Capital controls during financial crises: The case of Malaysia and Thailand

Carmen Reinhart and Hali Edison ()

MPRA Paper from University Library of Munich, Germany

Abstract: This study examines the impact capital controls had in Malaysia (1998-1999) and Thailand (1997). We aim to assess the extent to which the capital controls were effective in delivering the outcomes that motivated their imposition. We conclude that in Thailand the controls did not deliver much of what was intended--although, one does not observe the counterfactual. By contrast, in the case of Malaysia the controls did align closely with the priors of what controls are intended to achieve: greater interest rate and exchange rate stability and more policy autonomy.

Keywords: financial; crisis; capital; controls; outflows; capital; flight; volatility; Asia; contagion (search for similar items in EconPapers)
JEL-codes: E5 F30 (search for similar items in EconPapers)
Date: 2001
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Citations: View citations in EconPapers (20)

Published in Financial Crises in Emerging Markets Cambridge: Cambridge University Press (2001): pp. 427-456

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Related works:
Working Paper: Capital controls during financial crises: the case of Malaysia and Thailand (2000)
Journal Article: Capital controls during financial crises: the cases of Malaysia and Thailand (1999)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:13903

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