Financial market liberalisation in LDCs: The incidence of risk allocation effects of interest rate increases
研究了金融自由化中高存款利率的成本由谁承担，发现高杠杆企业承担了大部分贷款成本，且银行风险增加，可能迫使政策与自由化初衷相悖。
’High’ deposit interest rates are central to the financial liberalisation argument. The article investigates the relatively neglected issue of who must pay. Two issues are stressed. If loan charges increase the incidence falls on (typically), highly geared businesses and overall financial saving may not rise as claimed. Second, although loan charges need not increase (and enhanced credit availability may compensate borrowers if they do), the financial risks of banks increase. These risks are pertinent to monetary policy and may force actions contrary to the liberalisation approach. Institutional developments to foster the supply of risk‐bearing capital are emphasised in conclusion.