Research suggests that it does. This article quoted below provides an interesting comparison of the relative effectiveness of hypnotherapy, behavioural therapy, and psychoanalysis.
Although the research dates to the 1960's and techniques have been improved greatly since that time, the comparison is startling.
The use of hypnosis bypasses the "critical factor" of the conscious part of the mind enabling real change to be made at a sub-conscious level.
The full article can be read here.
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