03050nam 2200661 a 450 991081466580332120200520144314.01-4623-8038-71-4527-5737-21-281-15564-097866137770031-4518-9031-1(CKB)3360000000441065(EBL)3012491(SSID)ssj0000949369(PQKBManifestationID)11512170(PQKBTitleCode)TC0000949369(PQKBWorkID)10996014(PQKB)10434934(OCoLC)535146874(MiAaPQ)EBC3012491(IMF)WPIEE0032004(EXLCZ)99336000000044106520090806d2004 uy 0engurcn|||||||||txtccrDo macroeconomic effects of capital controls vary by their type? evidence from Malaysia /prepared by Natalia T. Tamirisa1st ed.Washington, D.C. International Monetary Fund, Policy Development and Review Dept.20041 online resource (24 p.)IMF working paper ;WP/04/3Cover title."January 2004"--Caption.1-4518-4193-0 Includes bibliographical references (p. 22-23).""Contents""; ""I. INTRODUCTION""; ""II. CAPITAL FLOWS AND THEIR REGULATION IN MALAYSIA""; ""III. WHAT DO THE QUANTITATIVE DATA TELL US?""; ""IV. AN ERROR-CORRECTION MODEL WITH CAPITAL CONTROLS""; ""APPENDIX""; ""REFERENCES""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.IMF working paper ;WP/04/3.Capital movementsMalaysiaFinancial crisesAsiaMacroeconomicsMalaysiaEconomic conditionsMalaysiaEconomic policyCapital movementsFinancial crisesMacroeconomics.Tamirisa Natalia T1098414International Monetary Fund.Policy Development and Review Dept.MiAaPQMiAaPQMiAaPQBOOK9910814665803321Do macroeconomic effects of capital controls vary by their type4196976UNINA