur part. Classification-JEL: D14; D18; G23; G28; I28; J26; O16; O19 Keywords: communication, defined contribution, financial education, financial literacy, Pension statement Creation-Date: 2012-06-11 Number: 19 Handle: RePEc:oec:dafaad:19-EN Template-type: ReDIF-Paper 1.0 Author-Name: Pablo Antolín Author-Workplace-Name: OECD Author-Name: Stéphanie Payet Author-Workplace-Name: OECD Author-Name: Juan Yermo Author-Workplace-Name: OECD Title: Coverage of Private Pension Systems: Evidence and Policy Options Abstract: To adapt pension systems to demographic trends, many countries are reducing pay-as-you-go public pension levels and lifting retirement ages. In this context, funded pensions could play a major role to avoid adequacy gaps. Yet, as this paper shows, the coverage of funded private pensions, as measured by enrolment rates, is highly uneven across countries and between individuals, especially in voluntary systems. Some countries have made funded pensions compulsory (e.g. Australia, Chile) or quasimandatory (e.g. Denmark, the Netherlands) to ensure that most workers are covered and therefore have access to a sufficiently high complementary pension. However, in other countries with relatively low pay-as-you-go public pension benefits, funded private provision remains voluntary. The low level of funded pensions’ coverage in such countries should be a major policy concern. Recent policy initiatives in Germany and New Zealand, involving the introduction of financial incentives (and auto enrolment in New Zealand) have been effective in raising coverage to the highest levels among voluntary pension arrangements, but coverage gaps remain that need to be addressed.

Couverture des systèmes de pensions privées : preuve et options politiques
Pour adapter les systèmes de retraite aux tendances démographiques, de nombreux pays réduisent les niveaux des retraites publiques par répartition et relèvent les âges de départ à la retraite. Dans ce contexte, les retraites par capitalisation pourraient jouer un rôle majeur pour éviter des écarts d’adéquation. Toutefois, comme le montre ce document, la couverture des pensions privées par capitalisation, telle que mesurée par les taux d’adhésion, est fortement inégale entre les pays et entre les individus, en particulier dans les systèmes volontaires. Certains pays ont rendu les pensions par capitalisation obligatoires (par ex. l’Australie, le Chile)ou quasi-obligatoires (par ex. le Danemark, les Pays-Bas) pour s’assurer que la plupart des travailleurs sont couverts et ont ainsi accès à une retraite complémentaire suffisamment élevée. En revanche, dans d’autres pays, où les prestations des retraites publiques par répartition sont relativement faibles, l’offre privée par capitalisation reste volontaire. La faible couverture des pensions par capitalisation dans ces pays devrait être un souci politique majeur. De récentes initiatives politiques en Allemagne et en Nouvelle-Zélande, impliquant l’introduction d’incitations financières (et l’adhésion automatique en Nouvelle-Zélande), ont été efficace à augmenter la couverture parmi les plus hauts niveaux au sein des dispositifs de retraites volontaires, mais des écarts de couverture demeurent et doivent être abordés. Classification-JEL: G23; J26; J32 Keywords: adhésion automatique, adéquation des prestations, auto-enrolment, benefit adequacy, coercition, compulsion, Couverture, coverage, financial incentives, funded pensions, incitations financières, retraite par capitalisation Creation-Date: 2012-06-01 Number: 20 Handle: RePEc:oec:dafaad:20-EN Template-type: ReDIF-Paper 1.0 Author-Name: Stéphanie Payet Author-Workplace-Name: OECD Title: Identification and Assessment of Publicly Available Data Sources to Calculate Indicators of Private Pensions Abstract: Considering the growing role of private and funded pension provision and the sensitivity of private pension provision to the economic climate, there is an increasing need of comparable and reliable information on private pension plans in order to better monitor retirement income adequacy and the role of private provision in retirement income. Key indicators of the extent to which private pension provision contributes to the adequacy of pensions are the level of coverage that private pensions have across countries‘ workforce, contributions made into pension funds and personal retirement accounts, and benefits paid to retirees. This paper provides the assessment of data sets available to estimate pension coverage, contributions and benefits in private pensions and discusses ways to use available data sets in order to better inform policy discussions on the role of private pensions on retirement benefit adequacy. It covers all EU-27 Member States and selected non-EU countries.

Identification et évaluation des sources de données disponibles pour le calcul d'indicateurs sur les pensions privées
Dans un contexte où le rôle des dispositifs de retraite privés et par capitalisation s'accroit et où les dispositifs de retraite privés sont sensibles au climat économique, il existe un besoin croissant d'information comparable et fiable sur les plans de retraite privés afin de mieux contrôler l'adéquation du revenu de retraite et le rôle des dispositifs privés dans le revenu de retraite. Les indicateurs clés qui permettent de mesurer dans quelle mesure les dispositifs privés de retraite contribuent à l'adéquation des pensions sont le niveau de couverture atteint par les pensions privées au sein de la population active des pays, les cotisations effectuées dans les fonds de pension et les compte de retraite personnels, et les prestations payées aux retraités. Ce document fournit l‘évaluation des bases de données disponibles permettant l‘estimation de la couverture, des cotisations et des prestations des pensions privées et discute des moyens d‘utiliser les bases de données disponibles afin de mieux informer les discussions politiques sur le rôle des pensions privées dans l'adéquation des prestations de retraite. Il couvre les 27 États Membres de l'Union Européenne et certains pays hors de l'Union. Classification-JEL: C81; G23; J26; J32 Keywords: benefits, contribution, coverage, funded pensions, private pensions Creation-Date: 2012-07-01 Number: 21 Handle: RePEc:oec:dafaad:21-EN Template-type: ReDIF-Paper 1.0 Author-Name: Sue Lewis Author-Name: Flore-Anne Messy Author-Workplace-Name: OECD Title: Financial Education, Savings and Investments: An Overview Abstract: Savings and investments by individuals are important both for personal financial well-being and for economic growth. Many governments try to encourage their citizens to save more, or to save more appropriately, by preferring formal institutions to informal saving and by promoting more diversification. However, there are considerable barriers to saving, including limited access to financial markets by some groups, complexity of financial products and information asymmetries. Knowledge and understanding of saving and investment concepts is particularly low in many countries. In addition, there are behavioural and cultural factors which may limit people’s propensity to save. As a consequence, policy makers have developed several strategies to influence whether and how individuals save. Policy responses typically involve a combination of prudential regulation and consumer protection legislation, financial incentives, financial education and awareness initiatives, as well as behavioural techniques to encourage people into sound saving decisions.

