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Review Article: Financial Liberalization, Development, and Marketization: A Review of McKinnon's The Order of Economic Liberalization: Financial Control in the Transition to a Market Economy (1991)

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  • Paul Burkett
  • Richard Lotspeich

Abstract

We present critical review of McKinnon's (1991) perspective on the correct reform sequence for financially repressed economies is presented, distinguishing between its application to less developed countries (LDCs) and reforming centrally planned economies (RCPEs). Empirical support for McKinnon's view is questioned on microeconomic and political grounds. We evaluate the importance of both predetermined and endogenous political and economic pressures on the reform sequence, underscoring some unique conditions of the RCPEs: greater systemic uncertainty, for example, that impose limitations on financial liberalization.

Suggested Citation

  • Paul Burkett & Richard Lotspeich, 1993. "Review Article: Financial Liberalization, Development, and Marketization: A Review of McKinnon's The Order of Economic Liberalization: Financial Control in the Transition to a Market Economy (1991)," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 35(1), pages 59-84, April.
    • Handle: RePEc:pal:compes:v:35:y:1993:i:1:p:59-84
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    Cited by:

    1. Hwee Kwan Chow & Peter N. Kriz & Roberto S. Mariano & Augustine H. H. Tan, 2007. "Financial Liberalization and Monetary Policy Cooperation in East Asia1," Finance Working Papers 21916, East Asian Bureau of Economic Research.
    2. Yap, Josef T. & Aldaba, Rafaelita M., 2009. "Investment and Capital Flows: Implications of the ASEAN Economic Community," Discussion Papers DP 2009-01, Philippine Institute for Development Studies.

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