Liberalization of the Foreign Exchange Market

Frank Child
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Frank Child: Pakistan Institute of Development Economics.

The Pakistan Development Review, 1968, vol. 8, issue 2, 167-191

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.

Date: 1968
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