Economic growth and the stability and efficiency of the financial sector |
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Authors: | Mario I Blejer |
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Institution: | aCCBS, Bank of England, Threadneedle Street, London EC2R 8AH, United Kingdom |
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Abstract: | It has been claimed that the ability of emerging markets to adopt optimal stabilization policies is hampered by a number of factors. Among them, it has been recently emphasized the role of financial instability, inefficiencies, and financial market imperfections. It is claimed here that the current financial regulatory paradigm, embodied in Basel II, may improve financial stability but reinforces cyclicality. Therefore, countries should emphasize financial efficiency since it would lead to enhanced financial stability, without increasing cyclicality. |
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Keywords: | Financial stability Financial efficiency Cyclicality Growth Institutions |
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