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. ...

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Paper provided by OECD, Economics Department in its series OECD Economics Department Working Papers with number 98.

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Date of creation: Feb 1991
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Handle: RePEc:oec:ecoaaa:98-en

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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. [Downloadable!]
2. Helmut Reisen, 1998. "Sustainable and Excessive Current Account Deficits," Empirica, Springer, vol. 25(2), pages 111-131, January. [Downloadable!] (restricted)
   Other versions:
   • Reisen, H, 1997. "Sustainable and Excessive Current Account Deficits," Research Paper 133, World Institute for Development Economics Research.
   • Helmut Reisen, 1998. "Sustainable and Excessive Current Account Deficits," OECD Development Centre Working Papers 132, OECD, Development Centre. [Downloadable!]

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