OECD Capital Market Reviews
Capital Market Reviews
OECD Capital Market Reviews offer countries a comprehensive assessment of their capital markets and policy recommendations to improve them. The recommendations are tailored to each country’s situation and needs. The final report is designed to guide national policy makers in strengthening domestic capital markets to:
Improve corporations’ access to resilient and risk-willing financing, supporting long-term investment, entrepreneurship and innovation.
Help diversify credit supply and reduce overreliance on bank funding, thereby increasing economic resilience.
Provide households with saving opportunities, giving them an avenue to partake in corporate wealth creation.
Benefits of a review
The Reviews make use of the OECD’s Capital Market Series dataset, a unique proprietary dataset covering global capital markets. This allows for in-depth analysis and international comparison.
The analysis is complemented by in-depth qualitative research of the regulatory framework and consultations with stakeholders (government authorities, market participants, companies, etc.).
The OECD has experience working both with countries that have very sophisticated capital market ecosystems and others where market-based financing is still nascent. The Reviews can provide insights and recommendations to advanced and emerging economies alike.
Framework for the reviews
The Reviews look at the three key pillars of capital markets: issuers, who represent the demand of capital; investors (such as households, pension funds, insurance companies), who channel their resources to productive activities; and intermediaries, marketplaces and regulators, who facilitate the interaction between issuers and investors. For each, the Reviews aim to:
Issuers
Strengthen corporate governance
Facilitate access to public equity markets
Ensure SME access to capital markets
Facilitate market-based long-term debt financing
Create an enabling environment for corporate growth
Strengthen corporate balance sheets
Optimise the use of sustainable financing instruments
Intermediaries, marketplaces and regulators
Improve the regulatory listing environment
Increase secondary market liquidity
Mobilise private capital markets
Enhance the role of regulators and strengthen the institutional framework
Investors
Increase financial literacy
Promote household savings
Strengthen investor protection
Boost the role of institutional investors
Benefit from diversification and risk mitigation
Improve the insolvency framework
Stages of the review
Communication of interest
The country communicates its interest to the OECD for a full or market specific (e.g. equity market, bond market) review, with the option of focusing on a particular sector (e.g. pensions, insurance).
01
Mapping of capital markets and the non-financial sector
The OECD conducts:
1. Desk research and analysis based on its original datasets.
2. A survey of national companies to understand their perception of market-based financing.
3. Interviews with relevant national authorities to gather additional information.
Consultations with relevant stakeholders
Once the mapping is ready and has been discussed with the main national authorities, the OECD meets relevant stakeholders to discuss the findings.
Diagnosis and draft recommendations
Following the discussions with stakeholders, additional information-gathering and/or a second fact-finding visit, a diagnosis of the functioning of the capital markets is prepared and shared with the national authorities for review.
Incorporation of feedback from authorities
The OECD incorporates the feedback from the relevant authorities in the preparation of the final recommendations.
Publication and dissemination
The final report is published and a launch event is organised in the country with the authorities and stakeholders.
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Funding the review
Capital Market Reviews are undertaken at the request of interested countries and subject to available funding. Countries finance their review directly or may benefit from funding from donors.
Further information
Country reviews
OECD Capital Market Review of Thailand (Ongoing)
The Swedish Equity Market: Institutional Framework and Trends (2025)
OECD Capital Market Review of the Philippines (2024)
OECD Capital Market Review of Spain (2024)
The Swedish Corporate Bond Market: Challenges and Policy Recommendations (2023)
OECD Capital Market Review of Romania (2022)
OECD Capital Market Review of Croatia (2021)
OECD Capital Market Review of Portugal (2020)
OECD Capital Market Review of Italy (2020)
Related publications
OECD Global Debt Report 2025 (2025)
Corporate Ownership and Concentration (2022)
The Future of Corporate Governance in Capital Markets Following the COVID-19 Crisis (2021)
Mobilising ASEAN Capital Markets for Sustainable Growth (2024)
Corporate Bond Markets in Asia: Challenges and Opportunities for Growth Companies (2024)
Global Corporate Sustainability Report (2024)
Sustainability Policies and Practices for Corporate Governance in Asia (2023)
Sustainability Policies and Practices for Corporate Governance in Latin America (2023)
Contacts
Serdar Çelik
Head of the Capital Markets and Financial Institutions Division
Directorate for Financial and Enterprise Affairs, OECD
serdar celik@oecd org
