IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

Monetary Policy in the Wake of Financial Liberalisation

Listed author(s):
  • 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 ...

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: no

Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 77.

in new window

Date of creation: 01 Apr 1990
Handle: RePEc:oec:ecoaaa:77-en
Contact details of provider: Postal:
2 rue Andre Pascal, 75775 Paris Cedex 16

Phone: 33-(0)-1-45 24 82 00
Fax: 33-(0)-1-45 24 85 00
Web page:

More information through EDIRC

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:oec:ecoaaa:77-en. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.