The order of economic liberalization : financial control in the transition to a market economy

書誌事項

The order of economic liberalization : financial control in the transition to a market economy

Ronald I. McKinnon

(The Johns Hopkins studies in development)

Johns Hopkins University Press, c1993

2nd ed

  • : hbk
  • : pbk

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注記

Includes bibliographical references and index

内容説明・目次

巻冊次

: hbk ISBN 9780801847424

内容説明

In a series of 12 essays, the author outlines the progression necessary for successful financial liberalization and offers an elaboration of his previous work on the liberalization of monetary policy in less developed countries. New to this edition are chapters contrasting two models of foreign trade liberalization: the Chilean model (also followed in Eastern Europe) and the more gradual Chinese model. McKinnon also takes into account the changes in Eastern Europe, including the dissolution of Yugoslavia.

目次

Preface Acknowledgments Introduction: The Order of Economic Chapter 1. Liberalization Chapter 2. Financial Repression and the Productivity of Capital: Empirical Findings on Interest Rates and Exchange Rates Chapter 3. High Real Interest Rates: Japan and Taiwan Versus Chile Chapter 4. Instruments of Financial Repression Chapter 5. Inflation Tax, Monetary Control, and Reserve Requirements on Commercial Banks Chapter 6. Macroeconomic Control During Disinflation: Chile Versus South Korea Chapter 7. Macroeconomic Instability and Moral Hazard in Banking Chapter 8. Protectionism in Foreign Trade: Quotas Versus Tariffs Chapter 9. Exchange-Rate Policy in Repressed and Open Economies Chapter 10. The International Capital Market and Economic Liberalization: The Overborrowing Syndrome Chapter 11. Stabilizing the Ruble: Financial Control During the Transition From a Centrally Planned to a Market Economy Chapter 12. Foreign Trade, Protection, and Negative Value-Added in a Liberalizing Socialist Economy Chapter 13. Financial Growth and Macroeconomic Stability in China, 1978-1992: Implications for Russia and Eastern Europe Chapter 14. Gradual Versus Rapid Liberalization in Socialist Foreign Trade: Concluding Notes on Alternative Models References Index
巻冊次

: pbk ISBN 9780801847431

内容説明

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.

目次

Preface Acknowledgments Introduction: The Order of Economic Chapter 1. Liberalization Chapter 2. Financial Repression and the Productivity of Capital: Empirical Findings on Interest Rates and Exchange Rates Chapter 3. High Real Interest Rates: Japan and Taiwan Versus Chile Chapter 4. Instruments of Financial Repression Chapter 5. Inflation Tax, Monetary Control, and Reserve Requirements on Commercial Banks Chapter 6. Macroeconomic Control During Disinflation: Chile Versus South Korea Chapter 7. Macroeconomic Instability and Moral Hazard in Banking Chapter 8. Protectionism in Foreign Trade: Quotas Versus Tariffs Chapter 9. Exchange-Rate Policy in Repressed and Open Economies Chapter 10. The International Capital Market and Economic Liberalization: The Overborrowing Syndrome Chapter 11. Stabilizing the Ruble: Financial Control During the Transition From a Centrally Planned to a Market Economy Chapter 12. Foreign Trade, Protection, and Negative Value-Added in a Liberalizing Socialist Economy Chapter 13. Financial Growth and Macroeconomic Stability in China, 1978-1992: Implications for Russia and Eastern Europe Chapter 14. Gradual Versus Rapid Liberalization in Socialist Foreign Trade: Concluding Notes on Alternative Models References Index

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