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Capital controls during financial crises: the cases of Malaysia and Thailand

Author

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  • Hali J. Edison
  • Carmen M. Reinhart

Abstract

This study examines the impact capital controls had in Malaysia (1998-1999) and Thailand (1997). We aim to assess the extent to which the capital controls were effective in delivering the outcomes that motivated their imposition. We conclude that in Thailand the controls did not deliver much of what was intended--although, one does not observe the counterfactual. By contrast, in the case of Malaysia the controls did align closely with the priors of what controls are intended to achieve: greater interest rate and exchange rate stability and more policy autonomy.
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Suggested Citation

  • Hali J. Edison & Carmen M. Reinhart, 1999. "Capital controls during financial crises: the cases of Malaysia and Thailand," Proceedings, Federal Reserve Bank of San Francisco, issue sep.
    • Handle: RePEc:fip:fedfpr:y:1999:i:sep:x:12
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    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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