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Do macroeconomic effects of capital controls vary by their type? : evidence from Malaysia /
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 contro...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington, D.C. :
International Monetary Fund, Policy Development and Review Dept.,
2004.
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| Colección: | IMF working paper ;
WP/04/3. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | 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. |
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| Descripción Física: | 1 online resource (23 pages) : illustrations |
| Bibliografía: | Includes bibliographical references (pages 22-23). |
| ISBN: | 1281155640 9781281155641 9781451890310 1451890311 1462380387 9781462380381 1452757372 9781452757377 9786613777003 6613777005 |
| ISSN: | 2227-8885 ; |