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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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
8142.
Length: Date of creation: Feb 2001 Date of revision: Handle: RePEc:nbr:nberwo:8142
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Ethan Kaplan & Dani Rodrik, 2002.
"Did the Malaysian Capital Controls Work?,"
NBER Chapters,
in: Preventing Currency Crises in Emerging Markets, pages 393-440
National Bureau of Economic Research, Inc.
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Find related papers by JEL classification: F30 - International Economics - - International Finance - - - General O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
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