The Order of Economic Liberalization

Financial Control in the Transition to a Market Economy

By: Ronald I. Mckinnon

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Paperback | 14 December 1993 | Edition Number 2

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Paperback
264 Pages

Edition Type
Revised

Age
22+

Dimensions(cm)
22.9 x 15.2 x 1.91

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Can knowledge of financial policies in developing countries over four decades help the socialist economies of Asia and Eastern Europe become open market economies in the 1990s? In all these countries the loss of fiscal and monetary control has often resulted in high inflation that undermines the liberalization process itself. In the second edition of The Order of Economic Liberalization, Ronald McKinnon builds on his influential work on the liberalization of financial markets in less developed countries and outlines the progression necessary to move from a "repressed" to an open economy.

New to this edition are chapters that contrast the gradual Chinese approach to liberalizing domestic and foreign trade with the "big bang" approach followed by some Eastern European countries and republics of the former Soviet Union. Financial control and macroeconomic stability, McKinnon argues, are more critical to a successful transition than is any crash program to privatize state-owned industrial assets and the banking system.

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""Invaluable for those wishing to pursue in more detail specific aspects of financial liberalization.""

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Non-Fiction Economics Development Economics & Emerging Economies Reference, Information & Interdisciplinary Subjects Interdisciplinary Studies Development Studies Political Economy Macroeconomics Monetary Economics Politics & Government International Relations Business & Management

International Business International Economics

Preface
Acknowledgments
Introduction: The Order of Economic Liberalization	p. 1
Financial Repression and the Productivity of Capital: Empirical Findings on Interest Rates and Exchange Rates	p. 11
High Real Interest Rates: Japan and Taiwan versus Chile	p. 31
Instruments of Financial Repression	p. 43
Inflation Tax, Monetary Control, and Reserve Requirements on Commercial Banks	p. 55
Macroeconomic Control during Disinflation: Chile versus South Korea	p. 66
Macroeconomic Instability and Moral Hazard in Banking	p. 84
Protectionism in Foreign Trade: Quotas versus Tariffs	p. 92
Exchange-Rate Policy in Repressed and Open Economies	p. 103
The International Capital Market and Economic Liberalization: The Overborrowing Syndrome	p. 113
Stabilizing the Ruble: Financial Control during the Transition from a Centrally Planned to a Market Economy	p. 120
Foreign Trade, Protection, and Negative Value-Added in a Liberalizing Socialist Economy	p. 162
Financial Growth and Macroeconomic Stability in China, 1978-1992: Implications for Russia and Eastern Europe	p. 187
Gradual versus Rapid Liberalization in Socialist Foreign Trade: Concluding Notes on Alternative Models	p. 217
References	p. 227
Index	p. 235
Table of Contents provided by Blackwell. All Rights Reserved.

The Order of Economic Liberalization

Financial Control in the Transition to a Market Economy

At a Glance

Paperback

Industry Reviews

Shipping

How to return your order

Defective items

You Can Find This Book In

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