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Using the 2008-09 global financial crisis, this paper examines the role of different forms of international financial integration for asset price contagion in crisis times.
The global crisis of 2008-09 went in hand with sharp fluctuations in capital flows. To some extent, these fluctuations may have been attributable to uncertainty-averse investors indiscriminately selling assets about which they had poor information, including those in geographically distant locations.
This paper examines how structural policies can influence a country's risk of suffering financial turmoil.
The global financial crisis of 2007-09 and the ensuing sovereign debt crisis in Europe provide evidence that portfolio rebalancing of financial investors can contribute to spread financial turmoil across countries.
English, , 8,030kb
International capital mobility: Which structural policies reduce financial fragility? OECD Economic Policy Papers, No. 2
Economic downturns which have their roots in preceding credit excesses and debt overhang have tended historically to be long lasting, whether the financial sector remained healthy or not.
These series of Policy Notes and Policy Papers are designed to make available, to a wider readership, selected studies which the Department has prepared for use within OECD.
This project explores how the structure of international capital flows drives financial fragility, and examines how policies can help increase financial stability.
Loan creation has not recovered after the crisis owing to a combination of demand and supply factors.
How to design appropriate policies to strengthen growth and make it inclusive and sustainable over time? The policy issues highlighted in this volume - financial development,social policies, innovation, regulation and political economy issues - are relevant to all countries.