International Capital Mobility and Financial Fragility - Part 3. How Do Structural Policies Affect Financial Crisis Risk?: Evidence from Past Crises Across OECD and Emerging Economies
This paper examines how structural policies can influence a country's risk of suffering financial turmoil. Using a panel of 184 developed and emerging economies from 1970 to 2009, the empirical analysis examines which structural policies can affect financial stability by either shaping the fina...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Paris
OECD Publishing
2012
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| Schriftenreihe: | OECD Economics Department Working Papers
no.966 |
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| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper examines how structural policies can influence a country's risk of suffering financial turmoil. Using a panel of 184 developed and emerging economies from 1970 to 2009, the empirical analysis examines which structural policies can affect financial stability by either shaping the financial account structure, by reducing the risk of international financial contagion, or by directly reducing the risk of financial crises. Differentiated capital controls are found to affect financial stability via the structure of the financial account. Moreover, a number of structural policies including regulatory burdens on foreign direct investment, strict product market regulation, or tax systems which favour debt over equity finance are found to bias external financing towards debt, thereby increasing financial crisis risk. By contrast, more stringent domestic capital adequacy requirements for banks, greater reliance of a domestic banking system on deposits, controls on credit market inflows, and openness to foreign bank entry are found to reduce the vulnerability to financial contagion. Finally, vulnerability to international bank balance-sheet shocks is found to be lower in situations of abundant global liquidity, underlining the importance of adequate central bank reactions in situations of financial turmoil. |
| Beschreibung: | 1 Online-Ressource (47 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5k97fmtj5vtk-en |
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| spelling | Ahrend, Rudiger VerfasserIn aut International Capital Mobility and Financial Fragility - Part 3. How Do Structural Policies Affect Financial Crisis Risk? Evidence from Past Crises Across OECD and Emerging Economies Rudiger, Ahrend and Antoine, Goujard = Flux de capitaux internationaux et fragilité financière : Partie 3. Comment les politiques structurelles affectent-elles la probabilité de crise financière? Analyse empirique des crises financières passées des pays OCDE et émergents / Rudiger, Ahrend et Antoine, Goujard Flux de capitaux internationaux et fragilité financière : Partie 3. Comment les politiques structurelles affectent-elles la probabilité de crise financière? Analyse empirique des crises financières passées des pays OCDE et émergents Paris OECD Publishing 2012 1 Online-Ressource (47 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.966 This paper examines how structural policies can influence a country's risk of suffering financial turmoil. Using a panel of 184 developed and emerging economies from 1970 to 2009, the empirical analysis examines which structural policies can affect financial stability by either shaping the financial account structure, by reducing the risk of international financial contagion, or by directly reducing the risk of financial crises. Differentiated capital controls are found to affect financial stability via the structure of the financial account. Moreover, a number of structural policies including regulatory burdens on foreign direct investment, strict product market regulation, or tax systems which favour debt over equity finance are found to bias external financing towards debt, thereby increasing financial crisis risk. By contrast, more stringent domestic capital adequacy requirements for banks, greater reliance of a domestic banking system on deposits, controls on credit market inflows, and openness to foreign bank entry are found to reduce the vulnerability to financial contagion. Finally, vulnerability to international bank balance-sheet shocks is found to be lower in situations of abundant global liquidity, underlining the importance of adequate central bank reactions in situations of financial turmoil. Economics Goujard, Antoine MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5k97fmtj5vtk-en Volltext |
| spellingShingle | Ahrend, Rudiger International Capital Mobility and Financial Fragility - Part 3. How Do Structural Policies Affect Financial Crisis Risk? Evidence from Past Crises Across OECD and Emerging Economies Economics |
| title | International Capital Mobility and Financial Fragility - Part 3. How Do Structural Policies Affect Financial Crisis Risk? Evidence from Past Crises Across OECD and Emerging Economies |
| title_alt | Flux de capitaux internationaux et fragilité financière : Partie 3. Comment les politiques structurelles affectent-elles la probabilité de crise financière? Analyse empirique des crises financières passées des pays OCDE et émergents |
| title_auth | International Capital Mobility and Financial Fragility - Part 3. How Do Structural Policies Affect Financial Crisis Risk? Evidence from Past Crises Across OECD and Emerging Economies |
| title_exact_search | International Capital Mobility and Financial Fragility - Part 3. How Do Structural Policies Affect Financial Crisis Risk? Evidence from Past Crises Across OECD and Emerging Economies |
| title_full | International Capital Mobility and Financial Fragility - Part 3. How Do Structural Policies Affect Financial Crisis Risk? Evidence from Past Crises Across OECD and Emerging Economies Rudiger, Ahrend and Antoine, Goujard = Flux de capitaux internationaux et fragilité financière : Partie 3. Comment les politiques structurelles affectent-elles la probabilité de crise financière? Analyse empirique des crises financières passées des pays OCDE et émergents / Rudiger, Ahrend et Antoine, Goujard |
| title_fullStr | International Capital Mobility and Financial Fragility - Part 3. How Do Structural Policies Affect Financial Crisis Risk? Evidence from Past Crises Across OECD and Emerging Economies Rudiger, Ahrend and Antoine, Goujard = Flux de capitaux internationaux et fragilité financière : Partie 3. Comment les politiques structurelles affectent-elles la probabilité de crise financière? Analyse empirique des crises financières passées des pays OCDE et émergents / Rudiger, Ahrend et Antoine, Goujard |
| title_full_unstemmed | International Capital Mobility and Financial Fragility - Part 3. How Do Structural Policies Affect Financial Crisis Risk? Evidence from Past Crises Across OECD and Emerging Economies Rudiger, Ahrend and Antoine, Goujard = Flux de capitaux internationaux et fragilité financière : Partie 3. Comment les politiques structurelles affectent-elles la probabilité de crise financière? Analyse empirique des crises financières passées des pays OCDE et émergents / Rudiger, Ahrend et Antoine, Goujard |
| title_short | International Capital Mobility and Financial Fragility - Part 3. How Do Structural Policies Affect Financial Crisis Risk? |
| title_sort | international capital mobility and financial fragility part 3 how do structural policies affect financial crisis risk evidence from past crises across oecd and emerging economies |
| title_sub | Evidence from Past Crises Across OECD and Emerging Economies |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5k97fmtj5vtk-en |
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