Uncle Marty speaks: Directed lending to the government by captive domestic audiences (such as pension funds or domestic banks), explicit or implicit caps on interest rates, regulation of cross-border capital movements... public ownership of some of the banks or through heavy “moral suasion”... high reserve requirements (or liquidity requirements), securities transaction taxes, prohibition of gold... placement of significant amounts of government debt that is nonmarketable. In principle, “macroprudential regulation” need not be the same as financial repression, but in practice, one can often be a prelude to the other..."

Naughty macro