Studies in Inflationary Dynamics: Financial Repression and Financial Liberalization in Less Developed Countries
This book presents a series of models which are designed to illuminate many facets of the interactions between monetary and real phenomena in inflationary, less developed economies. Since these interactions are essentially dynamic in character, the models are also dynamic: they seek to elucidate the possible lines of evolution of an economy in response to financial policies of varying degreees of 'repressiveness'.
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adaptive expectations agricultural analysis assumed assumption bank loans banking system capital accumulation capital inflow ceteris paribus characterized commercial banks condition currency decline demand for money denote differential domestic dynamic dynamic system economy's effect endogenous equal equation 13 excess demand expected rate falling financially repressed fixed follows fraction growth rate hence implies increase indexation inflationary policy initial input interest rate investment Kapur labour latter LDCs less developed economies McKinnon monetary base monetary expansion monetary growth money holdings money multiplier natural logarithm negative neoclassical nominal deposit rate nominal interest rate nominal money optimal optimal control parameter Pattern physical capital positive rate of growth rate of inflation rate of monetary real cash balances real money balances real output reduction rise seigniorage short-run solution specification stabilization steady-state equilibrium store of value supply of money target trajectory transfer payments upper bound upward shift variables zero