Dynamic Capital Mobility in Pacific Basin Developing Countries
AbstractThis paper estimates empirically the changing degree of capital mobility in several Pacific Basin countries that have pursued financial liberalization in recent years. 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--oscillating between periods of high and low financial openness--rather than uniform in regards to changing capital mobility.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 91/115.
Date of creation: 01 Nov 1991
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