Financial Repression and the Liberalisation Problem within Less-Developed Countries

  • Ronald Mckinnon
  • Sven Grassman

Abstract

In less-developed countries, open markets for common stocks, bonds, mortgages, or even commercial bills are insignificant. This does not constitute a ‘distortion’, but merely reflects low per capita income and the resulting small scale of individual acts of saving and investment. Information is insufficient to have small farmers or merchants issue their own notes or shares that are publicly traded.

Keywords

Depression Income Marketing Assure Turkey 

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References

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Copyright information

© Sven Grassman and Erik Lundberg 1981

Authors and Affiliations

  • Ronald Mckinnon
    • 1
  • Sven Grassman
    • 2
  1. 1.USA
  2. 2.Sweden

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