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- W20243312 abstract "Abstract: This paper reconsiders the role and effectiveness of capital controls for emerging market economies. While it is best to minimize the risk and severity of crises by reforming the international and regional financial architecture and by strengthening domestic policy and institutional frameworks, controls on short-term capital flows can have a role to play in managing the transition process of financial integration. Empirical evidence, however, generally challenges belief in the effectiveness of capital controls, particularly when they are introduced on outflows at a time of crisis. In this regard, Malaysia’s recent experience with outflow controls is noteworthy, as the controls appear to have achieved the objective of securing monetary independence under a fixed exchange rate, allowing interest rates to decline substantially during a period of output contraction. We argue that this generally salutary effect of the Malaysian control measures was mainly due to the fact that the controls were explicitly introduced as time-bound measures, supported by a sound macroeconomic policy framework, bank and corporate restructuring, a currency widely perceived to be undervalued, and credible supervision and implementation. This experience suggests that use of capital outflow controls has a place in the arsenal of policy instruments, to be used within the context of a policy framework and circumstances specific to the country concerned." @default.
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- W20243312 date "2003-01-01" @default.
- W20243312 modified "2023-09-27" @default.
- W20243312 title "RETHINKING CAPITAL CONTROLS: THE MALAYSIAN EXPERIENCE" @default.
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