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)
AbstractWe 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Palgrave Macmillan in its journal Comparative Economic Studies.
Volume (Year): 35 (1993)
Issue (Month): 1 (April)
Contact details of provider:
Web page: http://www.palgrave-journals.com/
Postal: Palgrave Macmillan Journals, Subscription Department, Houndmills, Basingstoke, Hampshire RG21 6XS, UK
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Yap, Josef T. & Aldaba, Rafaelita M., 2009.
"Investment and Capital Flows: Implications of the ASEAN Economic Community,"
Discussion Papers, Philippine Institute for Development Studies
DP 2009-01, Philippine Institute for Development Studies.
- Rafaelita M. Aldaba & Josef T. Yap, 2009. "Investment and Capital Flows : Implications of the ASEAN Economic Community," Trade Working Papers 23087, East Asian Bureau of Economic Research.
- Rafaelita M. Aldaba & Josef T. Yap, 2009. "Investment and Capital Flows : Implications of the ASEAN Economic Community," Macroeconomics Working Papers 22949, East Asian Bureau of Economic Research.
- 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.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Elizabeth Gale).
If references are entirely missing, you can add them using this form.