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This paper presents an analysis of the theoretical underpinnings and the relevance of the phenomenon of financial repression from a public-finance perspective. The analysis explicitly accounts for the interaction between capital controls and financial repression. The proposed empirical estimate of the revenue from financial repression is based on the difference between the domestic and the foreign cost of borrowing of the government. The correlations of the revenue from financial repression with inflation, exchange rates and per-capita income are discussed.
Studies of Economies in Transformation Paper 11. The service industry is the largest and most dynamic sector of the newly emerging private sector in St. Petersburg. Little is known, however, about the entrepreneurs and firms in this sector or about
Country economists and developing country decisionmakers can use this model to analyze fiscal, debt, and incomes policies -- and to derive implications for the exchange rate and for the availability of credit to the private sector. The extended model generates a complete flow of funds for each time period, along with projections of national accounts in current and constant prices. Elements of the extended model can be suppressed, changed, or further extended, making it a flexible tool for country economic analysis.
Reform in 10 regional capitals along the Volga River is associated with favorable initial conditions. And both reform and favorable initial conditions are associated with relatively successful economic outcomes, except where access to extra resources improves outcomes or where weak government undermines success.