haku: @indexterm financial control / yhteensä: 379
viite: 128 / 379
| Tekijä: | Giovannini, A. de Melo, M. |
| Otsikko: | Government revenue from financial repression. |
| Lehti: | American Economic Review
1993 : SEP, VOL. 83:4, p. 953-963 |
| Asiasana: | PUBLIC FINANCE GOVERNMENT INTEREST RATES INTERNATIONAL CAPITAL MOVEMENTS TAXATION FINANCIAL CONTROL |
| Kieli: | eng |
| Tiivistelmä: | This paper provides empirical evidence on the effects of financial repression on government finances. Financial repression is a combination of controls on international capital flows with restrictions on domestic interest rates. The result is an artificially low cost of domestic funding to governments. The authors estimate the government revenue from financial repression as the difference between the foreign and the domestic cost of funds, times the domestic stock of government debt. The evidence indicates that the revenue from financial represson can be quite substantial, and for several countries it is of the same order of magnitude as seigniorage. |
SCIMA