TY  - JOUR
AU  - Giovannini,Alberto
AU  - Melo,Martha de
TI  - Government Revenue from Financial Repression
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 3604
PY  - 1991
Y2  - January 1991
UR  - http://www.nber.org/papers/w3604
L1  - http://www.nber.org/papers/w3604.pdf
N1  - Author contact info:
Alberto Giovannini
Unifortune Asset Management
Via Donizetti 53
20122 Milano, Italy
E-Mail: alberto.giovannini@alum.mit.edu
AB  - 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.
ER  -