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McKinnon (1973) and Shaw (1973) argue that financial deepening increases the rate of domestic savings, and this lowers the cost of borrowing and thusstimulating investment. The core of this argument rests on the claim that developing countries suffer from financial repression. It posits therefore that the liberation of these countries from their repressive conditions would induce savings, investment and growth. In this view, investment is positively related to the real rate of interest, in contrast to, the neoclassical theory. The reason for this is that a rise in interest rate increases the volume of financial saving through the financial intermediaries and as such increases investible funds, a phenomenon that McKinnon (1973) calls the "conduit effect".

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Q: Could you explain McKinnon's conduit effect?
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