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The authors recommend that capital controls on longterm inward flows and trade-related flows be liberalized immediately, because liberalization of these flows can be helpful even in the earliest stages of development. They recommend the removal of controls on both long- and short-term outflows only after sound government finances have been established, bad-loan problems have been resolved, and controls on domestic interest rates have been eliminated so that the differential between domestic and world interest rates is brought down to a low level.

9% of GDP, over 1989-92. One large building society also failed. Somewhat improved. Monetary policy now conducted through indirect instruments. Reduced-form relationships among interest rates, employ- TABLE 7 continued Reallocation of Credit Flows From To Efficiency of Investment Allocation Financial Deepening Australia contd. times faster on average in the eight years followng deregulation than in the previous eight years. New Zealand M2 /GDP increased from 25% in 1984 to 77% in 1995. Econometric evidence suggested financial liberalization was positively related to growth in ratios of M3 to GDP and household credit to f GDP.

Foreign joint ventures permitted after 1983. The establishment of privatesector banks made legal in 1983. Entry barriers further reduced in 1992. Government influenced staffing, branching, and other bank managerial decisions. Nepal Bank Limited granted more autonomy through majority private ownership. Two large public-sector banks hold over half of total bank deposits. Government share of Nepal Bank Limited reduced to 41%. Dual exchange-rate system introduced in 1992. Current account became fully convertible in 1994.

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