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Preface -- 1. Introduction: the order of economic liberalization -- 2. Financial repression and the productivity of capital: empirical findings on interest rates and exchange rates -- 3. High real interest rates: Japan and Taiwan versus Chile -- 4. Instruments of financial repression -- 5. Inflation tax, monetary control, and reserve requirements on commercial banks -- 6. Macroeconomic control during disinflation: Chile versus South Korea -- 7. Macroeconomic instability and moral hazard in banking -- 8. Protectionism in foreign trade: quotas versus tariffs -- 9. Exchange-rate policy in repressed and open economies -- 10. The international capital market and economic liberalization: the overborrowing syndrome -- 11. Stabilizing the ruble: financial control during the transition from a centrally planned to a market economy -- 12. Foreign trade, protection, and negative value-added in a liberalizing socialist economy -- References -- Index.