The Direct Costs of Financial Repression: Evidence from India
This paprovides evidence that suggests that financial repression has substantial direct effects on financial development, independently of its well-known influence through the level of the real interest rate. It also demonstrates that the process of economic growth is not weakly exogenous with respect to financial development. Thus financial repression may impose real costs that are additional to those suggested by previous empirical studies. © 1997 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology
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|Date of creation:||1995|
|Date of revision:|
|Publication status:||Published in The Review of Economics and Statistics, MIT Press, vol. 79(2), pages 311-320, May 1997.|
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|Order Information:|| Postal: Department of Economics, Keele University, Keele, Staffordshire ST5 5BG - United Kingdom|
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