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Financial repression redux

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  • Reinhart, Carmen
  • Kirkegaard, Jacob
  • Sbrancia, Belen

Abstract

Periods of high indebtedness have historically been associated with a rising incidence of default or restructuring of public and private debts. Sometimes the debt restructuring is subtle and takes the form of, “financial repression.” In the heavily regulated financial markets of the Bretton Woods system, a variety of restrictions facilitated a sharp and rapid reduction in public debt/GDP ratios from the late 1940s to the 1970s. In this paper, we summarize our findings for the post-World War II period for a selected group of countries and document the resurgence of financial repression in the wake of the 2007-2009 financial crises and the accompanying surge in public debts in advanced economies.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 31641.

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Date of creation: Jun 2011
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Publication status: Published in Finance and Development 2.48(2011): pp. 22-26
Handle: RePEc:pra:mprapa:31641

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Keywords: debt; interest rates; regulation; financial repression;

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References

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  1. Douglas W. Elmendorf & N. Gregory Mankiw, 1998. "Government Debt," Harvard Institute of Economic Research Working Papers 1820, Harvard - Institute of Economic Research.
  2. Carmen M. Reinhart, 2010. "This Time is Different Chartbook: Country Histories on Debt, Default, and Financial Crises," NBER Working Papers 15815, National Bureau of Economic Research, Inc.
  3. Carmen M. Reinhart & Kenneth S. Rogoff & Miguel A. Savastano, 2003. "Debt Intolerance," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(1), pages 1-74.
  4. Carmen M. Reinhart & M. Belen Sbrancia, 2011. "The Liquidation of Government Debt," BIS Working Papers 363, Bank for International Settlements.
  5. Reinhart, Carmen & Rogoff, Kenneth, 2009. "This Time It’s Different: Eight Centuries of Financial Folly-Preface," MPRA Paper 17451, University Library of Munich, Germany.
  6. Easterly, William R., 1989. "Fiscal adjustment and deficit financing during the debt crisis," Policy Research Working Paper Series 138, The World Bank.
  7. Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "The Forgotten History of Domestic Debt," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 121(552), pages 319-350, 05.
  8. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, Princeton University Press, edition 1, volume 1, number 8973.
  9. Giovannini, Alberto & de Melo, Martha, 1993. "Government Revenue from Financial Repression," American Economic Review, American Economic Association, American Economic Association, vol. 83(4), pages 953-63, September.
  10. Jaejoon Woo & Manmohan S. Kumar, 2010. "Public Debt and Growth," IMF Working Papers 10/174, International Monetary Fund.
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Cited by:
  1. Joshua Aizenman & Gurnain Pasricha, 2013. "Why Do Emerging Markets Liberalize Capital Outflow Controls? Fiscal versus Net Capital Flow Concerns," Working Papers, Bank of Canada 13-21, Bank of Canada.
  2. Shirakawa, M., 2012. "Sustainability of government debt: preconditions for stability in the financial system and prices," Financial Stability Review, Banque de France, Banque de France, issue 16, pages 169-181, April.
  3. Juan Marchetti & Michele Ruta & Robert Teh, 2012. "Trade Imbalances and Multilateral Trade Cooperation," CESifo Working Paper Series 4050, CESifo Group Munich.
  4. Stijn Claessens & M. Ayhan Kose, 2013. "Financial Crises: Explanations, Types and Implications," CAMA Working Papers 2013-06, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  5. Zhaomin Zou, 2013. "La transition financière chinoise : un contre-exemple de la libéralisation financière," Post-Print halshs-00904296, HAL.
  6. Zsolt Darvas & Jean Pisani-Ferry, 2011. "Europe's Growth Emergency," IEHAS Discussion Papers 1144, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  7. Hoffmann, Andreas & Loeffler, Axel, 2013. "Low interest rate policy and the use of reserve requirements in emerging markets," Working Papers 120, University of Leipzig, Faculty of Economics and Management Science.
  8. Lin, Justin Yifu & Fardoust, Shahrokh & Rosenblatt, David, 2012. "Reform of the international monetary system : a jagged history and uncertain prospects," Policy Research Working Paper Series 6070, The World Bank.
  9. Anna Shabunina & Julio Escolano & Jaejoon Woo, 2011. "The Puzzle of Persistently Negative Interest Rate-Growth Differentials," IMF Working Papers 11/260, International Monetary Fund.

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