Dynamic Capital Mobility in Pacific Basin Developing Countries: Estimation and Policy Implications
AbstractThe changing degree of capital mobility in several Pacific Basin countries that have pursued financial liberalization is estimated empirically. Tracing the impact of the liberalization process on the capital account, the paper also examines the implications for monetary policy operating in this changing economic environment. Empirical estimates support an overall finding of increased capital mobility in the region over the past decade. However, country experiences, with the exception of Singapore, have been more episodic than uniform, oscillating between periods of high and low financial openness.
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Bibliographic InfoArticle provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.
Volume (Year): 39 (1992)
Issue (Month): 3 (September)
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Find related papers by JEL classification:
- E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
- F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
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- Menzie Chinn & William Maloney, 1995.
"Financial and capital account liberalization in the Pacific Basin: Korea and Taiwan during the 1980's,"
- Menzie Chinn & William Maloney, 1998. "Financial and Capital Account Liberalization in the Pacific Basin: Korea and Taiwan During the 1980's," International Economic Journal, Korean International Economic Association, vol. 12(1), pages 53-74.
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- Chinn, Menzie-D & Dooley, Michael-P, 1997.
"Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration,"
Monetary and Economic Studies,
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- Menzie Chinn & Michael Dooley, 1995. "Asia-Pacific Capital Markets: Measurement of Integration and the Implications for Economic Activity," NBER Working Papers 5280, National Bureau of Economic Research, Inc.
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