ADB Forum on the Use of Capital Controls

47 Pages Posted: 12 Jul 2012

See all articles by Jonathan David Ostry

Jonathan David Ostry

International Monetary Fund (IMF)

Maria Socorro Gochoco‐Bautista

University of the Philippines, School of Economics

Changyong Rhee

Asian Development Bank

Michael M. Hutchison

University of California, Santa Cruz - Department of Economics

Chalongphob Sussangkarn

Thailand Development Research Institute

Eli M. Remolona

Bank for International Settlements (BIS) - Monetary and Economic Department

Masahiro Kawai

Asian Development Bank Institute

Date Written: June 1, 2012

Abstract

Widespread liberalization in the 1980s and 1990s enabled the freer movement of capital across international borders. Alongside large and often volatile movements in capital flows, risks to macro stability and the health of the financial system have led many countries to reconsider the wisdom of continuing to allow unimpeded flows of capital. Asia’s strong recovery in the aftermath of the Global Financial Crisis of 2007-2008 as well as continuing problems in the EU presage even larger flows of capital to Asia. This has led to a rethinking about the wisdom of unfettered cross-border capital flows and ways to manage capital flows, including the potential usefulness of capital controls.

The ADB Forum on the Use of Capital Controls held on 14 July 2011 examined the context in which such controls could be useful as part of a broader menu of tools in the policymaker’s toolkit as well as the experiences of selected Asian countries in using de jure capital controls.

Keywords: agriculture, wages, migrants, income, urban migrants, rural–urban migration, rural households, urban–rural divide, employment quality, education quality, urbanization, industrialization, effect of migration, special economic zones, foreign direct investment, productivity growth, nonfarm employment

JEL Classification: J31; O12; O13; O15; O18, F13, F16, O15, O53, I3, J81

Suggested Citation

Ostry, Jonathan David and Gochoco-Bautista, Maria Socorro and Rhee, Changyong and Hutchison, Michael M. and Sussangkarn, Chalongphob and Remolona, Eli M. and Kawai, Masahiro, ADB Forum on the Use of Capital Controls (June 1, 2012). Asian Development Review, Vol. 29, No. 1, pp. 82-88, 2012. Available at SSRN: https://ssrn.com/abstract=2103964

Jonathan David Ostry (Contact Author)

International Monetary Fund (IMF)

700 19th Street, N.W.
Washington, DC 20431
United States

Maria Socorro Gochoco-Bautista

University of the Philippines, School of Economics ( email )

Quezon City, Diliman
Philippines

Changyong Rhee

Asian Development Bank ( email )

6 ADB Avenue, Mandaluyong City 1550
Metro Manila
Philippines

Michael M. Hutchison

University of California, Santa Cruz - Department of Economics ( email )

Social Sciences I
Santa Cruz, CA 95064
United States
831-459-2600 (Phone)
831-459-5900 (Fax)

Chalongphob Sussangkarn

Thailand Development Research Institute ( email )

565 Soi Ramkhamhaeng 39
Bangkok 10310, Wangthonglang District
Thailand

Eli M. Remolona

Bank for International Settlements (BIS) - Monetary and Economic Department ( email )

IFC 2 Bldg, 78/F
Central
Hong Kong
Hong Kong
+852 2982 7150 (Phone)
+852 2982 7123 (Fax)

Masahiro Kawai

Asian Development Bank Institute ( email )

Kasumigaseki Building 8F 3-2-5
Kasumigaseki Chiyoda-ku
Tokyo, 100-6008
Japan

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
57
Abstract Views
655
rank
383,497
PlumX Metrics