Do macroeconomic effects of capital controls vary by their type? : evidence from Malaysia

The Resource Do macroeconomic effects of capital controls vary by their type? : evidence from Malaysia
Label
Do macroeconomic effects of capital controls vary by their type? : evidence from Malaysia
Title remainder
evidence from Malaysia
Statement of responsibility
prepared by Natalia T. Tamirisa
Creator
Contributor
Subject
Language
eng
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
Member of
Cataloging source
CaPaEBR
Illustrations
illustrations
Index
no index present
LC call number
HG3891
LC item number
.T36 2004eb
Literary form
non fiction
Nature of contents
  • standards specifications
  • bibliography
Series statement
IMF working paper
Series volume
WP/04/3

Context

Context of Do macroeconomic effects of capital controls vary by their type? : evidence from Malaysia

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