Government Revenue from Financial Repression

Alberto Giovannini and Martha de Melo

No 3604, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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.

Date: 1991-01
Note: PE ITI ME IFM
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Citations: View citations in EconPapers (10)

Published as American Economic Review, Vol. 83, no. 4 (1993): 953-963.

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