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|a Shabunina, Anna.
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|a The Puzzle of Persistently Negative Interest Rate-Growth Differentials :
|b Financial Repression or Income Catch-Up? /
|c Anna Shabunina, Julio Escolano, Jaejoon Woo.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2011.
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|a 1 online resource (29 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a The interest rate-growth differential (IRGD) shows a marked correlation with GDP per capita. It has been on average around 1 percentage point for large advanced economies during 1999-2008; but below -7 percentage points among non-advanced economies - exerting a powerful stabilizing influence on government debt ratios. We show that large negative IRGDs are largely due to real interest rates well below market equilibrium - possibly stemming from financial repression and captive and distorted markets, whereas the income catch-up process plays a relatively modest role. We find econometric support for this conjecture. Therefore, the IRGD in non-advanced economies is likely to rise with financial integration and market development, well before their GDP per capita converges to advanced-economy levels.
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|a Mode of access: Internet
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|a Escolano, Julio.
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|a Woo, Jaejoon.
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|a IMF Working Papers; Working Paper ;
|v No. 2011/260
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2011/260/001.2011.issue-260-en.xml
|z IMF e-Library
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