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:''Not to be confused with economic repression, a type of political repression.'' Financial repression refers to "policies that result in savers earning returns below the rate of inflation" in order to allow banks to "provide cheap loans to companies and governments, reducing the burden of repayments". It can be particularly effective at liquidating government debt denominated in domestic currency.〔 It can also lead to a large expansions in debt "to levels evoking comparisons with the excesses that generated Japan’s lost decade and the Asian financial crisis" in 1997.〔 The term was introduced in 1973 by Stanford economists Edward S. Shaw and Ronald I. McKinnon〔Shaw, Edward S. ''Financial Deepening in Economic Development''. New York: Oxford University Press, 1973〕〔McKinnon, Ronald I. ''Money and Capital in Economic Development''. Washington, D.C.: Brookings Institution, 1973〕 in order to "disparage growth-inhibiting policies in emerging markets". == Mechanism == Financial repression consists of the following:〔 #Explicit or indirect capping of interest rates, such as on government debt and deposit rates (e.g., Regulation Q). #Government ownership or control of domestic banks and financial institutions with barriers that limit other institutions from entering the market. #High reserve requirements #Creation or maintenance of a captive domestic market for government debt, achieved by requiring banks to hold government debt via capital requirements, or by prohibiting or disincentivising alternatives. #Government restrictions on the transfer of assets abroad through the imposition of capital controls. These measures allow governments to issue debt at lower interest rates. A low nominal interest rate can reduce debt servicing costs, while negative real interest rates erodes the real value of government debt.〔 Thus, financial repression is most successful in liquidating debts when accompanied by inflation and can be considered a form of taxation,〔Reinhart, Carmen M. and Rogoff, Kenneth S., (''This Time is Different: Eight Centuries of Financial Folly'' ). Princeton and Oxford: Princeton University Press, 2008, p. 143〕 or alternatively a form of debasement.〔Bill Gross, ("The Caine Mutiny Part 2" ), PIMCO〕 The size of the financial repression tax for 24 emerging markets from 1974 to 1987. Their results showed that financial repression exceeded 2% of GDP for seven countries, and greater than 3% for five countries. For five countries (India, Mexico, Pakistan, Sri Lanka, and Zimbabwe) it represented approximately 20% of tax revenue. In the case of Mexico financial repression was 6% of GDP, or 40% of tax revenue.〔Giovannini, Alberto and de Melo, Martha, ( "Government Revenue from Financial Repression" ), ''The American Economic Review'', Vol. 83, No. 4 Sep. 1993 (pp. 953-963)〕 Financial repression is categorized as "macroprudential regulation"—i.e., government efforts to "ensure the health of an entire financial system.〔Carmen M. Reinhart, Jacob F. Kirkegaard, and M. Belen Sbrancia, ("Financial Repression Redux" ), IMF Finance and Development, June 2011, p. 22-26〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「financial repression」の詳細全文を読む スポンサード リンク
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