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Trade Reform under Partial Currency Convertibility: Some Suggestive Results

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  • Jagdeep S. Bhandari

    (International Monetary Fund)

Abstract

The macroeconomic implications of trade reform in the presence of capital account restrictions are discussed. Such restrictions are modeled by recognizing the prior constraints on free currency convertibility that are imposed under a multiple exchange rate system. The results indicate that the preferred sequence of liberalization need not be of the commonly advocated "current account first" variety, and that real depreciation rather than real appreciation is a more probable outcome following domestic tariff liberalization.

Suggested Citation

  • Jagdeep S. Bhandari, 1989. "Trade Reform under Partial Currency Convertibility: Some Suggestive Results," IMF Staff Papers, Palgrave Macmillan, vol. 36(2), pages 494-513, June.
    • Handle: RePEc:pal:imfstp:v:36:y:1989:i:2:p:494-513
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    Cited by:

    1. Schweickert, Rainer, 1991. "Efficient real exchange rate adjustment in developing countries: alternative devaluation strategies, economic structure, and sequencing of reforms," Kiel Working Papers 473, Kiel Institute for the World Economy (IfW Kiel).

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