Education financière, épargne et investissement : Vue d'ensemble
L’épargne et les investissements des particuliers sont importants, à la fois pour le bien-être financier personnel et pour la croissance économique. De nombreux pays s’efforcent d’encourager leurs citoyens à épargner davantage ou mieux, en préconisant des structures officielles plutôt qu’une épargne informelle et en favorisant une plus grande diversification. Il existe toutefois des obstacles considérables à l’épargne, notamment l’accès limité de certains groupes aux marchés financiers, la complexité des produits financiers et les asymétries d’information. La connaissance et la compréhension des notions d’épargne et d’investissement sont particulièrement faibles dans de nombreux pays. En outre, des facteurs comportementaux et culturels peuvent limiter la propension des ménages à épargner. Par conséquent, les responsables publiques élaborent diverses stratégies visant à influer sur l’épargne des particuliers. Les mesures prises associent en général réglementation prudentielle et législation en matière de protection des consommateurs, de même que des incitations financières, des programmes d’éducation financière et de sensibilisation, et des techniques comportementales encourageant les particuliers à prendre des décisions appropriées en matière d’épargne. Classification-JEL: D14; D18; E21; I28 Keywords: connaissance financière, consumer protection, financial education, financial literacy, investissement, investment, protection des consommateurs, saving, éducation financière, épargne Creation-Date: 2012-07-01 Number: 22 Handle: RePEc:oec:dafaad:22-EN Template-type: ReDIF-Paper 1.0 Author-Name: Christopher Kaminker Author-Workplace-Name: OECD Author-Name: Fiona Stewart Author-Workplace-Name: OECD Title: The Role of Institutional Investors in Financing Clean Energy Abstract: Decarbonising the world?s energy system, moving towards a resource efficient economy and providing energy access for all will require doubling existing investment levels to around USD 2 trillion a year or 2% of GDP. Governments understand that large sums of capital will be required, and many are also realising the need for further recourse to private capital as public finances have become strained in many developed countries. Simultaneously, banking sector provision of long-term finance has become tighter due deleveraging and new financial regulations. With their USD 71 trillion in assets, institutional investors potentially have an important role to play. Given the current low interest rate environment and weak economic growth prospects in many OECD countries, institutional investors are increasingly looking for real asset classes which can deliver steady, preferably inflation-linked, income streams with low correlations to the returns of other investments. Clean energy projects may combine these sought-after characteristics. Yet – outside the major pension funds and insurance companies – institutional investor allocations to clean energy projects remain limited, particularly when it comes to the types of direct investment which can help close the financing gap. Reasons for institutional investor hesitancy include a lack of information and expertise when it comes to the type of direct infrastructure investment required to finance clean energy projects, and a potentially unsupportive regulatory backdrop. These problems are compounded by a lack of suitable investment vehicles providing the risk/return profile that institutional investors need to manage the risks specific to clean energy projects. There are many species of risk, including regulatory risk stemming from a lack of clarity in terms of environmental and climate policy, and retroactive changes to support mechanisms. Progress is being made – with investor groups coming together to use their scale and build their expertise in clean energy investment. From the public and private sectors, actions are underway to scale up green bond offerings, create risk-mitigating public finance mechanisms and co-investment funding structures. These initiatives need to be encouraged, carefully monitored, and expanded where successful. Classification-JEL: G15; G18; G23; G28; J26 Keywords: green bonds, green growth, infrastructure, insurance companies, pension funds Creation-Date: 2012-09-24 Number: 23 Handle: RePEc:oec:dafaad:23-EN Template-type: ReDIF-Paper 1.0 Author-Name: Georg Inderst Author-Name: Christopher Kaminker Author-Workplace-Name: OECD Author-Name: Fiona Stewart Author-Workplace-Name: OECD Title: Defining and Measuring Green Investments: Implications for Institutional Investors' Asset Allocations Abstract: This definitional, stocktaking paper aims to provide a comprehensive review of the concepts and definitions related to “green” investments that are currently used in the market place. The purpose of this research is not to take a position on a specific definition but rather to explore what is being generally used, whether there are commonalties and inconsistencies, and what lessons can be drawn from this analysis. The paper examines how “green” investments are defined across different asset classes (equities, bonds and alternative investments), as well as providing some estimates of the size of these markets. The paper concludes that, given the lack of consensus on the usage and definition of the term “green”, the most productive approach could be to take an open and dynamic stance towards definitions and standards, with international institutions and governments adopting a “governance approach to green investment”.
Ce document à caractère définitionnel et d’inventaire vise à fournir une revue complète des concepts et définitions liés aux investissements « verts » utilisés actuellement sur le marché. L’objectif de cette recherche n’est pas de prendre position pour une définition particulière mais plutôt d’explorer ce qui est généralement utilisé, s’il existe des points communs et des incohérences et quelles leçons peuvent être tirées de cette analyse.Le document examine comment les investissements « verts » sont définis à travers différentes classes d’actif (actions, obligations and investissements alternatifs) et fournit également certaines estimations de la taille de ces investissements. Le document conclut que, étant donné le manque de consensus autour de l’usage et de la définition du terme « vert », l’approche la plus productive pourrait être d’adopter une attitude ouverte et dynamique au regard des définitions et des standards, les institutions internationales et les gouvernements pouvant adopter « une approche de gouvernance pour l’investissement vert ». Classification-JEL: G15; G18; G23; G28; J26 Keywords: environmental, social and governance (ESG), fonds de pension, green bonds, investissement socialement responsable (ISR), obligations vertes, pension funds, social/sociétal et la gouvernance (ESG), socially responsible investment (SRI) Creation-Date: 2012-09-01 Number: 24 Handle: RePEc:oec:dafaad:24-EN Template-type: ReDIF-Paper 1.0 Author-Name: Flore-Anne Messy Author-Workplace-Name: OECD Author-Name: Chiara Monticone Title: The Status of Financial Education in Africa Abstract: While the African situation displays disparities both within and between countries in terms of economic and human development, on average, many African countries have relatively low school enrolment ratios, highly informal labour markets, high poverty rates, as well as low financial inclusion and financial literacy levels. Against this backdrop, it is desirable to improve the level of financial literacy among the most vulnerable parts of the African population. Well-designed financial education initiatives can reduce demand-side barriers to more effective financial inclusion and can empower vulnerable individuals economically, so that they can better manage household resources and develop income generating activities. This report provides an overview of the status of financial education programmes developed in Africa, discusses their rationale, and offers initial guidance for policy makers. In recent years public authorities, as well as the non-profit and the private sector, engaged in the development of financial education programmes in several African countries. These programmes typically aim at improving financial knowledge and skills, raising awareness of financial issues, and improving financial inclusion. They usually target vulnerable groups, including low-income people, women, and youth, and sometimes deliver financial literacy training in combination with access to financial products. Classification-JEL: D14; D18; I28; O16 Keywords: Africa, Afrique, compétences financières, financial education, financial inclusion, financial literacy, inclusion financière, éducation financière Creation-Date: 2012-07-01 Number: 25 Handle: RePEc:oec:dafaad:25-EN Template-type: ReDIF-Paper 1.0 Author-Name: Fiona Stewart Author-Workplace-Name: OECD Author-Name: Juan Yermo Author-Workplace-Name: OECD Title: Infrastructure Investment in New Markets: Challenges and Opportunities for Pension Funds Abstract: This report reviews the existing evidence on pension fund investment in infrastructure in “new” markets, covering a number of non-OECD countries, such as Brazil, China, India, Indonesia and South Africa, as well as some OECD countries like Chile and Mexico. In the African, Asian, and Latin American countries surveyed, domestic pension funds invest more than USD 15 bn in infrastructure projects, around 1.3% of the total assets managed (USD 1.1 trillion as of December 2010). Foreign pension funds, given their large size, could be a potentially major source of funding, but most have only recently started investing in infrastructure projects and have focused their attention in mature markets. The report concludes with a series of policy recommendations to facilitate infrastructure investments in new markets.

