In this paper a model is presented and estimated that explains real long-term interest rates in terms of developments in low-frequency and high-frequency economic factors in a multi-country framework, using a data set covering 17 OECD countries since the early-1980s. A simultaneous estimation...

This paper reviews the experience with financial reform in OECD countries. A general overview of the course of deregulation is provided and the economic rationale for financial regulation is discussed. The question of whether financial liberalisation has led to improved welfare is then...