| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2297 |
| DP2297 Information and Geography: Evidence from the German Stock Market | |
| Harald Hau | |
| 发表日期 | 1999-11-30 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | In the real world of less than perfect markets, balancing the benefits and costs of financial liberalization is usually impossible ex ante. Having been slow to liberalize, postwar Europe offers a possible testing ground. Looking at the experience in Belgium, France and Italy, a number of interesting lessons can be learnt. There is no discernible growth effect of financial repression in the sample studied here. Credit ceilings do not reduce the volatility or the level of nominal interest rates but they succeed in lowering the average real interest rate level. Capital controls keep interest rates down but increase their volatility. Financial restraints have been used to provide cheap financing of public sector deficits and to support industrial policies, but have undermined fiscal discipline and monetary control. Upon liberalization, the rent created by financial repression, initially captured by the public sector, did not disappear but shifted towards the personnel . |
| 主题 | International Macroeconomics |
| 关键词 | Banking Capital controls Credit ceilings Financial repression Liberalization |
| URL | https://cepr.org/publications/dp2297 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531389 |
| 推荐引用方式 GB/T 7714 | Harald Hau. DP2297 Information and Geography: Evidence from the German Stock Market. 1999. |
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