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Measures to Limit the Offshore Use of Currencies: Pros and Cons

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Author Info
Li Cui
Inci Ötker
Shogo Ishii

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Abstract

Several Asian emerging market economies have recently adopted measures to limit the offshore trading of their currencies. This paper provides a general overview of such measures and evaluates the experiences of selected countries that resorted to such measures. It concludes that the measures could be effective if they were comprehensive and effectively enforced, and were accompanied by consistent macroeconomic policies and structural reforms. Such measures, however, could adversely affect investor confidence, financial market development, and nonspeculative economic and financial activities, and impose administrative burden on all parties involved.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 01/43.

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Length: 53 pages
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Handle: RePEc:imf:imfwpa:01/43

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Keywords: Offshore financial centers ; Currencies ; Exchange restrictions ; Capital controls ;

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This paper has been announced in the following NEP Reports: 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. Subir Lall, 1997. "Speculative Attacks, Forward Market Intervention and the Classic Bear Squeeze," IMF Working Papers 97/164, International Monetary Fund.
  2. Kenneth S. Chan & Kee Jin Ngiam, 1996. "Currency Speculation and the Optimum Control of Bank Lending in Singapore Dollar - a Case for Partial Liberalization," IMF Working Papers 96/95, International Monetary Fund.
  3. Tavlas, G.S., 1991. "On the International Use of Currencies: the Case of the Deutsche Mark," Princeton Studies in International Economics 181, International Economics Section, Departement of Economics Princeton University,.
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(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. Ramkishen S. Rajan, 2007. "Financial Crisis, Capital Outflows, and Policy Responses: Examples from East Asia," Journal of Economic Education, Helen Dwight Reid Foundation, vol. 38(1), pages 92-108. [Downloadable!]
  2. Anita Doraisami, 2004. "From crisis to recovery: the motivations for and effects of Malaysian capital controls," Journal of International Development, John Wiley & Sons, Ltd., vol. 16(2), pages 241-254. [Downloadable!]
  3. Sangita Misra, 2007. "Non Deliverable Foreign Exchange Forward Market: An Overview," Working Papers id:1259, esocialsciences.com. [Downloadable!]
  4. Stanley Fischer, 2003. "Financial crises and reform of the international financial system," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 139(1), pages 1-37, March. [Downloadable!] (restricted)
  5. Stanley Fischer, 2002. "Financial Crises and Reform of the International Financial System," NBER Working Papers 9297, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Natalia T. Tamirisa, 2004. "Do Macroeconomic Effects of Capital Controls Vary by Their Type? Evidence from Malaysia," IMF Working Papers 04/3, International Monetary Fund. [Downloadable!]
  7. K.S. Jomo & Ilene Grabel & Gerald Epstein, 2003. "Capital Management Techniques In Developing Countries: An Assessment of Experiences From the 1990s and Lessons for the Future," Working Papers wp56, Political Economy Research Institute, University of Massachusetts at Amherst. [Downloadable!]
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