Please use this identifier to cite or link to this item: http://hdl.handle.net/2381/7481
Title: The end of financial repression? A cross-country analysis of investment
Authors: Demetriades, Panicos O.
James, Gregory A.
Lee, Kevin
First Published: Feb-2008
Publisher: Dept. of Economics, University of Leicester
Abstract: We estimate a model of investment under nancial restrains due to Demetriades and Devereux (2000), using total and private aggregate investment data from 38 high income and low income countries during 1972-2002. Our main ndings for the overall sample are that (i) the US real interest rate is a robust determinant of total investment, suggesting that US monetary policy may have unintended global consequences; (ii) a term proxying domestic nancial restraints is found to have an insigni cant impact both on total and private investment. These ndings are, however, somewhat less con- clusive when we examine low income countries on their own, where fnancial restraints are found to have a negative and marginally signi cant e¤ect on total investment.
Series/Report no.: Papers in Economics
08/7
Links: http://www.le.ac.uk/economics/research/discussion/papers2008.html
http://hdl.handle.net/2381/7481
Type: Report
Appears in Collections:Reports, Dept. of Economics

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