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http://ssrn.com/abstract=262173
 
 

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Did the Malaysian Capital Controls Work?


Ethan Kaplan


Stockholm University - Institute for International Economic Studies (IIES)

Dani Rodrik


Harvard University - Harvard Kennedy School (HKS); Centre for Economic Policy Research (CEPR); National Bureau of Economic Research (NBER)

February 2001

KSG Working Paper No. 01-008

Abstract:     
Malaysia recovered from the Asian financial crisis swiftly after the imposition of capital controls in September 1998. The fact that Korea and Thailand recovered in parallel has been interpreted as suggesting that capital controls did not play a significant role in facilitating Malaysia's rebound. However, the financial crisis was deepening in Malaysia in the summer of 1998, while it had significantly eased up in Korea and Thailand. We employ a time-shifted differences-in-differences technique to exploit the differences in the timing of the crises. Compared to IMF programs, we find that the Malaysian policies produced faster economic recovery, smaller declines in employment and real wages, and more rapid turnaround in the stock market.

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Date posted: March 8, 2001  

Suggested Citation

Kaplan, Ethan and Rodrik, Dani, Did the Malaysian Capital Controls Work? (February 2001). KSG Working Paper No. 01-008. Available at SSRN: http://ssrn.com/abstract=262173 or http://dx.doi.org/10.2139/ssrn.262173

Contact Information

Ethan Daniel Kaplan
Stockholm University - Institute for International Economic Studies (IIES) ( email )
Stockholm University
10691 Stockholm, SE-10691
Sweden
Dani Rodrik (Contact Author)
Harvard University - Harvard Kennedy School (HKS) ( email )
79 John F. Kennedy Street
Cambridge, MA 02138
United States
617-495-9454 (Phone)
617-496-5747 (Fax)
HOME PAGE: http://www.ksg.harvard.edu/rodrik/
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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