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The financial system of Pakistan has undergone a sea-change owing to reforms which were implemented over a period of a decade and a half, 1992-2006. The financial system has moved towards promoting the efficiency of financial intermediation while maintaining stability and fostering growth of the economy. Financial repression of the previous decades has receded though it has not been eliminated. Now a shift is warranted for the reform and restructuring of sectoral or sub-sectoral finance which has to be activity based, not institution based. Pakistan’s financial system has entered the post-reform era with all its potentials, complexities and challenges. How well the financial system performs in this era depends on how sustainable the financial regime is and how resilient it is in coping with change and financial shocks, both domestic and global.

This study explores the financial liberalization and economic growth debate from a Zimbabwean context. It employs two measures of financial liberalisation, foreign assets and liabilities, and a dummy variable based on liberalisation or repression policies implemented from 1980 to 2023 alongside other macroeconomic variables. The study uses two OLS models alongside the Toda-Yamamoto approach to assess Granger causality between the variables. The findings show that financial liberalisation, as measured by the flow of foreign assets and liabilities, negatively impacts economic growth and that there is Granger causality from the flow of foreign assets and liabilities to GDP. The financial liberalisation dummy had a positive and statistically significant impact on economic growth, while the Toda-Yamamoto tests showed no relationship. The study highlights the need to carefully consider liberalisation policies’ nature, timing, and causality effects when formulating and implementing financial liberalisation policy.

Although state-owned enterprises (SOEs) are recognized as important economic actors, the literature to date has assumed close state control over SOEs and, therefore, their passive stance towards institutions. Drawing on the institutional work and historical institutionalism literatures, we challenge this view. We develop a multilevel framework of SOE top management teams’ (TMTs’) embedded agency, spanning the national macro-institutional level, the meso-level of regimes of state-SOE relations, and sector-specific institutions. We then derive propositions regarding the factors across these multiple levels that shape SOE TMTs’ motivation, resources, and scope for institutional work. This framework allows us to explain the leeway for and likelihood of SOE TMTs’ engagement in institutional work across institutional contexts. 尽管国有企业被认为是重要的经济行动者，但迄今为止的文献都假定国有企业受到国家的严密控制，因此他们对制度抱有消极的态度。基于制度工作和历史制度主义文献，我们对这一观点提出了挑战。我们建立了国有企业高管团队嵌入能动性的多层次框架，跨越国家宏观制度层面、国有企业关系的中观层面和行业特定制度层面。此外，我们还发展出涉及影响国有企业高管团队动机、资源和制度工作范围的多层次因素的命题。这一框架使我们能够解释国有企业的管理团队在制度情境下执行制度工作的自由空间和可能性。 Несмотря на то, что государственные предприятия (ГП) признаны важными экономическими субъектами, в научной литературе на сегодняшний день предполагается, что существует жесткий государственный контроль над государственными предприятиями, что подразумевает пассивное отношение к институтам. На основании научной литературы по институциональной работе и историческому институционализму, мы оспариваем эту точку зрения. Мы разрабатываем многоуровневую модель интегрированного управления со стороны руководства высшего звена на государственных предприятиях, которая охватывает государственный макро-институциональный уровень, мезо-уровень отношений между государством и государственным предприятием, а также отраслевые институты. Далее, мы строим предположения относительно факторов на этих множественных уровнях, которые формируют мотивацию, ресурсы и объем институциональной работы для руководства высшего звена на государственных предприятиях. Данная модель позволяет нам объяснить относительную свободу действий и вероятность участия руководства высшего звена на государственных предприятиях в институциональной работе в различных институциональных контекстах. Aunque las empresas de propiedad estatal (SOEs por sus siglas en inglés) son reconocidas como actores económicos importantes, la literatura a la fecha ha asumido un estrecho control del estado sobre las empresas estatales, y, por ende, su postura pasiva hacia las instituciones. Basándonos en las literaturas del trabajo institucional de institucionalismo histórico, retamos este punto de vista. Desarrollamos un marco multinivel de la agencia integrada de los equipos de alta dirección de las empresas estatales, que abarca el nivel macroinstitucional nacional, el nivel meso de los regímenes de relaciones entre el Estado y las empresas estatales, y las instituciones específicas del sector. Después, formulamos proposiciones sobre los factores de estos múltiples niveles que determinan la motivación, los recursos y el alcance de la labor institucional de los equipos de alta dirección (TMT por sus iniciales en inglés) de las empresas del estado. Este marco nos permite explicar el margen de maniobra y la probabilidad de que los equipos de alta dirección de las empresas estatales se comprometan con la labor institucional en distintos contextos institucionales.

