How Effective are Capital Controls in Asia?

Maria Socorro Gochoco-Bautista, Juthathip Jongwanich and Jong-Wha Lee

No 224, ADB Economics Working Paper Series from Asian Development Bank

Abstract: This study examines the effects of capital account restrictions on capital flows in nine Asian economies over the period 1995–2005 using panel regressions with fixed effects. The results show that capital controls significantly affect capital flows when such flows are disaggregated by asset type and direction of flow. Tests for the presence of possible asymmetric effects, substitution effects, and endogeneity of capital controls are conducted.

Keywords: capital flows; capital controls; financial integration (search for similar items in EconPapers)
JEL-codes: F21 F32 F36 F41 G15 O53 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2011-08-17
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Journal Article: How Effective Are Capital Controls in Asia? (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:ris:adbewp:0224

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