On IMF debt and capital control: evidence from Malaysia, Thailand, Indonesia, the Philippines and South Korea

Mohamad, A. and Imitiaz, M. S. and Mohd Thas Thaker, Hassanudin * and Anwar, M. N. (2020) On IMF debt and capital control: evidence from Malaysia, Thailand, Indonesia, the Philippines and South Korea. Journal of Financial Regulation and Compliance. ISSN 1358-1988

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Official URL: http://doi.org/10.1108/JFRC-08-2019-0108

Abstract

Purpose:This study aims to investigate the effects of capital control and external debts after the 1997 financial crisis. Design/methodology/approach: Using system estimation approach, the authors estimate a panel data-based econometric model for data on Malaysia, Thailand, Indonesia, the Philippines and South Korea from 1990 to 2017. Findings: The authors find that on average, the crisis-hit South East Asian economies choosing external debt perform better in achieving greater economic growth and rebound better compared to economies imposing capital control. Originality/value: This study attempts to answer whether a crisis-hit country should impose capital control or opt for external debt to recuperate from the crisis.

Item Type: Article
Uncontrolled Keywords: IMF; financial crisis; capital control; external debt; economic growth; F30; F43
Subjects: H Social Sciences > HF Commerce
Divisions: Others > Non Sunway Academics
Sunway University > Sunway University Business School > Dept. Economics & Finance
Depositing User: Dr Janaki Sinnasamy
Related URLs:
Date Deposited: 30 Sep 2020 05:47
Last Modified: 06 Oct 2020 02:43
URI: http://eprints.sunway.edu.my/id/eprint/1414

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