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

論文作者:www.8040747.live論文屬性:作業 Assignment登出時間:2017-12-20編輯:cinq點擊率:3276

論文字數:2000論文編號:org201712201431294534語種:英語論文 English地區:英國價格:免費論文

關鍵詞:Financial Analysis金融壓抑留學生作業

摘要:本文是留學生Financial Analysis金融分析課程作業,主要內容是講述金融抑制的相關定義,以及印度金融抑制的直接效應。

一般來說,金融壓抑由三個要素組成。首先,銀行系統被迫通過高準備金率和流動性比率來持有政府債券和貨幣。這允許政府以低成本或零成本資助預算赤字。第二,鑒于政府收入不能輕易從私人證券中提取,私人債券和股票市場的發展受到抑制。最后,銀行體系的特點是利率上限,以防止與公營部門從私營部門籌集資金的競爭,并鼓勵低成本投資。
導致金融抑制的政策包括:利率上限、流動性比率要求、銀行存款準備金率高、資本管制和市場進入金融部門的限制、信貸限額或信貸配給方向的限制、以及政府對銀行的所有權或控制權。
 
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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