@article {1281001,
	title = {From Financial Repression to External Distress: The Case of Venezuela},
	journal = {Emerging Markets Finance and Trade},
	number = {Jan. 2016},
	year = {2016},
	pages = {1-30},
	abstract = {Recent work suggests a connection between domestic debt and external default. We examine potential linkages for Venezuela, where the evidence reveals a nexus among domestic debt, financial repression, and external vulnerability. The financial repression tax (as a share of GDP) is similar to OECD economies, in spite of higher debt ratios in the latter. The financial repression {\textquotedblleft}tax rate{\textquotedblright} is higher in years of exchange controls and legislated interest rate ceilings. We document a link between domestic disequilibrium and a weakening of the net foreign asset position via private capital flight. We suggest these findings are not unique to Venezuela.},
	url = {http://dx.doi.org/10.1080/1540496X.2015.1105614},
	author = {Miguel Santos and Reinhart, Carmen}
}