Investissement dans les infrastructures sur les nouveaux marchés : défis et opportunités pour les fonds de pension
Ce rapport passe en revue les éléments d’information disponibles sur l’investissement des fonds de pension dans les infrastructures sur les « nouveaux » marchés, qui englobent un certain nombre de pays non membres de l’OCDE, comme l’Afrique du Sud, le Brésil, la Chine, l’Inde et l’Indonésie, ainsi que certains pays membres comme le Chili et le Mexique. Dans les pays d’Afrique, d’Asie et d’Amérique latine examinés, les fonds de pension nationaux investissent plus de 15 milliards USD dans les projets d’infrastructure, soit environ 1.3 % du total des actifs sous gestion (1.1 billion USD en date de décembre 2010). Compte tenu de leur taille, les fonds de pension étrangers pourraient être une source de financement potentiellement importante, mais la plupart d’entre eux n’investissent que depuis peu dans des projets d’infrastructure et concentrent leur attention sur les marchés matures. En conclusion, le rapport formule un ensemble de recommandations d’action en vue de faciliter les investissements dans les infrastructures sur les nouveaux marchés. Classification-JEL: G15; G18; G23; G28; J26 Keywords: emerging markets, infrastructure investment, pension funds Creation-Date: 2012-12-03 Number: 26 Handle: RePEc:oec:dafaad:26-EN Template-type: ReDIF-Paper 1.0 Author-Name: Juan Yermo Author-Workplace-Name: OECD Title: The Role of Funded Pensions in Retirement Income Systems: Issues for the Russian Federation Abstract: This paper reviews the recent development of the funded pension system in the Russian Federation and considers it role in the context of the overall retirement income system. By describing current OECD practices and policy recommendations and comparing them with the current Russian pension system, the report aims to facilitate ongoing discussions between the OECD and the Russian Federation regarding the latter’s pension system. The report is based to a large extent on existing OECD published material, in particular the latest edition of OECD Pensions at a Glance (2011) and the OECD Pensions Outlook 2012. It also draws on the OECD review of labour and social policy published in December 2011.

Le rôle des régimes de pension privés dans les systèmes de retraite : les enjeux pour la Fédération de Russie
Cette publication analyse l’évolution récente des régimes de pension privés dans la Fédération de Russie et examine leur rôle dans le contexte du système de retraite du pays. Elle met en regard le système de retraite russe et les pratiques en vigueur dans les pays de l’OCDE ainsi que les recommandations stratégiques formulées par l’Organisation. Ce rapport a pour objectif de faciliter les discussions en cours entre l’OCDE et la Fédération de Russie sur le système de retraite du pays. Ce document s’inspire largement de publications de l’OCDE, et notamment des dernières éditions du Panorama des pensions 2011 et des Perspectives de l’OCDE sur les pensions privées 2012. Il fait également fond sur l’examen de l’OCDE du marché du travail et des politiques sociales dans la Fédération de Russie, publié en décembre 2011. Classification-JEL: G18; G23; G28; H55 Keywords: funded pensions, investissement, investment, pensions privées, pensions publiques, public pensions, regulation, régulations, social security, supervision, supervision, sécurité sociale Creation-Date: 2012-10-19 Number: 27 Handle: RePEc:oec:dafaad:27-EN Template-type: ReDIF-Paper 1.0 Author-Name: Pablo Antolín Author-Workplace-Name: OECD Author-Name: Olga Fuentes Author-Workplace-Name: Superintendence of Pensions Title: Communicating Pension Risk to DC Plan Members: The Chilean Case of a Pension Risk Simulator Abstract: The purpose of this paper is to discuss a few issues related to how best to communicate uncertainty about projections of future pension benefits to members of DC plans, and especially to present a pension risk simulator developed by the Chilean regulator (Superintendencia de Pensiones, SP) that addresses directly how to convey that uncertainty and aims at eliciting a pro-active response from individuals in terms of contributing more and for longer.

Communiquer le risque de retraite aux adhérents des plans à cotisations définies : Le cas chilien d'un simulateur de risque de retraite
L’objectif de ce document est de discuter de quelques questions liées à la manière de communiquer l’incertitude autour des projections des futures prestations de retraite aux adhérents des plans de retraite à cotisations définies. En particulier, le but est de présenter un simulateur de risque de retraite développé par le régulateur chilien (Superintendencia de Pensiones, SP) qui aborde directement la manière de transmettre cette incertitude et vise à susciter une réponse proactive de la part des individus pour qu’ils cotisent d’avantage et pendant plus longtemps. Classification-JEL: D14; D18; G23; G28; I28; J26; O16; O19 Keywords: communication, defined contribution pension plans, financial education, pension benefit, pension risk simulator, pensions, projections, uncertainty Creation-Date: 2012-10-18 Number: 28 Handle: RePEc:oec:dafaad:28-EN Template-type: ReDIF-Paper 1.0 Author-Name: Raffaele Della Croce Author-Workplace-Name: OECD Title: Trends in Large Pension Fund Investment in Infrastructure Abstract: Favourable conditions such as the growth of pension fund assets, privatisation trends and changing regulations have increased the interest of institutional investors in infrastructure investment. However, data on pension fund investment in infrastructure is limited. National statistical agencies do not currently collect separate data on these investments, and the different modes available to investors to gain exposure to infrastructure means that information is buried under different headings. This paper is based on a recent survey of some of the largest pension funds across different regions, accounting for over USD 7 trillion of assets under management. We look at how much these investors have allocated to infrastructure, what is considered as infrastructure, where it fits in the total portfolio allocation, what approaches and forms of investment have been taken, what are recent trends in relation to infrastructure and asset allocation, regulation and green investment. A better understanding of these issues is necessary from a policy perspective in order to be able to attract institutional investors to the infrastructure sector.

