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220928 ||| eng |
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|a 9781463924553
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| 100 |
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|a Shabunina, Anna
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| 245 |
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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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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2011
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| 300 |
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|a 29 pages
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| 700 |
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|a Escolano, Julio
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| 700 |
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|a Woo, Jaejoon
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| 041 |
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7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781463924553.001
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| 856 |
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|u http://elibrary.imf.org/view/journals/001/2011/260/001.2011.issue-260-en.xml
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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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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