Map of Jurong on Many development economists have, for example, observed that restrictive regulations (financial repression) on financial markets can hinder economic growth by discouraging savings and allocating resources toward unproductive uses. These restrictions have included foreign-exchange controls, and interest-rate ceilings on demand deposits paid by banking institutions. Binding interest-rate ceilings either reduce the incentives to save, and thus curtail the amount of funds available for end-users, or encourage different (and less productive) forms of saving, such as in the form of precious metals. Since the early 1990s, there has been a worldwide tendency toward liberalizing financial markets in an attempt to put finance at the service of economic growth and development.
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While the economic consequences of financial repression for economic development appear to be rather uncontroversial, there has been some disagreement over the desirable speed and form of financial liberalization and de-regulation in both developed and developing countries. For example, countries that have liberalized their financial markets seem to become vulnerable to currency and banking crises. At least for the banking sector, one of the determinants of crisis subsequent to liberalization is whether there exists effective banking regulation and supervision. Map of Jurong 2016.
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