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Macroeconomic Consequences of Financial Liberalisation: A Summary Report

Author

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  • Adrian Blundell-Wignall

    (OECD)

  • Frank Browne

    (OECD)

Abstract

This paper brings together a number of interrelated issues concerning the implications of financial liberalisation for macroeconomic outcomes. Deregulation has tended to reduce the importance of liquidity constraints within and between countries, while at the same time giving markets a much greater role in utilising available information to achieve efficient outcomes. This has had implications for private spending behaviour and the transmission channels of monetary policy; for the volatility of financial prices; for the price and credit risks which arise; and for the integration of international financial markets and the process of external adjustment ... Le présent document rassemble un certain nombre de conclusions afférentes aux conséquences macroéconomiques de la libéralisation financière. La déréglementation a contribué à réduire l'importance des contraintes de liquidité sur les marchés domestiques et entre les pays, tout en donnant un plus grand rôle aux marchés dans l'utilisation des informations disponibles pour obtenir des résultats efficaces. Ceci a eu des conséquences sur les comportements de dépense des agents du secteur privé et sur les mécanismes de transmission de la politique monétaire, de même que sur la volatilité des prix financiers, sur les risques accrus de prix et de crédit, sur l'intégration des marchés internationaux de capitaux et sur le processus de l'ajustement extérieur. ...

Suggested Citation

  • Adrian Blundell-Wignall & Frank Browne, 1991. "Macroeconomic Consequences of Financial Liberalisation: A Summary Report," OECD Economics Department Working Papers 98, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:98-en
    DOI: 10.1787/088742707378
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    Cited by:

    1. Helmut Reisen, 1998. "Sustainable and Excessive Current Account Deficits," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 25(2), pages 111-131, January.
    2. 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.
    3. ismail, abdul & smith, peter, 1993. "Monetary Policy and Commercial Banks: An Overview," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 27, pages 29-55.
    4. Philip Lowe, 1992. "The Impact of Financial Intermediaries on Resource Allocation and Economic Growth," RBA Research Discussion Papers rdp9213, Reserve Bank of Australia.
    5. Carolina Castaldi & Mario Cimoli & Nelson Correa & Giovanni Dosi, 2004. "Technological Learning, Policy Regimes and Growth in a `Globalized' Economy: General Patterns and the Latin American Experience," LEM Papers Series 2004/01, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    6. Yilmaz Akyüz, 1994. "Libéralisation financière : mythes et réalités," Revue Tiers Monde, Programme National Persée, vol. 35(139), pages 521-555.
    7. Jadiyappa, Nemiraja & Vanga, Nagi Reddy & Krishnankutty, Raveesh, 2016. "Financial liberalisation and Capital structuring decisions of corporate firms: Evidence from India," Economics Letters, Elsevier, vol. 149(C), pages 33-37.
    8. 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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