It has been argued that one solution to global current account imbalances is for countries with current account surpluses to undertake structural reforms. This would raise their potential growth, which is assumed to put downward pressure on the current account position. This paper takes a closer...

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...