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Changes in Malaysia: Capital controls, prime ministers and political connections

  • Mitchell, Heather
  • Joseph, Saramma
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    During the 1997 Asian currency crisis and resulting imposition of capital controls in Malaysia, evidence from previous studies shows that firms with political connections suffered more during the crisis but benefited more when capital controls were introduced. In the period since then, the evidence shows financial firms with political connections have not performed as well as others since the measures set up to support them have been removed. The study period not only includes the relaxation of capital controls, but also the resignation of Tun Dr. Mahathir Mohammad as prime minister and the handover of control to Datuk Seri Abdullah Ahmad Badawi.

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    File URL: http://www.sciencedirect.com/science/article/B6VFF-507CRMD-1/2/400aa713e06dc5b8230d45d5e9843858
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    Article provided by Elsevier in its journal Pacific-Basin Finance Journal.

    Volume (Year): 18 (2010)
    Issue (Month): 5 (November)
    Pages: 460-476

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    Handle: RePEc:eee:pacfin:v:18:y:2010:i:5:p:460-476
    Contact details of provider: Web page: http://www.elsevier.com/locate/pacfin

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    1. MARA FACCIO & RONALD W. MASULIS & JOHN J. McCONNELL, 2006. "Political Connections and Corporate Bailouts," Journal of Finance, American Finance Association, vol. 61(6), pages 2597-2635, December.
    2. Randall Morck & David Stangeland & Bernard Yeung, 2000. "Inherited Wealth, Corporate Control, and Economic Growth The Canadian Disease?," NBER Chapters, in: Concentrated Corporate Ownership, pages 319-372 National Bureau of Economic Research, Inc.
    3. Raghuram G. Rajan & Luigi Zingales, 1998. "Which Capitalism? Lessons Form The East Asian Crisis," Journal of Applied Corporate Finance, Morgan Stanley, vol. 11(3), pages 40-48.
    4. Kaplan, Ethan & Rodrik, Dani, 2001. "Did the Malaysian Capital Controls Work?," Working Paper Series rwp01-008, Harvard University, John F. Kennedy School of Government.
    5. Choudhry, Taufiq, 2005. "Time-varying beta and the Asian financial crisis: Evidence from Malaysian and Taiwanese firms," Pacific-Basin Finance Journal, Elsevier, vol. 13(1), pages 93-118, January.
    6. Chong, Beng-Soon & Liu, Ming-Hua & Tan, Kok-Hui, 2006. "The wealth effect of forced bank mergers and cronyism," Journal of Banking & Finance, Elsevier, vol. 30(11), pages 3215-3233, November.
    7. Simon Johnson & Todd Mitton, 2001. "Cronyism and Capital Controls: Evidence from Malaysia," NBER Working Papers 8521, National Bureau of Economic Research, Inc.
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