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L. Mello (1996)
Foreign Direct Investment-Led Growth: Evidence from Time Series and Panel DataStudies in Economics
Kenneth Rogoff (2002)
Straight Talk -- Rethinking capital controls: When should we keep an open mind?
E. Kaplan, D. Rodrik (2001)
Did the Malaysian Capital Controls Work?CEPR Discussion Paper Series
(1998)
How Does Foreign Direct Investment Affect Economic Growth
Joshua Greene (2002)
The Output Decline in Asian Crisis Countries: Investment AspectsEconometrics eJournal
A. Ariyoshi, A. Kirilenko, Inci Ötker, Bernard Laurens, J. Kriljenko, K. Habermeier (2000)
Capital Controls: Country Experiences with Their Use and Liberalization
E. Prasad, Kenneth Rogoff, S. Wei, Ayhan Kose, Eduardo Borensztein, Robin Brooks, Gastón Gelos, Paolo Mauro, Tamim Bayoumi, Andrew Berg, Peter Clark, Hali Edison, A. Husain, O. Jeanne, Manmohan Kumar, A. Mody, J. Morsink, Carmen Reinhart, David Robinson, R. Sahay, Miguel Savastano (2003)
Effects of Financial Globalization on Developing Countries: Some Empirical Evidence
The 1997‐1998 Asian financial crises underscored the dangers of open capital accounts in developing nations that have weak macroeconomic policies or poorly regulated financial systems. Most developing Asian countries responded to the crisis by adopting the orthodox remedies prescribed by the International Monetary Fund. These included liberalised capital accounts, floating exchange rates and tighter fiscal and monetary policies designed to restore investor confidence. Malaysia departed from this orthodoxy. In September 1998 it imposed controls on capital account transactions, pegged its currency to the US dollar, cut interest rates and reflated its economy. The literature suggests that even temporary capital account controls entail serious economic risks for developing countries. However, the undue hardships imposed by the IMF regimen suggest that it is time to re‐evaluate the role of currency controls in mitigating the destabilising effects of unfettered capital flows in developing countries that have poorly regulated financial systems. This article analyses the effectiveness of Malaysia’s 1998 capital controls by evaluating Malaysia’s post‐1998 economic progress. Its goal is to inform the debate concerning the benefit‐risk tradeoffs of currency controls in developing countries.
Cross Cultural Management – Emerald Publishing
Published: Dec 1, 2004
Keywords: Capital account controls; Malaysia
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