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An Assessment of Financial Reform in OECD Countries

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  • Malcolm Edey
  • Ketil Hviding

Abstract

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 ...

Suggested Citation

  • Malcolm Edey & Ketil Hviding, 1995. "An Assessment of Financial Reform in OECD Countries," OECD Economics Department Working Papers 154, OECD Publishing.
  • Handle: RePEc:oec:ecoaaa:154-en
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    File URL: http://dx.doi.org/10.1787/515737261523
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    Cited by:

    1. Forssbaeck, Jens & Oxelheim, Lars, 2007. "The transition to market-based monetary policy: What can China learn from the European experience?," Journal of Asian Economics, Elsevier, vol. 18(2), pages 257-283, April.
    2. Annabelle Mourougane & Lukas Vogel, 2009. "Speed of Adjustment to Selected Labour Market and Tax Reforms," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 51(4), pages 500-519, December.
    3. Capelle-Blancard, Gunther & Couppey-Soubeyran, Jezabel & Soulat, Laurent, 2008. "The measurement of financial intermediation in Japan," Japan and the World Economy, Elsevier, vol. 20(1), pages 40-60, January.
    4. Chiho Kim, 1997. "Monetary policy in a changing financial environment: searching for an efficient monetary policy framework in Korea," Pacific Basin Working Paper Series 97-05, Federal Reserve Bank of San Francisco.
    5. Susie Lee & Ingmar Schumacher, 2011. "When does financial sector (in)stability induce financial reforms?," Working Papers hal-00637954, HAL.
    6. Hyytinen, Ari & Kuosa, Ilkka & Takalo, Tuomas, 2001. "Law or Finance: Evidence from Finland (Revised version 25.09.2002))," Discussion Papers 775, The Research Institute of the Finnish Economy.
    7. Osborne, Jenny, 2005. "Housing in the Euro Area Twelve Markets One Money," Quarterly Bulletin Articles, Central Bank of Ireland, pages 87-114, October.
    8. David Felix, 2003. "The Past as Future? The Contribution of Financial Globalization to the Current Crisis of Neo-Liberalism as a Development Strategy," Working Papers wp69, Political Economy Research Institute, University of Massachusetts at Amherst.
    9. Nathalie Girouard & Sveinbjörn Blöndal, 2001. "House Prices and Economic Activity," OECD Economics Department Working Papers 279, OECD Publishing.
    10. Honkapohja, Seppo, 2009. "The 1990's financial crises in Nordic countries," Research Discussion Papers 5/2009, Bank of Finland.
    11. Sylvie Cieply, 2001. "Bridging Capital Gaps To Promote Innovation In France," Industry and Innovation, Taylor & Francis Journals, vol. 8(2), pages 159-178.
    12. Hyytinen, Ari & Pajarinen, Mika, 2001. "Financial Systems and Venture Capital in Nordic Countries: A comparative Study," Discussion Papers 774, The Research Institute of the Finnish Economy.
    13. de Brouwer,Gordon, 1999. "Financial Integration in East Asia," Cambridge Books, Cambridge University Press, number 9780521651486.
    14. repec:eee:finsta:v:33:y:2017:i:c:p:261-272 is not listed on IDEAS
    15. Inès Chaari & Jézabel Couppey-Soubeyran, 2008. "La place des banques dans le financement de l’économie tunisienne," Revue d'Économie Financière, Programme National Persée, vol. 93(3), pages 297-317.
    16. Callado-Muñoz, Francisco José, 2009. "Risk control measures in payment systems," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(1), pages 1-25, February.
    17. Jack Mintz, 1995. "Corporation tax: a survey," Fiscal Studies, Institute for Fiscal Studies, vol. 16(4), pages 23-68, November.
    18. Honkapohja, Seppo, 2012. "The 1980s financial liberalization in the Nordic countries," Research Discussion Papers 36/2012, Bank of Finland.
    19. H Lzl, Werner, 2006. "Convergence of financial systems: towards an evolutionary perspective," Journal of Institutional Economics, Cambridge University Press, vol. 2(01), pages 67-90, April.
    20. David Felix, 2003. "The Past as Future? The Contribution of Financial Globalization to the Current Crisis of Neo-Liberalism as a Development Strategy," Development and Comp Systems 0310002, EconWPA.

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