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How Effective are Capital Controls in Asia?Maria Socorro Gochoco-BautistaAsian Development Bank Juthathip JongwanichAustralian National University (ANU) - Research School of Pacific and Asian Studies (RSPAS) Jong-Wha LeeKorea University; National Bureau of Economic Research (NBER); Asian Development Bank - Office of the Chief Economist February 2011 Asian Development Bank Economics Working Paper Series No. 224 Abstract: This study examines the effects of capital account restrictions on capital flows in nine Asian economies over the period 1995-2005 using panel regressions with fixed effects. The results show that capital controls significantly affect capital flows when such flows are disaggregated by asset type and direction of flow. Tests for the presence of possible asymmetric effects, substitution effects, and endogeneity of capital controls are conducted.
Number of Pages in PDF File: 37 Keywords: Capital, Capital Flows, Capital Controls, Financial Integration, Foreign Direct Investment, FDI, Malaysia, Mal, Thailand, Tha, Economic Working Paper No. 224 JEL Classification: F21, F32, F36, F41, G15, O53 working papers seriesDate posted: March 28, 2011Suggested CitationContact Information
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