Capital Account Liberalization
The degree of capital account liberalization in Malaysia and South Korea before and after the crisis were compared. It is difficult to determine whether capital controls or the implementation of an explicit IMF program led to improved economic performance. The factors explaining the reluctance of East Asian economies to liberalize capital account transactions are discussed, including appropriate sequencing conditions.
Keywords: capital controls, liberalization policy, foreign direct investment, financial globalization, macroeconomic volatility, sequencing
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