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Financial Repression and Economic Growth


Nouriel Roubini


New York University - Leonard N. Stern School of Business - Department of Economics; National Bureau of Economic Research (NBER)

Xavier Sala-i-Martin


Columbia University, Graduate School of Arts and Sciences, Department of Economics

October 1991

NBER Working Paper No. w3876

Abstract:     
We survey the literatures that study the relation between the trade regime and growth and financial development, financial repression, and growth. We analyze the relation between the trade regime, the degree of financial development and the growth performance of a large cross section of countries. The systematic finding is that there is a negative relation between trade distortions and growth. We also present some variables that capture the degree to which the financial sector is distorted. We find that financial repression has negative consequences for growth. We also find that inflation- is negatively related to growth. We interpret this relation, however, as symptomatic rather than causal. We show that once we hold constant measures of the trade regime and financial repression, the regional dummies for Latin America are no longer significant. Thus, the poor performance of the Latin American countries over the last few decades is related to the trade and financial policies pursued by their governments.

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Date posted: April 23, 2004  

Suggested Citation

Roubini, Nouriel and Sala-i-Martin, Xavier, Financial Repression and Economic Growth (October 1991). NBER Working Paper No. w3876. Available at SSRN: http://ssrn.com/abstract=262716

Contact Information

Nouriel Roubini (Contact Author)
New York University - Leonard N. Stern School of Business - Department of Economics ( email )
269 Mercer Street
New York, NY 10003
United States
212-998-0886 (Phone)
212-995-4218 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Francesc Xavier Sala-i-Martin
Columbia University, Graduate School of Arts and Sciences, Department of Economics ( email )
420 W. 118th Street
New York, NY 10027
United States
212-854-7055 (Phone)
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