Despite its late start, China has become the world’s largest green bond market in a very short time. This extraordinary development is closely related to its unique rules system, which has also made China a ‘game changer’ to the green bond market. This article tries to explain the generation mechanism of the ‘game changer’ by comparing the rules systems of China and the international green bond market and examining the particularities of China’s financial market. Unlike the international green bond market, within which ‘soft laws’ are formed from the bottom up and are driven by investors’ joint efforts, stock exchanges, intermediaries, and social organizations, China’s green bond market is provided with a top-down system of rules, which are dominated by public departments and consequently manifests as a series of ‘hard laws.’ These rules provide a variety of favorable measures for the issuance of green bonds, and greatly stimulate the development of this newly emerged product under the condition that the liberalization of China’s bond market is limited at present. Nonetheless, this article also points out that amid existing financial market and regulation systems in China, the development of green bond markets needs to address the ‘regulatory arbitrage’ brought about by regulatory decentralization and should overcome the imperfection of implementation mechanisms. Therefore, the regulatory authority of green bonds should be exercised uniformly by the CSRC, and an effective constraint and disciplinary mechanism should be established.

This paper proposes a method combining fractional Fourier transform (FRFT) and a high peak-to-average power ratio suppression algorithm. Calculations show that as the order of the FRFT decreases, the peak-to-average power ratio of the signal gradually decreases; combined with the suppression algorithm can further reduce the peak-to-average power ratio of the system and solve the problem of the suppression algorithm affecting system performance. At the same time, this paper uses the 2012 World Bank survey data of Chinese manufacturing enterprises to study the influence of financial repression on the selection of financing channels of manufacturing enterprises. The research results show that financial repression has a significant impact on the choice of financing channels for manufacturing enterprises, which greatly increases the proportion of informal financial financing in the operating capital of enterprises and reduces the proportion of formal financial financing. Financial repression has led to an increase in the cost of formal financial financing, making enterprises choose informal financial channels for financing. Among them, large enterprises tend to choose commercial credit in informal finance, while small and medium-sized enterprises choose private credit It is possible to choose two financing channels, which reflects the ‘scale discrimination’ characteristics of financial repression.

This study examines the impact of financial repression (FR) on private investment in Ethiopia over the period 1980 to 2020. Investigating the consequences of FR policies makes use of the cointegration technique. The dynamic ordinary least square (DOLS) estimation result demonstrated that FR has a detrimental and statistically significant impact on private investment, resulting in considerable lost opportunities for private investors by driving away banks' productive investment. In addition, the structural reforms implemented since 2011 have a beneficial and significant influence on private investment. The effects of financial development, per capita GDP, and domestic lending to the private sector all produce similar consequences. Additionally, Ethiopia's private investment is negatively impacted by trade liberalization and inflation. The primary findings are used to infer potential policy implications.

This article questions the drivers behind the distribution of savings in different capital markets in Portugal between 1550 and 1800. A novel dataset of credit transactions, interest rates and debt service documents a shift in the lenders' investment behaviour. By 1712, one of the leading institutional creditors—the Misericórdias—had ceased to allocate funds to the sovereign debt market. Data reveal that this disinvestment was neither related to the poor performance of debt service nor to the lure of potentially higher returns on private credit. We argue that changes in the rationales for issuing debt justify the drop in the number of institutional investors in the public credit market, and this correlates with the heavy allocation of funds into private lending.

In this paper we consider a triangular inter-dependence between hyperinflation, financial repression, and the financial crisis in FRY in the 1990s. When all three vertices of the triangle are present, the crisis propagates and is amplified along its edges. We focus, especially, on the less studied link between the financial crisis and financial repression in FRY. Setting administrative limits on interest rates under conditions of hyperinflation leads to deeply negative real interest rates. The situation in FRY was further aggravated by credit allocation to privileged participants. Under such circumstances, all dinar components of bank balance sheets quickly became worthless, credit activities of banks died down and real quantities of dinars in circulation became negligible. The situation improved only after the removal of the outside repression (i.e. removal of sanctions), reorganization of the entire financial sector and the entrance of foreign banks into the Serbian market at the beginning of 2000s.

The interest-rate–growth differential (IRGD) plays a critical role in determining the sustainability of government debt. Yet it is striking that IRGDs are correlated with income levels, and are generally negative in emerging and developing economies, which contradicts standard economic theory. Negative IRGDs constitute a powerful debt-stabilising force, driving down debt ratios or keeping them stable even in the presence of persistent primary deficits. Motivated by the puzzling facts, this paper examines the IRGDs for a large panel of advanced and non-advanced economies by utilising a newly assembled data set. The evidence shows that large negative IRGDs in emerging and developing economies are largely due to real interest rates well below market equilibrium – stemming from financial repression and captive and distorted markets – whereas the income catch-up process plays a relatively modest role. Therefore, the IRGD in non-advanced economies is likely to rise with financial market development and financial global integration, perhaps even before their GDP per capita converges to advanced-economy levels.