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Government Revenue from Financial Repression

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  • Alberto Giovannini
  • Martha de Melo
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    Abstract

    This paper presents an analysis of the theoretical underpinnings and the relevance of the phenomenon of financial repression from a public-finance perspective. The analysis explicitly accounts for the interaction between capital controls and financial repression. The proposed empirical estimate of the revenue from financial repression is based on the difference between the domestic and the foreign cost of borrowing of the government. The correlations of the revenue from financial repression with inflation, exchange rates and per-capita income are discussed.

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    File URL: http://www.nber.org/papers/w3604.pdf
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    Bibliographic Info

    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3604.

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    Date of creation: Jan 1991
    Date of revision:
    Publication status: published as American Economic Review, Vol. 83, no. 4 (1993): 953-963.
    Handle: RePEc:nbr:nberwo:3604

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    References

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    1. Roger H. Gordon & James A. Levinsohn, 1990. "The Linkage between Domestic Taxes and Border Taxes," NBER Chapters, in: Taxation in the Global Economy, pages 357-396 National Bureau of Economic Research, Inc.
    2. Fry, Maxwell J., 1982. "Models of financially repressed developing economies," World Development, Elsevier, vol. 10(9), pages 731-750, September.
    3. Dixit, Avinash, 1985. "Tax policy in open economies," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 1, chapter 6, pages 313-374 Elsevier.
    4. Rudiger Dornbusch & Alejandro Reynoso, 1989. "Financial Factors in Economic Development," NBER Working Papers 2889, National Bureau of Economic Research, Inc.
    5. Lizondo, Jose Saul, 1983. "Foreign exchange futures prices under fixed exchange rates," Journal of International Economics, Elsevier, vol. 14(1-2), pages 69-84, February.
    6. Diamond, Peter A & Mirrlees, James A, 1971. "Optimal Taxation and Public Production: I--Production Efficiency," American Economic Review, American Economic Association, vol. 61(1), pages 8-27, March.
    7. Giovannini, Alberto, 1988. "International Capital Mobility and Tax Evasion," CEPR Discussion Papers 231, C.E.P.R. Discussion Papers.
    8. Corbo, Vittorio & de Melo, Jaime, 1987. "Lessons from the Southern Cone Policy Reforms," World Bank Research Observer, World Bank Group, vol. 2(2), pages 111-42, July.
    9. Heady, Christopher J. & Mitra, Pradeep K., 1987. "Distributional and revenue raising arguments for tariffs," Journal of Development Economics, Elsevier, vol. 26(1), pages 77-101, June.
    10. Fischer, Stanley, 1982. "Seigniorage and the Case for a National Money," Journal of Political Economy, University of Chicago Press, vol. 90(2), pages 295-313, April.
    11. Easterly, William R., 1989. "Fiscal adjustment and deficit financing during the debt crisis," Policy Research Working Paper Series 138, The World Bank.
    12. Giovannini, Alberto, 1985. "Saving and the real interest rate in LDCs," Journal of Development Economics, Elsevier, vol. 18(2-3), pages 197-217, August.
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    Cited by:
    1. Riccardo De Bonis & Massimiliano Stacchini, 2009. "What determines the size of bank loans in industrialized countries? The role of government debt," Temi di discussione (Economic working papers) 707, Bank of Italy, Economic Research and International Relations Area.
    2. Alesina, Alberto F & Grilli, Vittorio & Milesi-Ferretti, Gian Maria, 1993. "The Political Economy of Capital Controls," CEPR Discussion Papers 793, C.E.P.R. Discussion Papers.
    3. Bruno, Giuseppe & De Bonis, Riccardo & Silvestrini, Andrea, 2012. "Do financial systems converge? New evidence from financial assets in OECD countries," Journal of Comparative Economics, Elsevier, vol. 40(1), pages 141-155.
    4. Buch, Claudia M., 1994. "Insolvency costs and incomplete information in commercial banks: Implications for financial reform in Eastern Europe," Kiel Working Papers 616, Kiel Institute for the World Economy.

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