0000000000789876

AUTHOR

Ignacio Hernando

showing 2 related works from this author

The role of the financial system in the growth–inflation link: the OECD experience

2004

Abstract This paper jointly estimates the effects of financial development and inflation on growth using both cross-section and time-series dimensions of the data on inflation, growth, and some banking and stock market indicators over the period 1961–1993 for a sample of OECD countries. Overall, the results indicate, first, that the long-run costs of inflation are not explained by policies of financial repression and, second, that if inflation affects growth through its interaction with financial market conditions, this is not the only (nor the most important) channel.

InflationEconomics and Econometricsmedia_common.quotation_subjectFinancial ratioFinancial systemFinancial repressionIndirect financePolitical Science and International RelationsMarket dataEconomicsPosition (finance)Economic stabilityFinancial market efficiencymedia_commonEuropean Journal of Political Economy
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Growth, inflation and the exchange rate regime

1996

Abstract According to the Balassa-Samuelson effect, growth and inflation are positively correlated in economies with pegged currencies. This paper shows that the costs of inflation on long-term growth are underestimated in samples that include countries and periods with fixed exchange rate regimes.

InflationEconomics and EconometricsExchange ratemedia_common.quotation_subjectKeynesian economicsEconomicsMonetary economicsExchange-rate regimeReal interest rateFinancemedia_commonEconomics Letters
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