The effects of financial liberalization on Thailand, Indonesia, and the Philippines : a quantitative analysis
In the early 1980s, interest rate ceilings and other regulations affecting financial assets were lifted in Thailand, Indonesia, and the Philippines. The paper finds that liberalization of interest rates significantly increased the real return on financial assets in Thailand and Indonesia, because all interest and credit constraints were removed. Similar reforms failed in the Philippines, where taxes on the financial sector interacted with high rates of inflation. The paper is organized as follows. Each of the first three sections in devoted to one of the countries with a specific emphasis on the main policy issues. The last section turns to a more general analysis of the intratemporal efficiency costs of the taxation of financial assets which draws on the empirical evidence of the previous sections.
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