Tendances dans les investissements des grands fonds de pension dans les infrasctructures
Des conditions propices, comme la croissance de l’actif des fonds de pension, l’orientation des privatisations et l’évolution de la réglementation, ont attisé l’intérêt des investisseurs institutionnels en faveur des investissements dans les infrastructures. Pour le moment, les données disponibles à ce sujet sont toutefois limitées. Les instituts de la statistique des différents pays ne compilent pas, pour l’heure, de données distinctes sur cette catégorie d’investissements, ces informations étant ventilées et dissimulées sous différents intitulés en raison de la diversité des vecteurs par lesquels les investisseurs peuvent se doter d’une telle exposition. Le présent rapport se fonde sur une enquête récente consacrée à certains des plus grands fonds de pension des différentes régions du monde, dont l’actif total sous gestion s’élève à plus de 7 000 milliards USD. Y sont analysés : la part allouée aux infrastructures par les investisseurs ; ce qui est considéré comme une infrastructure, la place de ces investissements dans les allocations globales de portefeuille, les approches retenues pour les réaliser et les formes qu’ils prennent, les récentes tendances dans le domaine des infrastructures et en matière d’allocation d’actifs, la réglementation et les investissements verts. Du point de vue des pouvoirs publics, il est indispensable d’acquérir une meilleure compréhension de ces questions pour pouvoir attirer les investisseurs institutionnels vers ce secteur. Classification-JEL: G15; G18; G23; G28; J26 Keywords: actifs alternatifs, allocation d'actifs, alternative assets, asset allocation, barriers, contraintes réglementaires, diversification, diversification, financement privé, infrastructure, infrastructure, listed securities, obstacle, pensions, pensions, private finance, regulatory constraints, rendement, returns, risk, risque, titres cotés en bourse Creation-Date: 2012-12-07 Number: 29 Handle: RePEc:oec:dafaad:29-EN Template-type: ReDIF-Paper 1.0 Author-Name: Clara Severinson Author-Workplace-Name: OECD Author-Name: Juan Yermo Author-Workplace-Name: OECD Title: The Effect of Solvency Regulations and Accounting Standards on Long-Term Investing: Implications for Insurers and Pension Funds Abstract: This report reviews recent as well as planned changes to accounting and solvency regulations affecting insurers and pension funds and how they may impact long-term investing by these institutions. The review of existing evidence focuses mainly on the impact of risk-based solvency requirements, identifying instances where such regulations may have driven changes in investment strategies and potentially led to pro-cyclical investment behaviour such as the fire-sale of assets in market downturns. The report concludes with a note of caution regarding the application of strict fair value and risk-based solvency rules.

Les effets des normes prudentielles et comptables sur l'investissement à long terme : conséquences pour les assureurs et les fonds de pensions
Ce rapport passe en revue les modifications récentes et à venir des règles prudentielles et comptables applicables aux assureurs et aux fonds de pension, ainsi que leur impact sur les stratégies d’investissement à long terme de ces institutions. L’examen des données factuelles porte principalement sur l’impact des exigences de solvabilité fondées sur les risques, met en lumière les cas où ces règles ont pu se traduire par un ajustement des stratégies d’investissement, et potentiellement déboucher sur des comportements d’investissement procycliques, comme le bradage des actifs en période de baisse des marchés. Le rapport conclut en mettant en garde contre une application trop stricte des règles prudentielles basées sur les risques et du principe de la juste valeur. Classification-JEL: D21; E32; G01; G15; G23; G32; J33; K20; M40; M52 Keywords: accounting, assureur, comptabilité, defined benefit, economic value, fair value, financement, fonds de pension, funding, insurer, investissement à long terme, juste valeur, long-term investing, pension fund, prestations définies, solvabilité, solvency, valeur économique Creation-Date: 2012-12-07 Number: 30 Handle: RePEc:oec:dafaad:30-EN Template-type: ReDIF-Paper 1.0 Author-Name: OECD Title: Policyholder Protection Schemes: Selected Considerations Abstract: This paper investigates policyholder protection schemes in OECD member countries and selected non-OECD countries. It is selective in its scope: it examines the rationale for a policyholder protection scheme; the relationship between certain design features and moral hazard; the role of a policyholder protection scheme within the overall resolution framework; and some cross-border features of these schemes. While the paper focuses on protection schemes for policyholders, it seeks to draw lessons from compensation schemes in the banking and occupational pension fund sectors, while recognising sectoral differences.
Ce rapport étudie les régimes de protection des titulaires de polices d’assurance dans les pays Membres de l’OCDE et dans certains pays non Membres. Son champ d’étude est sélectif : il porte sur les raisons présidant à l’existence de ces régimes ; les relations entre certaines dispositions et l’aléa moral ; le rôle du régime de protection des assurés au sein du cadre globale de résolution des défaillances ; et certains aspects de ces régimes relatifs aux défaillances concernant plusieurs États. Tout en ciblant sa réflexion sur les régimes de protection des assurés, ce rapport tente de tirer des enseignements des mécanismes d’indemnisation existant dans le secteur bancaire et les plans de retraite professionnels, tout en mettant au jour les différences sectorielles. Classification-JEL: D02; F36; F42; G22; G28; H12 Keywords: aléa moral, assurance, cross-border resolution, garantie d’assurance, insolvabilité des entreprises d’assurance, insurance guarantee, insurance sector, insurer insolvency, moral hazard, policyholder protection, protection des titulaires de police d’assurance, resolution, résolution Creation-Date: 2013-05-10 Number: 31 Handle: RePEc:oec:dafaad:31-EN Template-type: ReDIF-Paper 1.0 Author-Name: Georg Inderst Author-Name: Raffaele Della Croce Author-Workplace-Name: OECD Title: Pension Fund Investment in Infrastructure: A Comparison Between Australia and Canada Abstract: Australian and Canadian pension funds have been pioneers in infrastructure investing since the early 1990s. They also have the highest asset allocation to infrastructure around the globe today. This paper compares and contrasts the experience of institutional investors in the two countries looking at factors such as infrastructure policies, the pension system, investment strategies and governance of pension funds. The ‘Canadian model’ and the ‘(new) Australian model’ of infrastructure pose a challenge to the ‘private equity model’, dominant in Europe and the USA. Important lessons can be learnt by both policy makers and investors.

