The Order of Economic Liberalization
Financial Control in the Transition to a Market Economy
2nd Edition
Published on 26. November 1993
Book
Paperback/Softback
264 pages
978-0-8018-4743-1 (ISBN)
Description
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.
Reviews / Votes
Argues that balancing the budget, installing a valid tax system, and reforming banking should come before liberalization. Foreign Affairs Invaluable for those wishing to pursue in more detail specific aspects of financial liberalization. Finance and DevelopmentMore details
Series
Edition
second edition
Language
English
Place of publication
Baltimore, MD
United States
Target group
College/higher education
Professional and scholarly
Edition type
Revised edition
Product notice
Paperback (trade)
Dimensions
Height: 229 mm
Width: 153 mm
Thickness: 15 mm
Weight
354 gr
ISBN-13
978-0-8018-4743-1 (9780801847431)
DOI
10.56021/9780801847424
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions
Ronald I. McKinnon
The Order of Economic Liberalization
Financial Control in the Transition to a Market Economy
Book
11/1993
2nd Edition
Johns Hopkins University Press
€62.72
Article not available for order
Person
Ronald I. McKinnon is William Eberle Professor of International Economics at Stanford University. His publications include Money and Capital in Economic Development, Money in International Exchange: The Convertible Currency System, and An International Standard for Monetary Stabilization.
Content
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
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