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Title: |
Sri Lanka's 1977 Balance-of-Payments and
Financial Reforms: Plus Ca Change? |
| Author: |
Fry, Maxwell J. |
| Author
Affiliation: |
U Birmingham |
| Source: |
International Economic Journal, Spring 1990, v. 4, no. 1, pp. 71-90 |
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Publication Date: |
Spring 1990 |
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Abstract: |
A new Sri Lankan government came to power
in 1977 with a sweeping program of financial liberalization and
balance-of-payments reforms. This paper tests econometrically whether or
not there were significant regime changes in capital inflow and monetary
policy behavior. A logistic switching function indicates that structural
shifts did occur between 1977 and 1978. However, it is difficult to
detect any coherent changes in policy objectives or changes in behavior
that one might expect to have accompanied reforms of this kind.
Specifically, neither Sri Lanka's offset nor its sterilization
coefficient increased in the post-1977 period. |
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