Investissements des fonds de pension dans les infrastructures : Comparaison entre l'Australie et le Canada
Les fonds de pension australiens et canadiens sont parmi les premiers à avoir investi en infrastructures, dans les années 1990. Aujourd’hui, la part des actifs qu’ils y consacrent est inégalée dans le monde. Le présent document met en lumière les similitudes et les différences du cadre de l’investissement institutionnel dans les deux pays, en s’intéressant à des facteurs tels que les politiques en matière d’infrastructures, les systèmes de retraite, les stratégies d’investissement et la gouvernance des fonds de pension. Le « modèle canadien » et le « (nouveau) modèle australien » d’infrastructures remettent en cause le « modèle du capital-investissement » prédominant en Europe et aux États-Unis. Les observer peut être riche d’enseignements pour les décideurs comme pour les investisseurs. Classification-JEL: G15; G18; G23; G28; H54; J26 Keywords: allocation d'actifs, asset allocation, Australia, Australie, Canada, Canada, financement privé, fonds de pension, infrastructure, infrastructure, infrastructure investment, infrastructure policy, institutional investors, investissement dans les infrastructures, investisseurs institutionnels, pension funds, pension regulation, politique des infrastructures, private finance, réglementation des pensions Creation-Date: 2013-07-18 Number: 32 Handle: RePEc:oec:dafaad:32-EN Template-type: ReDIF-Paper 1.0 Author-Name: Nidia García Author-Workplace-Name: Banco de la República (BRC) Author-Name: Andrea Grifoni Author-Workplace-Name: OECD Author-Name: Juan Carlos López Author-Workplace-Name: Financial Institutions Guarantee Fund of Colombia (Fogafin) Author-Name: Diana Mejía Author-Workplace-Name: CAF Development Bank of Latin America Title: Financial Education in Latin America and the Caribbean: Rationale, Overview and Way Forward Abstract: Macroeconomic stability and growth in the Latin America and the Caribbean (LAC) region have allowed governments to focus on public policies that build on the complementarities between financial education, inclusion and the development of social capital. Financial education programmes can support the needs of emerging middle classes in managing their finances and benefitting from access to more sophisticated financial markets. They can also be a valuable tool to ensure a more effective financial inclusion of the most vulnerable sectors of the population, and help fight poverty and inequality.

L'éducation financière en Amérique latine et dans les Caraïbes : tour d'horizon et perspectives
La stabilité et la croissance économique des pays d’Amérique Latine et des Caraïbes ont permis aux gouvernements de la région de concentrer leurs efforts sur la mise en place de politiques publiques qui exploitent la complémentarité entre éducation financière, inclusion financière et développent du capital social. Les programmes dédiés à l’éducation financière ont pour but d’aider les classes moyennes émergentes à gérer leurs budgets et à accéder à des marchés financiers qui deviennent plus sophistiqués. Ces programmes sont aussi importants pour la mise en place d’une inclusion financière plus efficace, ainsi que pour lutter contre la pauvreté et les inégalités. Classification-JEL: D14; D31; H53; I25; I38; O19 Keywords: alphabétisation financière, Amérique latine, Caraïbes, Caribbean, conditional cash transfer programmes, financial education, financial inclusion, financial literacy, inclusion financière, Latin America, poverty reduction, programmes de transfert de fonds sous conditions, réduction de la pauvreté, éducation financière Creation-Date: 2013-08-22 Number: 33 Handle: RePEc:oec:dafaad:33-EN Template-type: ReDIF-Paper 1.0 Author-Name: Adele Atkinson Author-Workplace-Name: OECD Author-Name: Flore-Anne Messy Author-Workplace-Name: OECD Title: Promoting Financial Inclusion through Financial Education: OECD/INFE Evidence, Policies and Practice Abstract: Financial inclusion is an international policy priority and demand-side initiatives including financial education have an important role to play in helping individuals to access and use appropriate, formal financial products. In 2010, under the support of the Russian Trust Fund for Financial Literacy and Education, the OECD/INFE launched a project on the role of financial education in financial inclusion. The results of this work show that low levels of financial inclusion are associated with lower levels of financial literacy. Recent research, including a broad stock take of INFE members, permitted to identify various ways in which policy makers are developing financial education policies for financial inclusion. Based on a review of approaches taken to deliver financial education for financial inclusion, this report highlights challenges faced and solutions found, and discusses the main lessons learnt and potential way forward.
L’inclusion financière est une politique prioritaire internationalement et les initiatives portant sur la demande comme l’éducation financière ont un rôle important à jouer afin d’aider les individus à accéder et à utiliser des produits financiers du secteur formel appropriés. En 2010, avec le soutien du Fonds russe sur l’éducation et les compétences financières, l’OCDE et son réseau international sur l’éducation financière (International Network on Financial Education (INFE) ont lancé un projet sur le rôle de l’éducation financière pour renforcer l’inclusion financière. Les résultats de ces travaux montrent que des niveaux bas d’inclusion financière sont associés avec des niveaux bas de compétences financières. Des recherches récentes, incluant une large collecte de données au sein des membres de l’INFE, ont permis d’identifier différents approches mises en place par les autorités publiques afin de développer des politiques en matière d’éducation financière visant à promouvoir l’inclusion financière. À partir d’une analyse de ces approches, ce rapport met en évidence les défis rencontrés et les solutions trouvées afin de conduire des programmes d’éducation financière efficaces permettant d’améliorer l’inclusion financière, en tire les principaux enseignements et présente des pistes à suivre dans le futur. Classification-JEL: D14; D18; G21; G28; I28 Keywords: alphabétisation financière, financial education, financial inclusion, financial literacy, inclusion financière, éducation financière Creation-Date: 2013-10-11 Number: 34 Handle: RePEc:oec:dafaad:34-EN Template-type: ReDIF-Paper 1.0 Author-Name: Christopher Kaminker Author-Workplace-Name: OECD Author-Name: Osamu Kawanishi Author-Workplace-Name: OECD Author-Name: Fiona Stewart Author-Workplace-Name: OECD Author-Name: Ben Caldecott Author-Workplace-Name: University of Oxford Author-Name: Nicholas Howarth Author-Workplace-Name: University of Oxford Title: Institutional Investors and Green Infrastructure Investments: Selected Case Studies Abstract: This report is structured in three chapters. The first chapter examines the channels through which institutional investors can access green infrastructure, assesses the extent to which this is currently happening, and identifies the barriers to scaling up these investment flows. The second chapter presents four case studies: on utility-scale solar PV power generation in the United States, sustainable agriculture in Brazil, off-shore wind energy in the United Kingdom, and the securitisation of on-shore wind farms in Germany and France. The third chapter uses the conclusions on the case studies to draw out broader lessons for governments on the policy settings which may support investment in green infrastructure by institutional investors. These include, inter alia, ensuring a stable and integrated policy environment, addressing market failures, providing an infrastructure road map, facilitating the development of appropriate green financing vehicles, and promoting market transparency and improved data collection.

