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MONOPOLY AND LIBERALIZATION OF FOREIGN EXCHANGE CONTROL

A. NAGY
Acta Oeconomica
Vol. 41, No. 3/4 (1989), pp. 377-401
Published by: Akadémiai Kiadó
Stable URL: http://www.jstor.org/stable/40729411
Page Count: 25
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MONOPOLY AND LIBERALIZATION OF FOREIGN EXCHANGE CONTROL
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Abstract

Foreign exchange control was never so strict and lasting as the form established in the socialist countries. It was not produced by shortage, but it is the central administrative management of the economy that produces the shortage of foreign exchange and the tendency of indebtedness. Decentralization and liberalization of economic decisions do not in themselves bring about a market and competition. The ideal state of affairs for firms is when they are free from central direction and from the menace of competition. This is why the liberalization of trade has to take place parallel with the establishment of a foreign exchange market, whose possibilities are discussed in this study.

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