Effectiveness of Capital Controls: Evidence from Thailand
This paper examines the effectiveness of capital account policies in Thailand during the period 1993–2010. Our results show that policies toward capital account liberalization tend to be more effective than those toward capital account restriction in changing the volume of capital flows. The composition of capital flows also matters for the effectiveness of policy measures. When capital restrictions were introduced in the late 2000s, our results show that there was a switching effect from more capital restricted asset classes toward less restricted ones. This study also finds that the central bank did not gain more monetary autonomy from introducing capital inflow restrictions. However, such restrictions, both inflows and outflows liability side), could help limit the fluctuations in the nominal exchange rate, especially relative to the US dollar in 2000–2010.
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Volume (Year): 29 (2012)
Issue (Month): 2 ()
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- Maria Socorro Gochoco-Bautista & Juthathip Jongwanich & Jong-Wha Lee, 2012.
"How Effective Are Capital Controls in Asia?,"
Asian Economic Papers,
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- Nicolas E. Magud & Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "Capital Controls: Myth and Reality - A Portfolio Balance Approach," NBER Working Papers 16805, National Bureau of Economic Research, Inc.
- Magud, Nicolas & Reinhart, Carmen & Rogoff, Kenneth, 2011. "Capital Controls: A Meta-analysis Approach," MPRA Paper 30274, University Library of Munich, Germany.
- Nicolas E. Magud & Carmen M. Reinhart & Kenneth S. Rogoff, 2007. "Capital controls: myth and reality, a portfolio balance approach to capital controls," Working Paper Series 2007-31, Federal Reserve Bank of San Francisco.
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- Mody, Ashoka & Murshid, Antu Panini, 2005. "Growing up with capital flows," Journal of International Economics, Elsevier, vol. 65(1), pages 249-266, January.
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- Christopher J. Neely, 1999. "An introduction to capital controls," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 13-30. Full references (including those not matched with items on IDEAS)
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