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印度金融抑制的直接效应 Direct Effects of Financial Repression in India

论文作者:www.51lunwen.org论文属性:作业 Assignment登出时间:2017-12-20编辑:cinq点击率:466

论文字数:2000论文编号:org201712201431294534语种:英语论文 English地区:英国价格:免费论文

关键词:Financial Analysis金融压抑留学生作业

摘要:本文是留学生Financial Analysis金融分析课程作业,主要内容是讲述金融抑制的相关定义,以及印度金融抑制的直接效应。

一般来说,金融压抑由三个要素组成。首先,银行系统被迫通过高准备金率和流动性比率来持有政府债券和货币。这允许政府以低成本或零成本资助预算赤字。第二,鉴于政府收入不能轻易从私人证券中提取,私人债券和股票市场的发展受到抑制。最后,银行体系的特点是利率上限,以防止与公营部门从私营部门筹集资金的竞争,并鼓励低成本投资。
导致金融抑制的政策包括:利率上限、流动性比率要求、银行存款准备金率高、资本管制和市场进入金融部门的限制、信贷限额或信贷配给方向的限制、以及政府对银行的所有权或控制权。
 
FINANCIAL REPRESSION (PAPER 7)
Financial repression refers to the notion that a set of government regulations, laws, and other non-market restrictions prevent the financial intermediaries of an economy from functioning at their full capacity (McKinnon (1973) and Shaw (1973)...PAPER 1).

Generally, financial repression consists of three elements. First, the banking system is forced to hold government bonds and money through the imposition of high reserve and liquidity ratio requirements. This allows the government to Finance budget deficits at a low or zero cost. Second, given that government revenue cannot be extracted that easily from private securities, the development of private bond and equity markets is discouraged. Finally, the banking system is characterized by interest rate ceilings to prevent competition with public sector fund raising from the private sector and to encourage low-cost investment (PAPER 1).

The policies that cause financial repression include interest rate ceilings, liquidity ratio requirements, high bank reserve requirements, capital controls and restrictions on market entry into the financial sector, credit ceilings or restrictions on directions of credit allocation, and government ownership or domination of banks (PAPER 7).

Economists have commonly argued that financial repression prevents the efficient allocation of capital and thereby impairs economic growth. While theoretically an economy with an efficient financial system can achieve growth and development through efficient capital allocation, McKinnon and Shaw argue that historically, many countries, including developed ones but especially developing ones, have restricted competition in the financial sector with government interventions and regulations. According to their argument, a repressed financial sector discourages both saving and investment because the rates of return are lower than what could be obtained in a competitive market. In such a system, financial intermediaries do not function at their full capacity and fail to channel saving into investment efficiently, thereby impeding the development of the overall economic system (PAPER 7).

This paper aims to analyse the concept of financial repression and reasons why it is seen and detrimental to economic growth......explain sections below.

Rationale for and types of financial repression
The key reason for the government to implement financially repressive policies is to control fiscal resources. By having a direct control over the financial system, the government can funnel funds to itself without going through legislative procedures and more cheaply than it could when it resorts to market financing. More specifically, by restricting the behaviour of existing and potential participants of the financial markets, the government can create monopoly or captivate rents for the existing banks and also tax some of these rents so as to finance its overall budget. Existing banks may try to collude with each other and to interrupt possible liberalization policies as long as they are guaranteed their collective monopoly position in the domestic market.
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