Description
Book SynopsisFinancial 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.
Trade ReviewArgues 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 Development
Table of ContentsPreface
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
