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Financial re-regulation since the global crisis?: An index-based assessment

Author

Listed:
  • Oliver Denk

    (OECD)

  • Gabriel Gomes

    (OECD)

Abstract

Domestic and international capital markets had been liberalised for decades until the mid-2000s. Then the global financial crisis struck. How has policy responded since the crisis: with re-regulation or continued liberalisation? This paper assembles a new dataset on financial policy from 2006 to 2015, by extending the International Monetary Fund’s index compiled by Abiad, Detragiache and Tressel (2010), the most widely used measure of financial reforms in cross-country empirical research. The data show that ownership and supervision are the two areas of financial policy which have changed most visibly. Bank recapitalisations have increased government ownership of banks, and reforms have strengthened prudential regulation and bank supervision. Finance continues to be substantially less liberalised in emerging market economies than in advanced countries. The new dataset is available for use by other empirical researchers.

Suggested Citation

  • Oliver Denk & Gabriel Gomes, 2017. "Financial re-regulation since the global crisis?: An index-based assessment," OECD Economics Department Working Papers 1396, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:1396-en
    DOI: 10.1787/0f865772-en
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    Cited by:

    1. Campos, Nauro F. & Eichenauer, Vera Z. & Sturm, Jan-Egbert, 2020. "Close encounters of the European kind: Economic integration, sectoral heterogeneity and structural reforms," European Economic Review, Elsevier, vol. 129(C).
    2. Boikos, Spyridon & Panagiotidis, Theodore & Voucharas, Georgios, 2022. "Financial development, reforms and growth," Economic Modelling, Elsevier, vol. 108(C).
    3. Puspa D. Amri & Eric M. P. Chiu & Jacob M. Meyer & Greg M. Richey & Thomas D. Willett, 2022. "Correlates of Crisis Induced Credit Market Discipline: The Roles of Democracy, Veto Players, and Government Turnover," Open Economies Review, Springer, vol. 33(1), pages 61-87, February.
    4. Vera Eichenauer & Ronald Indergand & Isabel Z. Martínez & Christoph Sax, 2020. "Constructing Daily Economic Sentiment Indices Based on Google Trends," KOF Working papers 20-484, KOF Swiss Economic Institute, ETH Zurich.
    5. Thornton, John & Vasilakis, Chrysovalantis, 2023. "Bank regulations and surges and stops in credit: Panel evidence," Journal of Financial Stability, Elsevier, vol. 67(C).
    6. Meier, Samira & Rodriguez Gonzalez, Miguel & Kunze, Frederik, 2021. "The global financial crisis, the EMU sovereign debt crisis and international financial regulation: lessons from a systematic literature review," International Review of Law and Economics, Elsevier, vol. 65(C).
    7. Adnan Velic, 2023. "Wages and the Role of Intangibles in Finance," Trinity Economics Papers tep0323, Trinity College Dublin, Department of Economics.
    8. Saka, Orkun & Ji, Yuemei & De Grauwe, Paul, 2021. "Financial policymaking after crises : Public vs. private interests," BOFIT Discussion Papers 10/2021, Bank of Finland, Institute for Economies in Transition.
    9. repec:zbw:bofitp:2021_010 is not listed on IDEAS

    More about this item

    Keywords

    bank supervision; Financial liberalisation; financial regulation;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

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