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Deregulation, Credit Rationing, Financial Fragility and Economic Performance

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  • Michael Driscoll

Abstract

This paper is one of four in this Working Paper Series, focusing on financial liberalisation, along with those of Miller and Weller, Kupiec and Blundell-Wignall and Browne. Its main purpose is to evaluate the imperfections still affecting deregulated credit markets. In particular, the paper examines the extent to which rationing continues to be present in credit markets and its implications for credit allocation and the transmission of monetary policy. In addition, the role of deregulation in financial market fragility and instability and its macroeconomic consequences are discussed ... Le présent document constitue l'une de quatre études de cette Série consacrée à la libéralisation financière, avec celles de Miller et Weller, de Kupiec et de Blundell-Wignall et Browne. Son objet principal est d'évaluer jusqu'à quel point les marchés de crédit déréglementés continuent à être affectés par d'importantes imperfections de fonctionnement. Il s'attache, en particulier, à rechercher dans quelle mesure il subsiste des obstacles au fontionnement parfait des marchés de crédit et quelles en sont les implications pour l'allocation des ressources et les mécanismes de transmission de la politique monétaire. Il traite, en outre, du rôle qui revient à la déréglementation dans la fragilité et l'instabilité des marchés financiers et des conséquences macro-économiques qui en résultent ...

Suggested Citation

  • Michael Driscoll, 1991. "Deregulation, Credit Rationing, Financial Fragility and Economic Performance," OECD Economics Department Working Papers 97, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:97-en
    DOI: 10.1787/740025471023
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    Cited by:

    1. J T Kneeshaw, 1995. "A survey of non-financial sector balance sheets in industialised countries: implications for the monetary policy transmission mechanism," BIS Working Papers 25, Bank for International Settlements.
    2. Dumitriu, Ramona & Stefanescu, Răzvan, 2020. "Iluzii financiare, Partea întâi [Financial Illusions, Part 1]," MPRA Paper 101201, University Library of Munich, Germany, revised 17 Jun 2020.
    3. Caterina Mendicino, 2006. "Credit Market and Macroeconomic Volatility," 2006 Meeting Papers 317, Society for Economic Dynamics.
    4. Yilmaz Akyüz, 1994. "Libéralisation financière : mythes et réalités," Revue Tiers Monde, Programme National Persée, vol. 35(139), pages 521-555.
    5. Caterina Mendicino, 2005. "Credit Market Development, Asset Prices and Business Cycle," Money Macro and Finance (MMF) Research Group Conference 2005 74, Money Macro and Finance Research Group.
    6. A. Blundell-Wignall, 1991. "The Relevance of Macroeconomic Policy in OECD Countries," Economics Discussion / Working Papers 91-23, The University of Western Australia, Department of Economics.

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