Table 4. Iteprese.itative Trrade **Reforinis** in Developing Countries silice **the** Mid 1980s

|Region/Coun|Year Yearof<br>try Began Major<br>Refomr|Avei age Taiff R<br>Pre refonm|ates (%A.I<br> <br>Post-nfunn|Oaantitative Rc<br>Pre-refoin|tictipirs<br>Post-reformt|Black Market P<br>Pre-refonn' Po|cniiuiiti<br> <br>st-refonn|Real Fffective Ex<br>I**st**year of<br>major reform|chanee Rate'<br> <br>_IJp_to 1992|TrendinImVsrV<br>Pee-reform|GDPrato<br> <br>Post-reform|Trndin<br>Ex1f,r<br>Pie-refomi|us/GDPrakio'<br>Pos-trefonn|TrcndiaTiadc/Q<br>Pre-refofm|DPratio'<br>Post-reform|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|South Asia||||||||||||||||
|Bangladesh|<br>1985 1991|94.0(E89)|50.0(S93)|39.5 (89)|10.0('93)|113.0|112.8|-5.3|-5.3|5.1|2.3|3.3|12.2|<br>4.6|5.7|
|India|1988 1991|128.0('90)|71.0(93)|93.0('90)|<50.0('93)|<br>12.4|23.8|-7.7|-7.7|<br>0.5|6.7|-1.1|<br>6.9|-0.1|<br>6.8|
|Pakistan|1987 1987|68.9(S87)|64.8(90)|63.0('80)|32.7('86)|<br>19.6|7.7|-2.3|-11.7|-3.7|-0.7|<br>-1.0|4.7|-2.8|<br>1.6|
|Si Ilanka|1987 1987|31.0(85)|25.0(S92)|<br>a few ('85)|0. ()92)|<br>15.2|18.9|<br>-2.0|-().5|<br>-1.9|1.5<br>10|<br>9|2.9|-1.5|<br>2.1|
|East Asia||||||||||||||||
|China|1984 1984|<br>38.1(86)|43.0(92)||70.0('92)|<br>20.0|88.0|-11.3|<br>-43.9|<br>1.3|-2.4|<br>1.0|<br>1.7|<br>1.2|-0.7|
|Indonesia|1985 1986|27.0(85)|22.0(90)|32.0('85)|100(90)|7.6|8.9|-18.4|-23.2|-3.3|1.3|<br>-5.6|4.2|-4.6|<br>2.9|
|Korea|1984 1987|24.0('84)|10.1(92)|<br>23.0('84)|<5.0('92)|4.1|3.0|<br>8.8|13.1|<br>-3.9|<br>3.7|<br>-2.1|2.1|-3.0|<br>2.9|
|Malaysia|1986 1991||14.0(S93)|<br><5.0('85)|<5.0('92)|<br>0.9|0.0|<br>4.6|4.6|-2.2|11.5|<br>2.3|7.3|0.2|9.1|
|Philippines|<br>1985 1986|27.6(85)|24.3(92)|100.0('83)|<5.0('92)|11.0|4.6|-6.1|1.8|-2.9|12.1|<br>1.0|<br>6.8|-1.2|<br>9.7|
|<br>Thadand|<br>1982 1989|13.0('86)|11.4('90)|<5.0('85)|<5.0('88)|-0.9|1.2|<br>0.6|-0.5|-2.3|8.6|2.8|7.2|-0.1|<br>7.9|
|Latin America|||||||||<br>|||<br>|||<br>|
|Argentina|1987 1989|29.4(88)|12.2(92)|88.0('88)|afew('92)|39.7|21.2|16.3|<br>43.7|-1.7|25.1|<br>0.0|0.5|-0.6|<br>10.0|
|<br>Brazld|19861987/8|510(87)|21.0(92)|39.0('87)|mninisal('92|)<br>43.8|51.7|5.4|9.5|-6.4|9.3|3.8|3.9|-1.5|<br>6.1|
|Chile|1985 1985|<br>35.0('84)|11.0(91)|minimal('84)|0.0(91)|16.3|16.1|<br>-11.0|<br>-14.5|<br>-0.2|3.2|0.6|-0.8|<br>03|1.2|
