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Capital Inflows and Policy Responses in the AsEAN Region

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  • Linda M. Koenig
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    Abstract

    This paper reviews the experience of four ASEAN countries in dealing with an unprecedently strong influx of foreign capital in the late 1980s and early 1990s. While there was some increase in inflation associated with the inflows, it was relatively minor, and real exchange rates did not appreciate. Countries responded in the first instance by using open market operations for sterilized intervention. Subsequently, the fiscal stance was tightened. There was reluctance to allow nominal currency appreciation and, with one exception, controls on capital inflows were avoided.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 96/25.

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    Length: 50
    Date of creation: 01 Apr 1996
    Date of revision:
    Handle: RePEc:imf:imfwpa:96/25

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    Cited by:
    1. Steven B. Kamin & Paul R. Wood, 1997. "Capital inflows, financial intermediation, and aggregate demand," International Finance Discussion Papers 583, Board of Governors of the Federal Reserve System (U.S.).
    2. Renu Kohli, 2004. "Capital Flows and Domestic Financial Sector in India," International Finance 0405012, EconWPA.
    3. Juan Antonio Montecino & Jose Antonio Cordero, 2010. "Capital Controls and Monetary Policy in Developing Countries," CEPR Reports and Issue Briefs 2010-10, Center for Economic and Policy Research (CEPR).
    4. Ramkishen Rajan, 2010. "The Currency and Financial Crisis in Southeast Asia: A Case of 'Sudden Death' or Death Foretold'?," Working Papers id:2583, eSocialSciences.
    5. Renu Kohli, 2001. "Capital Flows and their Macroeconomic Effects in India," IMF Working Papers 01/192, International Monetary Fund.
    6. Ramkishen S. Rejan, 1998. "The Currency And Financial Crisis In Southeast Asia - A Case Of `Sudden Deathã¢Â‚¬Â„¢ Or `Death Foretoldã¢Â‚¬Â„¢," Macroeconomics Working Papers 22381, East Asian Bureau of Economic Research.
    7. Milesi-Ferreti, G-M & Razin, A, 1997. "Current Account Deficits and Capital Flows in East Asia and Latin America : Are the Nineties Different from the Early Eighties?," Papers 11-97, Tel Aviv.
    8. Renu Kohli, 2004. "Capital Account Liberalisation: Empirical Evidence and Policy Capital Account Liberalisation: Empirical Evidence and Policy Issues - I," International Finance 0405008, EconWPA.
    9. Maehara, Yasuhiro, 1998. "Financial stability in Southeast Asia," Journal of Asian Economics, Elsevier, vol. 9(2), pages 227-235.

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