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Emancipating the Banking System and Developing Markets for Government Debt


  • Fry, M.J.


This paper concludes that, for any given government deficits, greater recourse ti inflationary finance, financial repression and excessive government borrowing from abroad are associated with higher inflation, lower saving ratios and lower growth rate.

Suggested Citation

  • Fry, M.J., 1996. "Emancipating the Banking System and Developing Markets for Government Debt," Papers 96-05, University of Birmingham - International Financial Group.
  • Handle: RePEc:fth:birmif:96-05

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    References listed on IDEAS

    1. Glassman, Debra, 1987. "Exchange rate risk and transactions costs: Evidence from bid-ask spreads," Journal of International Money and Finance, Elsevier, vol. 6(4), pages 479-490, December.
    2. Hooper, Peter & Kohlhagen, Steven W., 1978. "The effect of exchange rate uncertainty on the prices and volume of international trade," Journal of International Economics, Elsevier, vol. 8(4), pages 483-511, November.
    3. Hamilton, C.B. & Winters, L.A., 1992. "Opening Up International Trade in Eastern Europe," Papers 511, Stockholm - International Economic Studies.
    4. George S Tavlas & Yusuru Ozeki, 1991. "The Japanese Yen as an International Currency," IMF Working Papers 91/2, International Monetary Fund.
    5. Kenen, Peter B & Rodrik, Dani, 1986. "Measuring and Analyzing the Effects of Short-term Volatility in Real Exchange Rates," The Review of Economics and Statistics, MIT Press, vol. 68(2), pages 311-315, May.
    6. Takagi, Shinji, 1988. "A basket peg policy: Operational issues for developing countries," World Development, Elsevier, vol. 16(2), pages 271-279, February.
    7. Helmut Reisen & Axel Trotsenburg, 1988. "Should the Asian NICs peg to the yen?," Intereconomics: Review of European Economic Policy, Springer;German National Library of Economics;Centre for European Policy Studies (CEPS), vol. 23(4), pages 172-177, July.
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    More about this item



    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • O42 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models


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