Malaysian Capital Controls Macroeconomics And Institutions
DOWNLOAD
Download Malaysian Capital Controls Macroeconomics And Institutions PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Malaysian Capital Controls Macroeconomics And Institutions book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Malaysian Capital Controls Macroeconomics And Institutions
DOWNLOAD
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 Capital Controls
DOWNLOAD
Author : Simon Johnson
language : en
Publisher:
Release Date : 2006
Malaysian Capital Controls written by Simon Johnson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Capital movements categories.
Crisis And Recovery In Malaysia
DOWNLOAD
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.
Malaysian Capital Controls
DOWNLOAD
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.
Malaysia
DOWNLOAD
Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1999-09-14
Malaysia written by International Monetary Fund 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 1999-09-14 with Business & Economics categories.
This Selected Issues paper analyzes the use of capital controls and evolution of the capital control regime in Malaysia. The paper highlights that following a period of strong downward pressures on the ringgit, the Malaysian authorities introduced on September 1, 1998 a wide range of capital controls along with pegging the exchange rate at RM 3.8 vis-à-vis the U.S. dollar. The paper provides a brief review of Malaysia’s approach to capital account liberalization prior to September 1998. It also reviews the circumstances surrounding the imposition of the controls in September 1998, and their impact.
Do Macroeconomic Effects Of Capital Controls Vary By Their Type Evidence From Malaysia
DOWNLOAD
Author : Natalia T. Tamirisa
language : en
Publisher: International Monetary Fund
Release Date : 2004
Do Macroeconomic Effects Of Capital Controls Vary By Their Type Evidence From Malaysia written by Natalia T. Tamirisa 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 2004 with Business & Economics categories.
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.
Malaysian Capital Controls
DOWNLOAD
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].
Capital Controls And Capital Flows In Emerging Economies
DOWNLOAD
Author : Sebastian Edwards
language : en
Publisher: University of Chicago Press
Release Date : 2009-02-15
Capital Controls And Capital Flows In Emerging Economies written by Sebastian Edwards and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-02-15 with Business & Economics categories.
Some scholars argue that the free movement of capital across borders enhances welfare; others claim it represents a clear peril, especially for emerging nations. In Capital Controls and Capital Flows in Emerging Economies, an esteemed group of contributors examines both the advantages and the pitfalls of restricting capital mobility in these emerging nations. In the aftermath of the East Asian currency crises of 1997, the authors consider mechanisms that eight countries have used to control capital inflows and evaluate their effectiveness in altering the maturity of the resulting external debt and reducing macroeconomic vulnerability. This volume is essential reading for all those interested in emerging nations and the costs and benefits of restricting international capital flows.
Malaysian Capital Controls
DOWNLOAD
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.
Capital Controls
DOWNLOAD
Author : Ms.Inci Ötker
language : en
Publisher: International Monetary Fund
Release Date : 2000-05-17
Capital Controls written by Ms.Inci Ötker 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 2000-05-17 with Business & Economics categories.
This paper examines country experiences with the use and liberalization of capital controls to develop a deeper understanding of the role of capital controls in coping with volatile capital flows, as well as the issues surrounding their liberalization. Detailed analyses of country cases aim to shed light on the motivations to limit capital flows; the role the controls may have played in coping with particular situations, including in financial crises and in limiting short-term inflows; the nature and design of the controls; and their effectivenes and potential costs. The paper also examines the link between prudential policies and capital controls and illstrates the ways in which better prudential practices and accelerated financial reforms could address the risks in cross-border capital transactions.