|Colombia|1985 1985|<br>61.0('84)|<br>12.0(92)|<br>99.0('84)|10('92)|8.6|12.9|<br>-23.9|-36.1|0.3|9.8|2.2|8.7|1.1|92|
|Mexico|1985 1985|29.0('85)|10.0('87)|92.2('85)|19.9('90)|<br>14.5|10.3|<br>-26.2|3.7|6.1|13.0|<br>11.4|4.9|8.6|8.8|
|Penu|1989 1989|57.0(88)|17.0(92)|100.0('88)|OD('92)|<br>82.4|11.5|<br>54.1|1('6.7|<br>-6.9|11.1|<br>-8.4|4.7|-7.6|7.6|
|VenezueLa|<br>1989 1989|37.0(89)|19.0(S91'|<br>40.0('89)|10.0(SI)|103.0|5.2|<br>-5.2|0.2|0.8|2.2|-3.5|6.2|-1.5|<br>4.7|
|Stib-Saharan Af|rica|||||||||||||||
|Ghana|1986 1986|30.0(83)|17.0(91)|au(?)|2.0(7)|<br>984.6|16.5|<br>-7.0|-11.1|-4.5|5.9|-3.7|-0.3|<br>-4.1|2.9|
|Kenya|1988 1988|40.0('87)|34.0(9I)|71.0('87)|0.2 (91)|16.3|8.8|<br>-1.3|-5.4|-1.4|-6.0|<br>-2.0|-0.6|<br>-1.6|-3.9|
|<br>Madagascar|1987 1987|46.0('88)|36.0(90)|al('86)|OD('90)|<br>37.4|13.0|<br>-7.7|-11.2|-5.9|-2.2|<br>2.7|3.1|-1.7|<br>0.1|
|Malawi|1988 1988|25.5(86)||a_('86)<br>|few('91)|<br>50.7|12.1|<br>52|4.5|3.7|-1.7|<br>-1.7|-2.7|<br>0.6|-2.3|
|Nigeria|1986 1986|35.0(84)|32.7(90)|aU('<sup>8 4</sup>)|17.0('88)|<br>209.7|27.4|-62.3|-71.2|-19.5|<br>2.9|-9.2|1.2|<br>-13.7|1.8<br>|
||14|6|33092|lll?|1000'92|<br>2418|1187|<br>288|1452|33|22|<br>62|13|<br>-43|-19|
|Tanzania|1984 98|30.0(8)|.()|nearya()|.()|<br>.|.|<br>.|-.|-.|-.|<br>-.|-.|<br>.|.|
|Zaire|1983 1986|<br>23.8(84)|<br>24.7(90)|<br>103.0('84)|100.0('90)|<br>71.1|9.4|-5.6|-13.1|-5.0|-2.4|<br>-2.2|-0.2|<br>-3.5|-1.2|

a. The exchange rate premium is calculated as ((black market rate - official rate) / official rate) ' 100.

b. Before and after the year of major reform.

- c. Rate of change. A negative sigin indicaes depreciation.

d. Post-reform: average rate of chiange froims year of rel'ormt to 1994 (1993 for Sub-Saluarwut Africa).

Pre-reform : average rate of change for the equivalent timespan before reforilt.

Source: J.M. Dean, Seeina Desai, anid Jaittes Riedel, "Tradc Policy Reforn in Dcvelopinsg Couittries since 1985: A Review of the Evidece," various tables. Intemalional Monelary Fund, _Issues and Developnents in Internationmnl Trade Po(icv,_ 1992. Tables II and 12. Author's own conmpilation from the World Bank DEC Analytical Database.

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