On IMF debt and capital control: evidence from Malaysia, Thailand, Indonesia, the Philippines and South Korea
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 Philippin...
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| Main Authors: | , , , |
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| Format: | Article |
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Emerald
2020
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| Subjects: | |
| Online Access: | http://eprints.sunway.edu.my/1414/ http://doi.org/10.1108/JFRC-08-2019-0108 |
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| Summary: | 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. |
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