Ceilings on Interest Rates and Investment: The Example of Greece
研究希腊金融抑制下信贷条件对私人投资的影响，通过估计三个灵活加速器投资模型，发现银行融资对投资有重要但滞后的效应，反映了利率管制导致的信贷配给。
This paper examines the influence of credit conditions on private investment under financial repression in Greece. Three flexible accelerator investment specifications are estimated. Alternative measures are tried for the dependent and independent variables. The reported equations are selected by a simple sequential specialization procedure. The empirical results confirm the existence of an important, but lagged, effect of bank finance on investment. This reflects credit rationing, due to interest rate controls, in the Greek banking system. Various arguments from the financial repression literature are invoked to justify the finding of a positive sign on the user cost variables in the investment equations. Copyright 1993 by MIT Press.