Adjustments of Capital Account Restrictions and Exchange Rate Regimes in East Asia
Naoyuki Yoshino (),
Sahoko Kaji and
Tamon Asonuma ()
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Sahoko Kaji: Department of Economics, Keio University, 2-15-45 Mita, Minato-ku, Tokyo 108-8345, Japan
Journal of International Commerce, Economics and Policy (JICEP), 2015, vol. 06, issue 03, 1-32
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 and rapid adjustments. We analyze the costs and benefits for both adjustment options in each area, i.e., capital account restrictions and exchange rate regimes. 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.
Keywords: Adjustments of capital account; capital controls; exchange rate adjustments; exchange rate regimes; transition policy; East Asia; F33; F41; F42 (search for similar items in EconPapers)
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Working Paper: Adjustments of Capital Account Restrictions and Exchange Rate Regimes in East Asia (2015)
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