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Financial repression and external openness in an endogenous growth model

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  • Sung Jin Kang
  • Yasuyuki Sawada

Abstract

An endogenous growth model has been developed that extends Sidrauski (1967), Roubini and Sala-i-Martin (1992,1995) and Lucas (1988) by combining financial development, human capital investment, and external openness. Financial development and trade liberalization are shown to increase the economic growth rate by increasing the marginal benefits of human capital investment. Expansionary governments are, however, provided with an incentive to increase the money supply growth rate, to repress the financial sector, to close its economy, and to impose a high proportional income tax rate.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/096381900750056858
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal The Journal of International Trade & Economic Development.

Volume (Year): 9 (2001)
Issue (Month): 4 ()
Pages: 427-443

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Handle: RePEc:taf:jitecd:v:9:y:2001:i:4:p:427-443

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Related research

Keywords: Endogenous Growth; Financial Repression; Openness; Human Capital;

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Cited by:
  1. Rangan Gupta, 2005. "Financial Liberalization and Inflationary Dynamics: An Open Economy Analysis," Working papers 2005-32, University of Connecticut, Department of Economics.
  2. Sung Jin Kang, 2000. "Relative Backwardness and Technological Catching Up with Scale Effects," Econometric Society World Congress 2000 Contributed Papers 0407, Econometric Society.
  3. Jordan Shan & Jianhong Qi, 2006. "Does Financial Development 'Lead' Economic Growth? The Case of China," Annals of Economics and Finance, Society for AEF, vol. 7(1), pages 197-216, May.

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