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Demetriades, Panicos O.; Luintel, Kul B.
The review of economics and statistics, 05/1997, Letnik: 79, Številka: 2Journal Article
This paper provides 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.
