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High Real Interest Rates Under Financial Liberalisation: Is There A Problem?


  • Vicente Galbis


This study which used a sample of 28 countries that underwent financial liberalisation since the 1970s, examines the evidence on the emergence of high real interest rates and discusses the possible causes and likely effects. It considers some remedies - preferably preventive - including macroeconomic stabilisation, fiscal consolidation, improvements in prudential regulation and supervision of the financial sector, and introduction of an efficient management of indirect monetary policy instruments.

Suggested Citation

  • Vicente Galbis, 1998. "High Real Interest Rates Under Financial Liberalisation: Is There A Problem?," Occasional Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, number occ22, April.
  • Handle: RePEc:sea:opaper:occ22

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