Norkina, Olga A.; Pekarski, Sergey E. - National Research University Higher School of Economics - 2014
Modern financial repression in advanced economies does not rely on increasing seigniorage revenue, but mostly rests … repression in the form of non-market placement of the public debt in the captive pension fund. We show that financial repression … and capital income taxation are not perfect substitutes. The optimal degree of financial repression depends on the growth …