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Repressed financial systems as instruments of taxation : evidence from Iceland

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  • Thrainn Eggertsson

    (University of Iceland)

Abstract

The paper discusses how inflation and direct government intervention in the financial sector can be used as a substitute for tax revenue and as a means for redistributing resources. Five stages of financial repression are identified and data presented which suggest that the post-war economy of Iceland has belonged to the fifth and highest stage. The industrial organization of a repressed financial system is examined along with the forces that undermined the Icelandic financial system. The final section introduces the dilemmas of financial liberalization.

Suggested Citation

  • Thrainn Eggertsson, 1990. "Repressed financial systems as instruments of taxation : evidence from Iceland," Finnish Economic Papers, Finnish Economic Association, vol. 3(1), pages 14-25, Spring.
    • Handle: RePEc:fep:journl:v:3:y:1990:i:1:p:14-25
    as

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    File URL: http://taloustieteellinenyhdistys.fi/images/stories/fep/f1990_1b.pdf
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    References listed on IDEAS

    as
    1. Ronald I. McKinnon, 1985. "How to Manage a Repressed Economy," International Economic Association Series, in: Armin Gutowski & A. A. Arnaúdo & Hans-Eckart Scharrer (ed.), Financing Problems of Developing Countries, chapter 10, pages 182-209, Palgrave Macmillan.
    2. Brock, Philip L, 1989. "Reserve Requirements and the Inflation Tax," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 21(1), pages 106-121, February.
    3. Eggertsson,Thrainn, 1990. "Economic Behavior and Institutions," Cambridge Books, Cambridge University Press, number 9780521348911.
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