... OccassionalPaper, No.22, 1983McKinnon, R. The Order of Economic Liberalization: Financial Control in the Transition to aMarket Economy, 2nd edition, The Johns Hopkins Studies in EconomicDevelopment, ... tradeliberalization requires depreciation, while sudden capital inflows that tend to go along withliberalization cause appreciation pressures. The latter may derail the trade liberalizationprocess. Second, ... structural reforms.This has resulted, in an open economy context, in interesting macroeconomic relations. On the one hand, the government continued to dominate the domestic markets because of...