L'investissement institutionnel dans les infrastructures vertes : Études de cas
Le présent rapport est divisé en trois chapitres. Le premier étudie les possibilités offertes aux investisseurs institutionnels pour financer des infrastructures vertes, l’étendue de l’expérience acquise à ce jour ainsi que les obstacles à la multiplication de ce type d’investissements. Le deuxième chapitre présente quatre études de cas relatives à la production centralisée d’électricité photovoltaïque aux États-Unis, l’agriculture durable au Brésil, l’énergie éolienne off-shore au Royaume-Uni et les centrales éoliennes terrestres en Allemagne et en France. De ces études de cas, le troisième chapitre tire des conclusions générales concernant la conception de politiques favorisant l’investissement institutionnel dans les infrastructures vertes. Il préconise notamment de créer un cadre d’action stable et harmonieux, d’éliminer les défaillances du marché, d’établir une feuille de route de la construction d’infrastructures, d’encourager la mise au point de mécanismes appropriés de financement verts et, enfin, d’améliorer la transparence des marchés et la collecte des données. Classification-JEL: G15; G18; G23; G28; J26 Keywords: croissance verte, fonds de pension, green bonds, green growth, infrastructure, infrastructure, insurance companies, obligations vertes, pension funds Creation-Date: 2013-10-23 Number: 35 Handle: RePEc:oec:dafaad:35-EN Template-type: ReDIF-Paper 1.0 Author-Name: Raffaele Della Croce Author-Workplace-Name: OECD Author-Name: Juan Yermo Author-Workplace-Name: OECD Title: Institutional Investors and Infrastructure Financing Abstract: The economic downturn is likely to have a lasting impact on the fund management industry and on long term asset allocation strategies of institutional investors. On one hand, in promoting more cautious investment strategies and a greater focus on portfolio risk management in the coming years. On the other hand, the prolonged low-yield environment has heightened the need for return-enhancing strategies, pushing some investors to invest in alternative assets. More fundamentally, the role of institutional investors in long term financing is constrained by the short-termism increasingly pervasive in capital markets as well as structural and policy barriers such as regulatory disincentives, lack of appropriate financing vehicles, limited investment and risk management expertise, transparency, viability issues and a lack of appropriate data and investment benchmarks for illiquid assets such as infrastructure.

Les investisseurs institutionnels et le financement des infrastructures
La récession économique aura probablement un impact durable sur le secteur de la gestion de fonds et les stratégies d’allocation d’actifs à long terme des investisseurs institutionnels. D’une part, parce qu’elle met en valeur des stratégies d’investissement plus prudentes et conduit à apporter une attention plus grande à la gestion du risque de portefeuille au cours des prochaines années. D’autre part, parce que dans un contexte de faiblesse persistante des rendements, les investisseurs sont incités à adopter des stratégies plus rémunératrices et à investir dans d’autres catégories d’actifs. Plus fondamentalement, le rôle des investisseurs institutionnels dans le financement à long terme pâtit de la prédilection pour le court terme qui se généralise sur les marchés financiers, mais également des obstacles structurels et politiques, comme les réglementations dissuasives, l’absence de formules d’investissement adaptées, des compétences limitées en gestion du risque et des investissements, des questions de transparence et de viabilité des investissements et l’absence de points de référence, en termes de données et d’investissements, en ce qui concerne des actifs aussi peu liquides que les infrastructures. Classification-JEL: G15; G18; G23; G28; H54; J26 Keywords: allocation d'actifs, asset allocation, financement privé, fonds de pension, infrastructure, infrastructure, infrastructure investment, infrastructure policy, institutional investors, investissement en infrastructures, investisseurs institutionnels, pension funds, pension regulation, politique des infrastructures, private finance, réglementation des pensions Creation-Date: 2013-11-06 Number: 36 Handle: RePEc:oec:dafaad:36-EN Template-type: ReDIF-Paper 1.0 Author-Name: Adrian Blundell-Wignall Author-Workplace-Name: OECD Title: The Bitcoin Question: Currency versus Trust-less Transfer Technology Abstract: The financial crisis has led to a widespread loss of trust in financial intermediaries of all kinds, perhaps helping to open the way towards the general acceptance of alternative technologies. This paper briefly summarises the crypto-currency phenomenon, separating the ‘currency’ issues from the potential technology benefits. With respect to crypto currencies, the paper argues that these can’t undermine the ability of central banks to conduct monetary policy. They do, however, raise consumer protection and bank secrecy issues. The valuation of Bitcoins and price volatility issues are discussed, as well as electronic theft, contract failures, etc., all of which could result in large losses to users and hence ultimate costs to the taxpayer (e.g. the failure to provide adequate private pensions resulting in increased reliance on public pensions). The anonymity features of the crypto-currencies also facilitate tax evasion and money laundering, both of which are major public policy concerns. The technology associated with crypto-currencies, on the other hand, could ultimately shift the entire basis of trust involved in any financial transaction. It is an innovation that creates the ability to carry out transactions without the need for a trusted third party; i.e. a move towards trust-less transactions. This mechanism could work to eliminate the role of many intermediaries, thereby reducing transactions costs by introducing much needed competition to incumbent firms. The generic issues that policy makers need to examine are summarised. Classification-JEL: E5; F39; F65; G19; G2 Keywords: Bitcoin, Gold standard, intermediaries, legal tender, monetary policy, payment technology, plenary powers, trust-less transaction Creation-Date: 2014-06-16 Number: 37 Handle: RePEc:oec:dafaad:37-EN Template-type: ReDIF-Paper 1.0 Author-Name: Adele Atkinson Author-Workplace-Name: OECD Author-Name: Flore-Anne Messy Author-Workplace-Name: OECD Title: Financial Education for Migrants and their Families Abstract: Money remitted by international migrants is a major source of income for many countries around the world, exceeding all international development funds combined. Yet individual migrants and their families are often amongst the most vulnerable people in society, and many face significant barriers to the access and use of appropriate financial products. Recognising their importance and vulnerability, some home and host countries are taking measures to support migrant workers and their families and improve their financial literacy; in some cases this occurs within the framework of a national strategy for financial education. In order to increase the extent of such support and to improve international co-operation, this paper seeks to illustrate the key challenges and suggest possible ways forward. The lessons learned will be used by the OECD and its International Network