The puzzle of persistently negative interest rate-growth differentials : financial repression or income catch-up? /

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 gove...

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Bibliographic Details
Main Authors: Escolano, Julio (Author), Shabunina, Anna (Author), Woo, Jaejoon (Author)
Format: Book
Language:English
Published: [Washington, D.C.] : International Monetary Fund, ©2011
Series:IMF working paper ; WP/11/260
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