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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: Asian Development Bank Institute

No 518, ADBI Working Papers from 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.

Keywords: exchange rate transition; east asia; capital account controls; exchange rate transition policies (search for similar items in EconPapers)
JEL-codes: F33 F41 F42 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2015-04-03
New Economics Papers: this item is included in nep-acc, nep-cba, nep-mon, nep-opm and nep-sea
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Journal Article: Adjustments of Capital Account Restrictions and Exchange Rate Regimes in East Asia (2015) Downloads
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