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Analysis of the Impact of Government Intervention through Financial Repression

Student: Oliva Maria elisabetta

Faculty: International College of Economics and Finance

Educational Programme: Financial Economics (Master)

Year of Graduation: 2020

This paper is centred on the analysis of the impact of government intervention through financial repression in an open economy, and on how the effectiveness of this intervention is affected by the presence of capital flows controls. In order to show this, we will build a DGSE model, focused on a specific policy of financial repression, the artificial creation of demand for government bonds, conducted in coordination with a measure of capital outflows controls by the Central Bank. This paper wants to contribute to the literature on the impact and on the determinants of the impact of government repressive interventions. Our aim is to show mathematically the effect of financial repression as key debt reducing tool and how this impact is supported by the presence of restrictions on capital flows. One main novelty is that we consider financial repression in an open economy, and that we consider it together with capital controls, which we consider not only as a key tool to make government intervention effective, but also as an indirect way to repress the economy.

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