on Financial Education to develop a checklist for policy makers in order to increase the coverage of high-quality financial education for migrants. Classification-JEL: D14; D18; F22; F36; G28; I28; J61; R23 Keywords: emigrants, financial education, financial inclusion, immigrants, migrants, remittances Creation-Date: 2015-03-30 Number: 38 Handle: RePEc:oec:dafaad:38-EN Template-type: ReDIF-Paper 1.0 Author-Name: Adele Atkinson Author-Workplace-Name: OECD Author-Name: Flore-Anne Messy Author-Workplace-Name: OECD Author-Name: Lila Rabinovich Author-Workplace-Name: RAND Corporation Author-Name: Joanne Yoong Author-Workplace-Name: RAND Corporation Title: Financial Education for Long-term Savings and Investments: Review of Research and Literature Abstract: Long-term savings and investments (LTSI) by individuals enhances their financial security while also supporting growth and financial development. Evidence shows that financial knowledge and skills are positively related to LTSI behaviour, and indicates a strong correlation between levels of financial literacy and retirement wealth accumulation. However, both the quantity and quality of LTSI are often worryingly low, pointing to an important role for financial education to increase levels of financial literacy and thus improve LTSI among individuals. Evaluations of various types of financial education aimed at increasing LTSI have identified some promising results. Initial findings suggest the need for additional, targeted evaluation of education programmes to compare the effects of different delivery channels and the intensity of provision in order to identify optimal approaches. More detailed research is also important to fully understand why some evaluations indicate mixed outcomes from certain programmes. Classification-JEL: D04; D14; D31; G28; I21 Keywords: financial education, long-term investing, saving Creation-Date: 2015-09-25 Number: 39 Handle: RePEc:oec:dafaad:39-EN Template-type: ReDIF-Paper 1.0 Author-Name: Flore-Anne Messy Author-Workplace-Name: OECD Author-Name: Chiara Monticone Author-Workplace-Name: OECD Title: Financial Education Policies in Asia and the Pacific Abstract: A number of factors and trends have driven the development of financial education policies in Asia and the Pacific in recent years. In some countries and economies, the development of financial education policies has been mostly spurred by high levels of financial exclusion, both among households and small businesses, in a context of low financial literacy, low general education and high poverty. In others, current or anticipated population ageing is also playing an important role. Various countries and economies in the region have engaged in the development of financial education and financial consumer protection policy responses to help address these issues. This report provides an overview of the recent trends and developments on financial education in Asia and the Pacific. It describes the status of national strategies for financial education and highlights financial education programmes targeting different audiences and through a variety of delivery channels. Based on the analysis of these initiatives, the report offers policy and practical suggestions for policy makers and other stakeholders. Classification-JEL: D14; D18; G21; G28; I28; O53; O56 Keywords: Asia, financial education, South East Asia Creation-Date: 2016-01-19 Number: 40 Handle: RePEc:oec:dafaad:40-EN Template-type: ReDIF-Paper 1.0 Author-Name: Iota Kaousar Nassr Author-Workplace-Name: OECD Author-Name: Virginia Robano Author-Workplace-Name: OECD Author-Name: Gert Wehinger Author-Workplace-Name: OECD Title: Unleashing the Export Potential of SMEs in Greece Abstract: Despite Greece’s long history as a trading nation, the country is failing to live up to its export potential. Small and medium-sized enterprises (SMEs) could significantly contribute to strengthening Greece’s export performance, thereby helping to jump-start economic growth and job creation as well as improving the sustainability of fiscal and external accounts. This paper explores aspects of the business, financial and regulatory environment that impede the greater involvement of SMEs in export activity. The paper also discusses the potential role of a development bank and stresses the importance of more R&D and innovation, the need to develop venture and other equity capital financing, and the need to build stronger links and networks between universities and industry. It draws some policy conclusions and suggests policy measures in the areas of finance, regulation, R&D and innovation. Classification-JEL: F1; F43; F6; G2; H81; I23; L25; L26; M13; O3 Keywords: business environment, development banks, entrepreneurship, export performance, small and medium-sized enterprises Creation-Date: 2016-04-20 Number: 41 Handle: RePEc:oec:dafaad:41-EN Template-type: ReDIF-Paper 1.0 Author-Name: Anne-Francoise Lefevre Author-Workplace-Name: OECD Author-Name: Michael Chapman Author-Workplace-Name: OECD Title: Behavioural economics and financial consumer protection Abstract: The G20/OECD Task Force on Financial Consumer Protection has highlighted that "regulators and supervisors can use the insights gained through behavioural economics research to inform their approach to potential remedies to help consumers". This paper, prepared under the aegis of the G20/OECD Task Force, first provides some historical context for the development of the field of behavioural economics and its increased application to policy. It then looks more specifically at the application of behavioural economics in the area of financial consumer protection. Common biases that individuals demonstrate in the context of making financial decisions are identified, and an overview of how numerous governments are testing and implementing the application of behavioural economics for policies promoting financial consumer protection is provided. The paper concludes by highlighting the opportunity for behavioural economics to help provide cost-efficient ways of making policy more effective at promoting positive outcomes for consumers, and stressing the need to continue an open dialogue with policy makers, regulators and supervisors to exchange experiences and good practices. Classification-JEL: D14; D18; G28 Keywords: behevioural economics, financial consumer protection Creation-Date: 2017-03-15 Number: 42 Handle: RePEc:oec:dafaad:42-EN Template-type: ReDIF-Paper 1.0 Author-Name: Adele Atkinson Title: Financial Education for MSMEs and Potential Entrepreneurs Abstract: Micro, small and medium-sized enterprises (MSMEs) make up the majority of enterprises in the world, providing employment and contributing significantly to national incomes. Many MSMEs face a number of challenges, including regulatory hurdles and tax burdens, difficulties accessing finance and a lack of general guidance or support. Financial education can be an important tool for helping MSMEs and potential entrepreneurs to obtain access to finance and strengthen money management skills.This working paper presents the results of a stocktake of 21 economies. It shows that, while some MSMEs have access to education, training or mentoring, in most economies approaches are fragmented and risk missing important groups. Identifying MSMEs as a target group within national strategies for financial education would contribute to addressing