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Monetary Policy in the Wake of Financial Liberalisation

  • Adrian Blundell-Wignall
  • Frank Browne
  • Paolo Manasse

The paper examines evidence concerning the impact of financial liberalisation and innovation on monetary policy. The indicator value of monetary aggregates and the role of liquidity constraints in the transmission mechanism affecting aggregate demand are examined. Countries where financial liberalisation has led to problems with the role of monetary aggregates in general also display evidence of a reduced role for liquidity constraints in aggregate demand behaviour. The ability of the authorities to influence market-determined interest rates, a key aspect of monetary transmission in markets where liquidity constraints are not binding, is also examined ... Le présent document met en évidence les implications de la libéralisation et de l'innovation financières pour la politique monétaire. Les indicateurs d'agrégats monétaires et le rôle des contraintes de liquidité dans les mécanismes de transmission affectant la demande globale y sont examinés. En général, dans les pays où le processus de libéralisation financière a soulevé le problème du rôle des agrégats monétaires, des signes révélateurs d'une réduction de l'influence des contraintes de liquidité sur la demande globale sont également perceptibles. La capacité des autorités à influencer les taux de marché, qui représente un aspect majeur du mécanisme de transmission sur des marchés d'où les contraintes de liquidité peuvent être exclues, est également analysée ...

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File URL: http://dx.doi.org/10.1787/451534710622
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Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 77.

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Date of creation: Apr 1990
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Handle: RePEc:oec:ecoaaa:77-en
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