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International Capital Mobility and Financial Fragility - Part 7. Enhancing Financial Stability: Country-Specific Evidence on Financial Account and Structural Policy Positions

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  • Rudiger Ahrend
  • Carla Valdivia

Abstract

This paper brings together the results from new empirical analysis on how – under international capital mobility – financial account structure and structural policies can contribute to financial stability. More specifically, the analysis has identified features of financial accounts and structural policy settings that are associated with financial fragility, and this paper presents information on these features and policy settings across a wide set of countries. A first set of charts present stability-relevant dimensions of the financial account for OECD economies and the BRIICS. A second set of charts shows how countries' financial account structure evolved in the decade prior to the global financial crisis, highlighting substantial increases in financial vulnerability in countries that were subsequently strongly affected by the crisis. Finally, a third set of charts presents countries' stances on selected structural policies that are conducive to financial stability. Flux de capitaux internationaux et fragilité financière - Partie 7. Améliorer la stabilité financière : Analyse empirique du compte financier et des politiques structurelles par pays Cet article rassemble les résultats d’une nouvelle analyse empirique des effets de la composition du compte financier et des politiques structurelles sur la stabilité financière. L’analyse empirique a identifié des caractéristiques des comptes financiers et un ensemble de politiques structurelles qui ont contribué à des fragilités financières. Ces caractéristiques et politiques structurelles sont présentées pour un grand nombre de pays. Un premier ensemble de graphiques présente les caractéristiques des comptes financiers des pays qui sont pertinentes quant à la stabilité financière des pays de l’OCDE et du BRIICS. Un second ensemble de graphiques examine comment la structure des comptes financiers des pays a évolué lors de la décennie ayant précédé la crise financière globale de 2008-09. Cette analyse souligne que les facteurs de vulnérabilité financière avaient augmenté significativement dans les pays qui ont été les plus affectés par la crise. Enfin, les derniers graphiques présentent la situation des pays pour une sélection de politiques structurelles qui sont apparues contribuer à la stabilité financière.

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File URL: http://dx.doi.org/10.1787/5k97b0b1wz8x-en
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Bibliographic Info

Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 970.

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Date of creation: 20 Jun 2012
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Handle: RePEc:oec:ecoaaa:970-en

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Keywords: FDI restrictions; banking regulations; financial account; external debt; bank debt; structural policy; capital controls; financial stability; stabilité financière; compte financier; réglementation des Investissements Directs Étrangers; dette bancaire; dette externe; contrôle des flux de capitaux; COMESA; réglementation bancaire;

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