some of the challenges they face. This would also underline the importance of measuring levels of financial literacy among MSMEs and help policy makers and stakeholders to evaluate programmes that target this group. Keywords: entrepreneur, financial consumer protection, financial education, micro-enterprise, SME Creation-Date: 2017-09-25 Number: 43 Handle: RePEc:oec:dafaad:43-EN Template-type: ReDIF-Paper 1.0 Author-Name: Robert Patalano Author-Workplace-Name: OECD Author-Name: Caroline Roulet Author-Workplace-Name: OECD Title: Structural developments in global financial intermediation: The rise of debt and non-bank credit intermediation Abstract: This paper examines global credit intermediation through the lens of financial markets and financial intermediaries in the post-crisis period during which highly accommodative monetary policies contributed to investors’ search for yield. It reviews the extent to which non-bank intermediation contributed to the rise of sovereign and corporate debt levels and exuberance in global credit markets. It also assesses forms of market-based finance that are contributing to financial vulnerabilities, including leverage loans and collateralised loan obligations (CLOs), fixed-income investment funds, and bank contingent convertible debt. Post-crisis policy frameworks should adapt to the shift toward market-based finance in many countries to allow better consideration of the interactions between monetary, prudential, and regulatory tools with respect to credit intermediation and risks. Policies should also consider the optimal combination of macroprudential and activities-based tools in non-bank credit intermediation to address vulnerabilities without undermining the benefits of market-based finance. Classification-JEL: F34; F42; G21; G23 Keywords: debt sustainability, International lending, international policy mix, non-bank financial intermediation Creation-Date: 2020-03-30 Number: 44 Handle: RePEc:oec:dafaad:44-EN Template-type: ReDIF-Paper 1.0 Author-Name: Caroline Roulet Title: The changing structure of financial intermediation in Asia: Benefits and risks Abstract: Over the past two decades, Asian economies have experienced rapid capital market growth and profound changes in the structure of their financial systems. This paper analyses key developments in advanced and emerging Asian economies since the global financial crisis, focusing on market intermediation of sovereign and corporate debt, equity market development, and the growth of alternative finance and structured products. This enables a forward-looking assessment of the extent to which developments in the medium term may contribute to rising risks in the stability of financial intermediation and sustainable long-term growth with a view to informing policy discussions on economic opportunities and associated risks. Classification-JEL: F34; F42; G21; G23 Creation-Date: 2020-07-21 Number: 45 Handle: RePEc:oec:dafaad:45-EN Template-type: ReDIF-Paper 1.0 Author-Name: Caroline Roulet Title: Corporate debt stress testing: A global analysis of non-financial corporations Abstract: High-yield corporate and leveraged loans have grown substantially over the past decade. However, the COVID-19 pandemic means downside risks are rising alongside expectations of severe negative impacts on corporate earnings and economic growth. The proportion of leveraged corporate debt exposed to such downside risks has become a key concern. This paper assesses the magnitude of indebtedness of leveraged non-financial companies and identifies the share of debt related to the riskiest firms. A stress test analysis examines the sensitivity of corporate debt to potential macroeconomic and financial shocks. The results show a sharp deterioration in the credit quality of firms, particularly in the United States and Emerging Market Economies (EMEs). Under stressed conditions, all these countries, China included, would experience a sharp rise in the number of firms considered at risk or distressed due to deteriorating cash flows and the inability to make interest payments, thereby becoming more likely to default. Creation-Date: 2020-08-06 Number: 46 Handle: RePEc:oec:dafaad:46-EN Template-type: ReDIF-Paper 1.0 Author-Name: Ludger Schuknecht Author-Name: Vincent Siegerink Title: The political economy of the G20 agenda on financial regulation Abstract: The paper empirically examines the implementation record of international financial regulation of the banking sector. The study finds that the size of the banking sector and the presence of global systemically important banks (G-SIBs) are positively associated with a stronger implementation record. These results suggest that cooperative motives of internalising externalities, creating a level playing field and preserving financial stability play a role in explaining the implementation record. We find evidence that this cooperative behaviour may be driven by the self-interest of global players as the positive record is particularly strong in countries where large banking sectors and big banks are both present, and where regulation only applies to large players. Sectoral concentration, bank health and the share of foreign ownership yield more mixed results as regards their impact on implementation. Creation-Date: 2020-08-13 Number: 47 Handle: RePEc:oec:dafaad:47-EN Template-type: ReDIF-Paper 1.0 Author-Name: Ana Sasi-Brodesky Author-Name: Iota Kaousar Nassr Title: DeFi liquidations: Volatility and liquidity Abstract: This work delves into the liquidations mechanism inherent in Decentralised Finance (DeFi) lending protocols and the connection between liquidations and price volatility in decentralised exchanges (DEXs). The analysis employs transactional data of three of the largest DeFi lending protocols and provides evidence of a positive relation between liquidations and post-liquidations price volatility across the main DEX pools. Without directly observing the behaviour of liquidators, these findings indirectly indicate that liquidators require market liquidity to carry out large liquidations and affect market conditions while doing so. Classification-JEL: G12; G14; G23; O39 Keywords: decentralisation, decentralised exchanges, decentralised finance, DeFi, lending protocols, liquidity pools, liquidity providers, tokens Creation-Date: 2023-07-31 Number: 48 Handle: RePEc:oec:dafaad:48-EN Template-type: ReDIF-Paper 1.0 Author-Name: Iota Kaousar Nassr Author-Name: Eleftheria Kostika Author-Name: Anastasia Melachrinos Title: Concentration of DeFi’s liquidity: Evidence from Decentralised Exchanges (DEXs) and Automated Market Makers (AMMs) Abstract: Decentralised exchanges (DEXs) are on-chain platforms where traders can exchange one crypto-asset for another. DEXs play an increasingly important role in the decentralised finance (DeFi) market, particularly in the aftermath of the recent downturn in the crypto-asset market. This working paper explores the characteristics of DEXs and identifies areas of possible concentration in decentralised exchanges activity and potential associated risks. To substantiate the analysis, it uses an original on-chain dataset covering the largest DEXs. The paper reveals an increased concentration within DeFi trading in the sample observed, which could exacerbate vulnerabilities already present in DeFi markets. Creation-Date: 2024-04-25 Number: 49 Handle: RePEc:oec:dafaad:49-EN