Trade and Domestic Financial Market Reform Under Political Uncertainty--Implications for Investment, Savings, and the Real Exchange Rate Rina Bhattacharya

ISBN: 9781282080034

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Trade and Domestic Financial Market Reform Under Political Uncertainty--Implications for Investment, Savings, and the Real Exchange Rate  by  Rina Bhattacharya

Trade and Domestic Financial Market Reform Under Political Uncertainty--Implications for Investment, Savings, and the Real Exchange Rate by Rina Bhattacharya
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This paper is a sequel to Bhattacharya (1999a). As noted in that paper, there has been a lot of policy discussion and debate in the academic literature on the sequencing issue relating to trade liberalization and opening of the capitalMoreThis paper is a sequel to Bhattacharya (1999a).

As noted in that paper, there has been a lot of policy discussion and debate in the academic literature on the sequencing issue relating to trade liberalization and opening of the capital account-should they go hand in hand, or should one precede the other [see Bhattacharya (1997), Edwards (1984, 1989), Falvey and Kim (1992), Funke (1993), McKinnon (1982, 1991)].

Bhattacharya (1999b), Engel and Kletzer (1991), Rodrik (1989, 1991) and van Wijnbergen (1985) among others have also looked at the issue of credibility of trade reform, and in particular at the impact of uncertainty regarding trade policy on domestic investment and capital flight. However, almost all these studies assume a well-functioning domestic financial market. By contrast, despite the vast literature on financial repression/liberalization and its implications for growth [for example Cho and Khatkhate (1989), Collier and Mayer (1989), Eastwood and Durski (1992), Fry (1988, 1989) Gelb (1989), Gibson and Tsakalotos (1994), McKinnon (1973, 1981a, 1981b, 1988, 1989), Shaw (1973), van Winjbergen (1983)], there has been relatively little discussion in the academic literature on the issue of the appropriate sequencing of trade liberalization and domestic financial market reform.

Indeed, there are very few theoretical models analyzing how trade liberalization and domestic financial market reform interact with each other in a general equilibrium setting, particularly in the context of uncertainty regarding tariff reform.



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