This paper reviews the experience with financial reform in OECD countries. A general overview of the course of deregulation is provided and the economic rationale for financial regulation is discussed. The question of whether financial liberalisation has led to improved welfare is then addressed. It is argued that the benefits of improved allocation of resources and increased efficiency have to be weighed against the possible effects of deregulation on financial stability. While there is no strong evidence of any trend increase in financial volatility in key markets, there have been a number of episodes of instability apparently linked to financial deregulation. However, the analysis of individual crises suggests that inappropriate macroeconomic policies, deficiencies in prudential policies, and microeconomic distortions affecting incentives in the financial sector, were important contributing factors to the financial problems that have been experienced ...
Cet article passe en revue les expériences de réforme financière dans les pays de l’OCDE . Un survol général de l’évolution de la déréglementation est suivi d’un débat sur la logique économique de la réglementation financière. Puis la question de savoir si la libéralisation financière à conduit une plus grande bien-être est discutée. Le rapport conclut que les avantages d’une meilleure allocation des ressources et une augmentation de l’efficacité dans le secteur financier doivent être mis en balance avec les éventuels effets de la déréglementation sur la stabilité financière. Bien qu’il n’existe pas de signe manifeste d’un renforcement tendanciel de la volatilité dans les principaux marchés financiers, un certain nombre de périodes de turbulence semble avoir été lié au processus de déréglementation. L’analyse des crises individuelles suggère que des politique macro-économique inadequates, un système prudentiel déficient et des distorsions micro-économiques ont contribué d’une ...
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