The Capital Truth: What Works for Commodities Should Work for Cash

Anjaria, Shailendra

doi:10.2307/20049137

Cited by 5 publications

(2 citation statements)

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“…There is disagreement when it comes to free trade in capital. The enthusiasts say that stopping trade in capital is as meaningless as restricting trade in goods and services, and that free trade in capital works in much the same way as it does for goods (Anjaria, 1998). The detractors say that trading in capital is riddled with complications such as inadequate information (Bhagwati, 1998), contagion (Edwards, 2000), and sudden stops.…”

Section: What Needs To Be Donementioning

confidence: 99%

Malaysia’s response to the financial crisis: Reconsidering the viability of unorthodox policy

Nambiar¹

2006

Asia-Pacific Development Journal

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Malaysia enjoyed high rates of growth in the early 1990s. The economic crisis that struck Malaysia in 1997 caught the country by surprise. Amidst the economic turmoil that shook the other SouthEast Asian countries, Malaysia ventured to adopt an unorthodox policy response to the crisis, choosing to implement a policy package consisting of a pegged exchange rate and capital controls. This paper argues that the package, which went against orthodox policy prescriptions, did offer a limited measure of certainty to export-oriented businesses in so far as they were protected against currency fluctuations. This paper also argues that the unorthodox policy had its costs. These costs include the decrease in FDI, lowered competitiveness, possibly weaker financial institutions and a lack of transparency in decision-making.

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Section: What Needs To Be Donementioning

confidence: 99%

Malaysia’s response to the financial crisis: Reconsidering the viability of unorthodox policy

Nambiar¹

2006

Asia-Pacific Development Journal

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“…The response of the IMF was " [We] recognize that without both sound macroeconomic policies…and strong, transparent, and properly supervised banks…opening up capital flows is dangerous and inadvisable. The opening-up must occur in the proper sequence; this is the moral of the Asian story" (Anjaria, 1998).…”

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confidence: 99%