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Productivity and Financial Sector Policies: Evidence from South East Asia

Demetriades, Panicos, Devereux, Michael and Luintel, Kul (1998) Productivity and Financial Sector Policies: Evidence from South East Asia. Journal of Economic Behavior and Organization, 35 (1). pp. 61-82.


This paper uses primary data collected from the Central Bank reports to examine the influence of financial sector policies on the average productivity of capital in five South East Asian economies. The data include measures of `repressionist' policies encompassing interest rate controls, directed credit programmes and reserve and liquidity requirements. We use time series techniques to examine whether these policies have a statistically significant influence on the average productivity of capital, conditioning on variables suggested by economic theory. These policies are found to have a significant negative effect on productivity in most cases with the important exception of South Korea, for which we find significant positive effects.

Item Type: Article
Keywords: Financial policies; Financial repression; Productivity
Subject(s): Taxation
Centre: Oxford University Centre for Business Taxation
Date Deposited: 01 Dec 2011 16:17
Last Modified: 02 Oct 2018 13:02

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