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

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Author Info
Anita Doraisami (Department of Economics, Monash University, Australia)
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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Publisher 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
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:wly:jintdv:v:16:y:2004:i:2:p:241-254

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Kaplan, Ethan & Rodrik, Dani, 2001. "Did the Malaysian Capital Controls Work?," CEPR Discussion Papers 2754, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Sebastian Edwards, 1999. "How Effective are Capital Controls?," NBER Working Papers 7413, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Li Cui & Inci Ötker & Shogo Ishii, . "Measures to Limit the Offshore Use of Currencies: Pros and Cons," IMF Working Papers 01/43, International Monetary Fund. [Downloadable!]
  4. 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(1998-2), pages 1-136. [Downloadable!]
  5. Rudi Dornbusch, 2001. "Malaysia: Was it Different?," NBER Working Papers 8325, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Richard N. Cooper, 1999. "Should Capital Controls be Banished?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 30(1999-1), pages 89-142. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. 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, vol. 24(4), pages 359-377, June. [Downloadable!] (restricted)
  2. Paul Mosley & Jarita Duasa, 2005. "Capital controls re-examined: the case for ‘smart’ controls," Working Papers 2005009, The University of Sheffield, Department of Economics, revised Jun 2005. [Downloadable!]
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