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Did the Malaysian Capital Controls Work?

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Author Info

  • Kaplan, Ethan

    (Harvard U)

  • Rodrik, Dani

Abstract

Malaysia recovered from the Asian financial crisis swiftly after the imposition of capital controls in September 1998. The fact that Korea and Thailand recovered in parallel has been interpreted as suggesting that capital controls did not play a significant role in facilitating Malaysia's rebound. However, the financial crisis was deepening in Malaysia in the summer of 1998, while it had significantly eased up in Korea and Thailand. We employ a time-shifted differences-in-differences technique to exploit the differences in the timing of the crises. Compared to IMF programs, we find that the Malaysian policies produced faster economic recovery, smaller declines in employment and real wages, and more rapid turnaround in the stock market.

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File URL: http://ksgnotes1.harvard.edu/Research/wpaper.nsf/rwp/RWP01-008/$File/rwp01_008_rodrik.pdf
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Bibliographic Info

Paper provided by Harvard University, John F. Kennedy School of Government in its series Working Paper Series with number rwp01-008.

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Date of creation: Feb 2001
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Handle: RePEc:ecl:harjfk:rwp01-008

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  1. Peter M. Garber, 1998. "Derivatives in International Capital Flows," NBER Working Papers 6623, National Bureau of Economic Research, Inc.
  2. Dani Rodrik & Andres Velasco, 1999. "Short-Term Capital Flows," NBER Working Papers 7364, National Bureau of Economic Research, Inc.
  3. Reinhart, Carmen & Edison, Hali, 2001. "Stopping hot money," MPRA Paper 13862, University Library of Munich, Germany.
  4. Steven Radelet & Jeffrey D. Sachs, 2000. "The Onset of the East Asian Financial Crisis," NBER Chapters, in: Currency Crises, pages 105-162 National Bureau of Economic Research, Inc.
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