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  • 1990-1994  (5)
  • Blundell-Wignall, Adrian  (5)
  • Paris : OECD Publishing  (5)
  • 1
    Online Resource
    Online Resource
    Increasing Financial Market Integration, Real Exchange Rates and Macroeconomic Adjustment (1991)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 68 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.96
    Keywords: Economics
    Abstract: This paper is one of four in this Working Paper Series, focusing on financial liberalisation, along with those of Kupiec, Miller and Weller, and Driscoll. It examines the extent to which international financial markets have become more integrated over the past decade. The finding that financial markets are almost fully integrated, in contrast to goods markets which are not, has important implications for real interest rate differentials, real exchange rate behaviour and external adjustment. In particular, the reduced importance of external imbalance and the increased role of real interest rates in real exchange rate determination can be associated with more prolonged misalignments ...
    DOI: 10.1787/336243304330
    URL: Volltext
    URL: lizenzpflichtig
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    Online Resource
    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Macroeconomic Consequences of Financial Liberalisation : A Summary Report (1991)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 67 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.98
    Keywords: Economics
    Abstract: 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 ...
    DOI: 10.1787/088742707378
    URL: Volltext
    URL: lizenzpflichtig
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    Online Resource
    MPI Ethno. Forsch.
  • 3
    Online Resource
    Online Resource
    Financial Liberalisation and Consumption Behaviour (1991)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 41 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.81
    Keywords: Economics
    Abstract: The paper addresses the question of whether financial liberalisation and innovation has significantly altered consumption behaviour by reducing liquidity constraints as capital markets become more flexible. A consumption model in which the permanent income hypothesis and extreme Keynesian consumption functions are nested as special cases is the starting point for this analysis. Estimated values for the sensitivity of consumption to current income for different time periods and for several OECD countries are assessed and compared in the light of various econometric properties, country specific liberalisation measures and a variety of proxies reflecting changing liquidity constraints ...
    DOI: 10.1787/203380285176
    URL: Volltext
    URL: lizenzpflichtig
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    MPI Ethno. Forsch.
  • 4
    Online Resource
    Online Resource
    Monetary Policy in the Wake of Financial Liberalisation (1990)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 59 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.77
    Keywords: Economics
    Abstract: 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 ...
    DOI: 10.1787/451534710622
    URL: Volltext
    URL: lizenzpflichtig
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  • 5
    Online Resource
    Online Resource
    Exchange Rate Policy in Advanced Commodity-Exporting Countries : The Case of Australia and New Zealand (1990)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 56 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.83
    Keywords: Economics ; Australia ; New Zealand
    Abstract: The paper examines the desirability of exchange rate management in a commodity-exporting country, in which the terms of trade are driven by the world commodity price cycle. When the authorities are assumed to pursue an inflation objective, the usefulness of managing the rate depends on the relative importance of monetary versus terms of trade shocks. Empirical evidence suggests that floating rate regimes will normally be preferred for countries like Australia and New Zealand, although circumstances can be envisaged in which either leaning-against-the-wind or leaning-with-the-wind policies are required. A review of experience since the Korean War boom suggests that attempts to fix the exchange rate in the face of the commodity cycle are likely to be associated with inflation problems, while labour market asymmetries can lead to resource misallocation and to pressures for the protection of the non-commodity traded goods sector ...
    DOI: 10.1787/566103428800
    URL: Volltext
    URL: lizenzpflichtig
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