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Revisiting the Inflation-Repression Relationship

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  • Rangan Gupta

    ()
    (Department of Economics, University of Pretoria)

Abstract

The paper analyzes the effects of financial liberalization on steady-state inflation. We develop an overlapping generations model with endogenous growth where financial intermediaries are subjected to obligatory `high' cash reserves requirement, serving as the source of financial repression. When calibrated to four Southern European semi-industrialized countries, namely Greece, Italy, Spain and Portugal, that typically had high reserve requirements, the model indicates that the sign of the inflation-financial repression relationship depends crucially on the elasticity of substitution between the cash and credit goods consumed in the economy.

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Bibliographic Info

Paper provided by University of Pretoria, Department of Economics in its series Working Papers with number 200508.

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Length: 25 pages
Date of creation: Nov 2005
Date of revision:
Handle: RePEc:pre:wpaper:200508

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Keywords: Financial Repression; Inflation; Financial Markets and the Macroeconomy;

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