Empirical Evidence on Capital Mobility in Four ASEAN Countries
This paper examines the degree of capital mobility in four ASEAN countries, namely, Malaysia, Singapore, Thailand and the Philippines. The model of Shibata and Shintani (1998) and the extension model by Cooray (2005) are used to examine the degree of international capital mobility in these countries. The results show that capital seems to be mobile in Malaysia and Thailand, but not in the Philippines and Singapore. Nevertheless, the results suggest that the interest rate differential is not related to changes in consumption in all the four countries. This paper also highlights the importance of incorporating strong instrumental variables in any GMM estimation.
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Volume (Year): VIII (2010)
Issue (Month): 3 (September)
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