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Capital Control And The Malaysian Economy

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Crisis And Recovery In Malaysia

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Author : Prema-chandra Athukoralge
language : en
Publisher: Edward Elgar Publishing
Release Date : 2001-01-01

Crisis And Recovery In Malaysia written by Prema-chandra Athukoralge and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-01-01 with Business & Economics categories.

'Professor Athukorala tells a fascinating story of one of the most successful economies in the world economy in the last decades, from the inception of its liberalisation policy to its radical decision to pursue an independent recovery path after the 1997 Asian financial crisis. This is case-study economics at its best. The book is superbly organised, meticulously researched and clearly written; a treat for professional economists and policymakers alike.' - Tony Thirlwall, University of Kent, UK 'Malaysia is one of the great success stories of the last quarter of the twentieth century. From 1988 it had one of the highest growth rates in the world, and it managed to maintain ethnic peace in an undoubtedly difficult environment. Recently it has provided a major laboratory experiment of the use of capital controls at a time of crisis when a country is highly integrated in the world capital market. This excellent book presents the first careful analysis of the nature and effects of these controls, as well as providing a thorough background of how the Asian crisis played out in Malaysia.' - W.Max Corden, The Johns Hopkins University, US In the light of the Malaysian experience during the Asian financial crisis, this book examines the role of international capital mobility in making countries susceptible to financial crises and the use of capital controls as a crisis management tool. Malaysia provides an interesting case study of this subject given its significant capital market liberalisation prior to the onset of the crisis, and its fundamental shift in crisis management policy in September 1998. The prime focus of the book is on Malaysia's radical policy decision to pursue an independent recovery path, cut off from world markets by a system of capital control, as a viable alternative to the conventional market centred approach. The analysis suggests that, against the initial dire predictions of many economists, the capital controls have actually played a crucial supportive role in crisis management. Whether the controls have played a special role in delivering a superior recovery outcome in Malaysia compared to IMF-program countries remains a point of contention. However, there is strong evidence to suggest that this pragmatic policy choice was instrumental in achieving recovery, while minimising potential economic disruption and related social costs.

Capital Control And The Malaysian Economy

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Author : Ban Tin Lau
language : en
Publisher:
Release Date : 2005

Capital Control And The Malaysian Economy written by Ban Tin Lau and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.

Malaysian Capital Controls

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Author : Ron Hood
language : en
Publisher: World Bank Publications
Release Date : 2001

Malaysian Capital Controls written by Ron Hood and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Capital movements categories.

Late in the Asian crisis, Malaysian authorities implemented controls on international capital flows, providing insurance against the consequences of possible further disturbances and creating a breathing space for essential reforms. Both the benefits from and the costs of the controls have been modest.

Malaysian Capital Controls

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Author : Ron Hood
language : en
Publisher:
Release Date : 1999

Malaysian Capital Controls written by Ron Hood and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Electronic book categories.

January 2001 Late in the Asian crisis, Malaysian authorities implemented controls on international capital flows, providing insurance against the consequences of possible further disturbances and creating a breathing space for essential reforms. Both the benefits from and the costs of the controls have been modest. Malaysian authorities implemented controls on international capital flows late in the Asian crisis, when most of the portfolio outflows had already occurred. The exchange rate had depreciated sharply and was fixed at an undervalued level, making further capital flight unlikely. The turnaround in the stock market, the return of positive GDP growth, the building of reserves, and the relaxation of interest rates all coincided with the imposition of controls. But the same changes took place in other crisis countries that did not follow the same control policies. However, the controls provided insurance against the consequences of possible further disturbances. They created a breathing space for making needed reforms, and the authorities made good use of this time, stabilizing the financial system and pushing ahead with regulatory and supervisory reform for the financial sector and capital markets--a prerequisite for fully liberalizing the capital account. Malaysia incurred a cost: an additional 300 basis point spread paid on floating rate debt for a period after the controls were instituted. But the exit strategy has so far not resulted in lasting flight of portfolio capital. Foreign direct investment remains below precrisis levels, but it is not possible at this stage to attribute this to the effect of controls. On balance, it appears that both the benefits from and the costs of the controls have been modest. This paper--a product of the Poverty Reduction and Economic Management Sector Unit, East Asia and Pacific Region--is part of a larger effort in the region to help reestablish growth in the postcrisis period. The author may be contacted at [email protected].

Malaysian Capital Controls

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Author : Ronald D. Hood
language : en
Publisher:
Release Date : 2013

Malaysian Capital Controls written by Ronald D. Hood and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.

Malaysian authorities implemented controls on international capital flows late in the Asian crisis, when most of the portfolio outflows had already occurred. The exchange rate had depreciated sharply and was fixed at an undervalued level, making further capital flight unlikely. The turnaround in the stock market, the return of positive GDP growth, the building of reserves, and the relaxation of interest rates all coincided with the imposition of controls. But the same changes took place in other crisis countries that did not follow the same control policies. However, the controls provided insurance against the consequences of possible further disturbances. They created a breathing space for making needed reforms, and the authorities made good use of this time, stabilizing the financial system and pushing ahead with regulatory and supervisory reform for the financial sector and capital markets - a prerequisite for fully liberalizing the capital account. Malaysia incurred a cost: an additional 300 basis point spread paid on floating rate debt for a period after the controls were instituted. But the exit strategy has so far not resulted in lasting flight of portfolio capital. Foreign direct investment remains below precrisis levels, but it is not possible at this stage to attribute this to the effect of controls. On balance, it appears that both the benefits from and the costs of the controls have been modest.

Malaysian Capital Controls Macroeconomics And Institutions

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Author : Simon Johnson
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2006-02-01

Malaysian Capital Controls Macroeconomics And Institutions written by Simon Johnson and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-02-01 with categories.

We analyze the capital controls imposed in Malaysia in September 1998. In macroeconomic terms, these controls neither yielded major benefits nor were costly. At the same time, the stock market interpreted the capital controls (and associated events) as favoring firms with stronger political connections, and some connected firms reportedly received advantages immediately following the crisis. Analysis of financial accounts indicates that connected firms outperformed unconnected firms before the 1997-98 crisis but not afterward. After the crisis, connected firms were either not supported as much as the market had expected or the benefits they received were not manifest in their published accounts.

Malaysian Bail Outs

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Author : Sook Ching Wong
language : en
Publisher: NUS Press
Release Date : 2005

Malaysian Bail Outs written by Sook Ching Wong and has been published by NUS Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.

As Malaysia's government responded to the 1997-98 financial crisis, the global financial community criticised its measures as bail outs for politically-influential corporate interests. This book examines the Asian crisis and government policy responses, with emphasis on capital controls as well as corporate, bank and debt restructuring exercises.