The Order of Economic Liberalization: Financial Control in the Transition to a Market Economy - Hardcover

McKinnon

 
9780801841705: The Order of Economic Liberalization: Financial Control in the Transition to a Market Economy
Hardcover
ISBN 10: 0801841704 ISBN 13: 9780801841705
Publisher: John Hopkins University Press, 1991

Synopsis

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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Review

"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 Development)

About the Author

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.

"About this title" may belong to another edition of this title.

Publisher
John Hopkins University Press
Publication date
1991
Language
English
ISBN 10 
0801841704
ISBN 13 
9780801841705
Binding
Hardcover
Number of pages
184

Other Popular Editions of the Same Title

9780801847431: The Order of Economic Liberalization 2e: Financial Control in the Transition to a Market Economy (The Johns Hopkins Studies in Development)

Featured Edition

ISBN 10:  0801847435 ISBN 13:  9780801847431
Publisher: Johns Hopkins University Press, 1993
Softcover