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Financial Market Liberalisation, Wealth and Consumption

  • Laurence Boone
  • Nathalie Girouard
  • Isabelle Wanner

The past two decades have seen substantial deregulation in the financial sectors of most OECD countries. The main motivation was to improve efficiency within the financial system, but the macroeconomic implications might go beyond this objective with impacts on the business cycle and the transmission mechanisms of monetary and fiscal policies. More specifically, financial liberalisation and heightened competition in the financial services sector, through a rapid expansion of credit, may have eased the liquidity constraints facing households, thus raising the targeted level of consumption. The objective of this paper is to test whether financial deregulation, through an easing of liquidity constraints, has had an impact on the relationship between consumption and income, and more specifically on the wealth effect. A range of different procedures is used to assess the impact of financial deregulation on global wealth and on its different components (financial, housing and others) ... Les vingt dernières années ont été témoin de la libéralisation du secteur financier dans la plupart des pays de l’OCDE. L’objectif premier était d’accroître l’efficacité du système financier, mais les implications macro-economiques ont sans doute été au-delà de cet objectif, affectant les fluctuations du cycle et les mécanismes de transmission des politiques monétaires et fiscales. Plus précisément, la déréglementation financière, avec une compétition accrue dans le secteur des services financier, devrait avoir relaxé les contraintes de liquidité des ménages, grâce à l’extension des crédits, et permettre ainsi un niveau de consommation plus élevé. Ce document cherche à analyser l’effet de la déréglementation financière sur la relation entre consommation et revenu, et plus particulièrement sur les effets richesse, dans les principaux pays du G7. Différentes procédures de tests sont utilisées, analysant l’impact sur la richesse globale et sur différentes catégories de richesse (financière ...

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Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 308.

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Date of creation: 20 Sep 2001
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Handle: RePEc:oec:ecoaaa:308-en
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