In this paper, we first formulate a number of working hypotheses about the likely contributions of exchange rate policy to economic development on the background of the famous trilemmaʺ which exchange rate policy has to face. Then, we broadly review experiences made by developing countries with...

In diesem Beitrag formulieren wir zunächst einige Hypothesen über die möglichen Beiträge der Währungspolitik zur gesamtwirtschaftlichen Entwicklung vor dem Hintergrund des berühmten Trilemmas, das prinzipiell für jede Währungsordnung gelöst werden muss. Anschließend lassen wir in einem...

These is an ongoing debate with regard to the Timing and Sequencing of Liberalization in LDC's. The Capital Account or Trade Account First'-Puzzle is tackled with different methodological tools of analysis, ranging from the Political Economy Approach put forward by D. Lai (1987) to the orthodox...