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External protection for the emerging market economies? The case for financial liberalisation instead of import barriers in Eastern Europe

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  • Schmieding, Holger

Abstract

The main points of this paper are that the case for transitional import barriers for the EMEs is very weak; neither a discriminatory regional payments union nor a uniform import tariff nor a differentiated tariff schedule designed in accordance with the presumed adjustment difficulties are warranted. A radical liberalisation of the financial system in the EMEs is much better suited to promote and smooth the adjustment to market conditions than any scheme for transitional protection. The paper is organised as follows: at first, the major arguments for transitional protection are addressed; thereafter, various schemes for the protection of the tradable goods sector are analysed; ultimately, a proposal for radical financial liberalisation as a superior substitute for trade protection is presented.

Suggested Citation

  • Schmieding, Holger, 1991. "External protection for the emerging market economies? The case for financial liberalisation instead of import barriers in Eastern Europe," Kiel Working Papers 498, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkwp:498
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    1. Schmieding, Holger, 1991. "Lending stability to Europe's emerging market economies: On the importance of the EC and the ECU for East-Central Europe," Kiel Working Papers 481, Kiel Institute for the World Economy (IfW Kiel).
    2. Hare, Paul G & Hughes, Gordon, 1991. "Competitiveness and Industrial Restructuring in Czechoslovakia, Hungary and Poland," CEPR Discussion Papers 543, C.E.P.R. Discussion Papers.
    3. Deutsches Institut für Wirtschaftsforschung (Berlin) (Ed.) & Institut für Weltwirtschaft (Kiel) (Ed.), 1991. "Gesamtwirtschaftliche und unternehmerische Anpassungsprozesse in Ostdeutschland: Dritter Bericht," Kiel Discussion Papers 176, Kiel Institute for the World Economy (IfW Kiel).
    4. Bofinger, Peter, 1990. "A Multilateral Payments Union for Eastern Europe?," CEPR Discussion Papers 458, C.E.P.R. Discussion Papers.
    5. Peter B. Kenen, 1991. "Transitional Arrangements for Trade and Payments among the CMEA Countries," IMF Staff Papers, Palgrave Macmillan, vol. 38(2), pages 235-267, June.
    6. Schmieding, Holger, 1987. "How to fill a dollar gap? Observations on the liberalisation of West Germany's external trade and payments 1947-1958," Kiel Working Papers 291, Kiel Institute for the World Economy (IfW Kiel).
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