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Author Kletzer, Kenneth.
Title Financial repression and exchange rate management in developing countries : theory and empirical evidence for India / Kenneth Kletzer and Renu Kohli.
Imprint [Washington, D.C.] : International Monetary Fund, Research Dept., 2001.

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Author Kletzer, Kenneth.
Series IMF working paper ; WP/01/103
IMF working paper ; WP/01/103.
Subject Foreign exchange -- India -- Econometric models.
Fiscal policy -- India -- Econometric models.
Balance of payments -- India -- Econometric models.
Capital movements -- India -- Econometric models.
Monetary policy -- India -- Econometric models.
Alt Name Kohli, Renu.
International Monetary Fund. Research Department.
Description 1 online resource (41 pages) : illustrations
Bibliography Note Includes bibliographical references (pages 39-41).
Access Use copy Restrictions unspecified star
Reproduction Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
System Details Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Note digitized 2010 HathiTrust Digital Library committed to preserve pda
Print version record.
Summary Most developing countries have imposed restrictions on domestic and international financial transactions at one time or another. Such restrictions have allowed governments to generate significant proportions of their revenues from financial repression while restraining inflation. The eventual fiscal importance of the revenues from seignorage and from implicit taxation of financial intermediation pose a challenge for financial reform and liberalization. This paper presents a model of the role of financial repression in fiscal policy and exchange rate management under capital controls. We show how a balance of payments crisis arises under an exchange rate peg without capital account convertibility in the model economy and how the instruments of financial repression may be used for exchange rate management. The model is compared to the experience of India, a country that exemplifies the fiscal importance of financial restrictions, in the last two decades. In particular, we discuss the dynamics leading up to devaluation in 1991 and the role of financial repression in exchange rate intervention afterwards.
OCLC # 647115998
Additional Format Print version: Kletzer, Kenneth. Financial repression and exchange rate management in developing countries. [Washington, D.C.] : International Monetary Fund, Research Dept., 2001 (OCoLC)47968987

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