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Adjustments of Capital Account Restrictions and Exchange Rate Regimes in East Asia

Author

Listed:
  • Naoyuki Yoshino

    (Asian Development Bank Institute)

  • Sahoko Kaji

    (Asian Development Bank Institute)

  • Tamon Asonuma

    (Asian Development Bank Institute)

Abstract

This paper discusses adjustments of capital account restrictions and exchange rate regimes in East Asia. Monetary authorities have two options for these adjustments: gradual adjustments or rapid adjustments. We analyze the costs and benefits for both adjustment options in each area, i.e., capital account restrictions and exchange rate regime. The paper provides prominent country cases for each adjustment option to emphasize the benefits for policymakers. We then propose four transition policy options for East Asian countries aiming to relax capital account restrictions and increase flexibility in exchange rates from fixed regimes with capital account controls.

Suggested Citation

  • Naoyuki Yoshino & Sahoko Kaji & Tamon Asonuma, 2015. "Adjustments of Capital Account Restrictions and Exchange Rate Regimes in East Asia," ADBI Working Papers 518, Asian Development Bank Institute.
    • Handle: RePEc:ris:adbiwp:0518
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    Cited by:

    1. Naoyuki Yoshino & Sahoko Kaji & Tamon Asonuma, 2015. "Dynamic Analysis of the Exchange Rate Regime: Policy Implications for Emerging Countries in East Asia," Review of Development Economics, Wiley Blackwell, vol. 19(3), pages 624-637, August.
    2. Naoyuki Yoshino & Sahoko Kaji & Tamon Asonuma, 2016. "Dynamic Effects of Changes in the Exchange Rate System," Asian Development Review, MIT Press, vol. 33(1), pages 111-161, March.

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    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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