Repressed financial systems as instruments of taxation: evidence from Iceland

Thrainn Eggertsson
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Thrainn Eggertsson: University of Iceland

Finnish Economic Papers, 1990, vol. 3, issue 1, 14-25

Abstract: The paper discusses how inflation and direct government intervention in the financial sector can be used as a substitute for tax revenue and as a means for redistributing resources. Five stages of financial repression are identified and data presented which suggest that the post-war economy of Iceland has belonged to the fifth and highest stage. The industrial organization of a repressed financial system is examined along with the forces that undermined the Icelandic financial system. The final section introduces the dilemmas of financial liberalization.

Date: 1990
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Persistent link: https://EconPapers.repec.org/RePEc:fep:journl:v:3:y:1990:i:1:p:14-25

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