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Financial Repression and the Liberalisation Problem within Less-Developed Countries

In: The World Economic Order

Author

Listed:
  • Ronald Mckinnon
  • Sven Grassman

Abstract

In less-developed countries, open markets for common stocks, bonds, mortgages, or even commercial bills are insignificant. This does not constitute a ‘distortion’, but merely reflects low per capita income and the resulting small scale of individual acts of saving and investment. Information is insufficient to have small farmers or merchants issue their own notes or shares that are publicly traded.

Suggested Citation

  • Ronald Mckinnon & Sven Grassman, 1981. "Financial Repression and the Liberalisation Problem within Less-Developed Countries," Palgrave Macmillan Books, in: Sven Grassman & Erik Lundberg (ed.), The World Economic Order, chapter 10, pages 365-390, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-16488-2_11
    DOI: 10.1007/978-1-349-16488-2_11
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    Citations

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    Cited by:

    1. Micheal Kofi Boachie & Martin Ruzima & Mustapha Immurana, 2020. "The Concurrent Effect of Financial Development and Trade Openness on Private Investment in India," South Asian Journal of Macroeconomics and Public Finance, , vol. 9(2), pages 190-220, December.
    2. Nunnenkamp, Peter & Schmieding, Holger, 1991. "Zur Konsistenz und Glaubwürdigkeit von Wirtschaftsreformen: Einige Erfahrungen und Lehren für die Systemtransformation in Mittel- und Osteuropa," Kiel Discussion Papers 166, Kiel Institute for the World Economy (IfW Kiel).
    3. Ruibo Jiang & Wenjing Fan, 2022. "Inclusive finance and employment: Can financial development improve peasant's entrepreneurship?," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(3), pages 630-646, April.
    4. Han, Minsoo, 2022. "International financial integration and total factor productivity losses from underdeveloped domestic financial markets," Economics Letters, Elsevier, vol. 212(C).

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