| Description |
1 online resource (23 pages) : illustrations |
| Series |
IMF working paper, 2227-8885 ; WP/04/3 |
|
IMF working paper ; WP/04/3.
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| Contents |
I. INTRODUCTION; II. REVIEW OF LITERATURE; III. AN ALTERNATIVE MODEL OF SOVEREIGN DEBT CRISIS; IV. DEFAULTS VERSUS MARKET-BASED DEFINITION OF DEBT CRISES (PESSY); V. CONCLUSION; APPENDIX I. EXTREME- VALUE- THEORY APPROACH; APPENDIX II. KERNEL DENSITY ESTIMATION APPROACH; APPENDIX III. THE METROPOLIS-HASTING ALGORITHM |
| Summary |
This paper examines how the macroeconomic effects of capital controls vary depending on which type of international financial transaction they cover. Drawing on Malaysia's experiences in regulating the capital account during the 1990s, it finds, in an error-correction model, that capital controls generally have statistically insignificant effects on the exchange rate. Controls on portfolio outflows and on bank and foreign exchange operations facilitate reductions in the domestic interest rate, while controls on portfolio inflows have the opposite effect, in line with the theoretical priors. Controls on international transactions in the domestic currency and stock market operations have statistically insignificant effects on the interest rate differential |
| Bibliography |
Includes bibliographical references (pages 22-23) |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
|
English |
|
Print version record |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
| Subject |
Capital movements -- Malaysia
|
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Financial crises -- Asia
|
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Macroeconomics.
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Capital movements
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Economic history
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Economic policy
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Financial crises
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Macroeconomics
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| SUBJECT |
Malaysia -- Economic conditions
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Malaysia -- Economic policy
|
| Subject |
Asia
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Malaysia
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| Form |
Electronic book
|
| Author |
International Monetary Fund. Policy Development and Review Department.
|
| ISBN |
1281155640 |
|
9781281155641 |
|
9781451890310 |
|
1451890311 |
|
1462380387 |
|
9781462380381 |
|
1452757372 |
|
9781452757377 |
|
9786613777003 |
|
6613777005 |
|
