The Direct Costs of Financial Repression: Evidence From India
提供证据表明，金融压抑对金融发展有显著的直接影响，且经济增长与金融发展并非弱外生，因此金融压抑可能带来额外的实际成本。
This paprovides evidence that suggests that financial repression has substantial direct effects on financial development, independently of its well-known influence through the level of the real interest rate. It also demonstrates that the process of economic growth is not weakly exogenous with respect to financial development. Thus financial repression may impose real costs that are additional to those suggested by previous empirical studies. © 1997 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology