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From crisis to recovery: the motivations for and effects of Malaysian capital controls

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  • Anita Doraisami

    (Department of Economics, Monash University, Australia)

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    Abstract

    The East Asian currency crisis culminated in IMF packages for all severely affected Asian crisis economies except Malaysia. Malaysia received much attention when it introduced capital controls as part of its crisis management strategy. This paper examines the effectiveness of capital controls against its objectives of regaining monetary control without precipitating capital flight. The empirical evidence supports the view that interest rates were significantly lower after capital controls were imposed and further that capital controls were not significantly undermined by capital flight. Copyright © 2004 John Wiley & Sons, Ltd.

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    File URL: http://hdl.handle.net/10.1002/jid.1073
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    Bibliographic Info

    Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

    Volume (Year): 16 (2004)
    Issue (Month): 2 ()
    Pages: 241-254

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    Handle: RePEc:wly:jintdv:v:16:y:2004:i:2:p:241-254

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    Web page: http://www3.interscience.wiley.com/journal/5102/home

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    1. Kaplan, Ethan & Rodrik, Dani, 2001. "Did the Malaysian Capital Controls Work?," Working Paper Series, Harvard University, John F. Kennedy School of Government rwp01-008, Harvard University, John F. Kennedy School of Government.
    2. Sebastian Edwards, 1999. "How Effective Are Capital Controls?," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 13(4), pages 65-84, Fall.
    3. Ilan Goldfajn & Poonam Gupta, 1999. "Does monetary policy stabilize the exchange rate following a currency crisis?," Textos para discussão, Department of Economics PUC-Rio (Brazil) 396, Department of Economics PUC-Rio (Brazil).
    4. Yougesh Khatri & Il Houng Lee & O. Liu & Kanitta Meesook & Natalia T. Tamirisa, 2001. "Malaysia," IMF Occasional Papers 207, International Monetary Fund.
    5. Reinhart, Carmen & Edison, Hali, 2001. "Capital controls during financial crises: The case of Malaysia and Thailand," MPRA Paper 13903, University Library of Munich, Germany.
    6. Jason Furman & Joseph E. Stiglitz, 1998. "Economic Crises: Evidence and Insights from East Asia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(2), pages 1-136.
    7. Rudi Dornbusch, 2001. "Malaysia: Was it Different?," NBER Working Papers 8325, National Bureau of Economic Research, Inc.
    8. Richard N. Cooper, 1999. "Should Capital Controls be Banished?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 30(1), pages 89-142.
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    Cited by:
    1. Paul Mosley & Jarita Duasa, 2005. "Capital controls re-examined: the case for ‘smart’ controls," Working Papers, The University of Sheffield, Department of Economics 2005009, The University of Sheffield, Department of Economics, revised Jun 2005.
    2. repec:ebl:ecbull:v:5:y:2007:i:5:p:1-14 is not listed on IDEAS
    3. Kim-Leng Goh & Yoke-Chen Wong & Kim-Lian Kok, 2005. "Financial Crisis and Intertemporal Linkages Across the ASEAN-5 Stock Markets," Review of Quantitative Finance and Accounting, Springer, Springer, vol. 24(4), pages 359-377, June.
    4. Kim-Leng Goh & Sook-Lu Yong, 2007. "Bank lending and monetary policy: the effects of structural shift in interest rates," Economics Bulletin, AccessEcon, vol. 5(5), pages 1-14.
    5. Moritz Cruz & Bernard Walters, 2008. "Is the accumulation of international reserves good for development?," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 32(5), pages 665-681, September.

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