Does Financial Repression Inhibit or Facilitate Economic Growth? A Case Study of Chinese Reform Experience*
研究了中国改革时期金融抑制对经济增长的影响，发现总体上抑制政策促进了增长，但2000年代后转为负面，主要受国有部门贷款、利率管制和资本账户控制制约。
Abstract This article examines the impact of financial repression on economic growth during China's reform period. The aggregate financial repression index suggests that China's financial liberalization has been steady but gradual. Empirical estimation confirms that, on average, repressive policies helped economic growth, thanks probably to the prudent liberalization approach. But the impact turned from positive in the 1980s and the 1990s to negative in the 2000s, suggesting rising efficiency losses in recent years. Specifically, we find that lending to the state sector, interest rate regulation and capital account control were the main factors constraining China's economic growth in recent years.