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Liberalization of the Foreign Exchange Market

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  • FRANK C. CHILD

    (Pakistan Institute of Development Economics.)

Abstract

There is a pattern in the evolution of exchange control systems'. A typical sequence of events is: Phase 1, implementation-in response to a serious balance-of-payments deficit, a free foreign-exchange market is abandoned in favour of price control and rationing of foreign exchange. Initially exchange control applies only to major categories of receipts and payments but is rapidly extended to cover all external transactions.

Suggested Citation

  • Frank C. Child, 1968. "Liberalization of the Foreign Exchange Market," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 8(2), pages 167-191.
    • Handle: RePEc:pid:journl:v:8:y:1968:i:2:p:167-191
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