OECD Economics Department Working Papers

Working papers from the Economics Department of the OECD that cover the full range of the Department’s work including the economic situation, policy analysis and projections; fiscal policy, public expenditure and taxation; and structural issues including ageing, growth and productivity, migration, environment, human capital, housing, trade and investment, labour markets, regulatory reform, competition, health, and other issues.

The views expressed in these papers are those of the author(s) and do not necessarily reflect those of the OECD or of the governments of its member countries.

English, French

Deregulation, Credit Rationing, Financial Fragility and Economic Performance

This paper is one of four in this Working Paper Series, focusing on financial liberalisation, along with those of Miller and Weller, Kupiec and Blundell-Wignall and Browne. Its main purpose is to evaluate the imperfections still affecting deregulated credit markets. In particular, the paper examines the extent to which rationing continues to be present in credit markets and its implications for credit allocation and the transmission of monetary policy. In addition, the role of deregulation in financial market fragility and instability and its macroeconomic consequences are discussed ...


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