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By John Williamson

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Extra resources for A Survey of Financial Liberalization (Essays in International Economics)

Example text

Under each category, moreover, the liberalization of short-term and long-term flows is distinguished. Inflows According to Fischer and Reisen (1992), the liberalization of inward long-term investment and trade-related finance should be implemented as early as possible in the development process. Our definition of “long-term” includes both foreign direct and portfolio investment as well as borrowing using long-term bonds. Although there is still some debate about whether portfolio inflows are likely to be reversed quickly, we argue that an attempt to sell a large volume would result in a sharp decline in stock prices that would discourage further withdrawal.

Interest-rate ceilings on loans and deposits eliminated in 1980 and reimposed on deposits in 1983. Controls eliminated again in 1988. Foreign banks permitted since 1980, with some restrictions. Scope of banking activities widened in 1980. Interbank money market established in 1987. Istanbul stock market operational again in 1986. State-owned banks’ share in total assets of the banking system remained constant over 1980-90, at approximately 52%. Capital flows liberalized in 1989. Bangladesh Directed and controlled credit largely phased out after 1989.

Two large public-sector banks hold over half of total bank deposits. Government share of Nepal Bank Limited reduced to 41%. Dual exchange-rate system introduced in 1992. Current account became fully convertible in 1994. Some capital transactions liberalized in the 1990s, but restrictions remain. Pakistan Credit ceilings eliminated in 1995. Subsidized and targeted-credit programs scaled back in the 1990s. Most lending rates freed in 1995. Interest on working capital and some deposits freed in the early 1980s.

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