Opting for Openness: Capital Mobility and Monetary Sterilisation in Malaysia

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dc.contributor.author Hamilton-Hart, Natasha en
dc.date.accessioned 2017-05-21T23:56:39Z en
dc.date.issued 2017 en
dc.identifier.citation Journal of Contemporary Asia 47(2):171-198 2017 en
dc.identifier.issn 0047-2336 en
dc.identifier.uri http://hdl.handle.net/2292/32973 en
dc.description.abstract Malaysia gained attention for its use of capital controls in 1998, but since the early 2000s it has emphasised its commitment to an open capital account, despite experiencing volatile capital flows. As well as opting for financial openness, Malaysia chose to manage the value of its exchange rate after de-pegging from the US dollar in 2005. In a bid to escape the macroeconomic constraints that arise from capital mobility, Malaysia also chose to sterilise a large portion of capital inflows. It then made a further choice to use market-based sterilisation instruments more than regulatory sterilisation measures. These choices have carried costs and led to a build-up of economic risk. Three interrelated factors explain these choices: Malaysia’s strategy to manage the stigma arising from its imposition of controls in 1998, the increased level of financial integration that followed from this strategy, and the politically privileged position of groups that have benefitted from Malaysia’s commitment to capital openness. en
dc.publisher Journal of Contemporary Asia en
dc.relation.ispartofseries Journal of Contemporary Asia en
dc.rights Items in ResearchSpace are protected by copyright, with all rights reserved, unless otherwise indicated. Previously published items are made available in accordance with the copyright policy of the publisher. en
dc.rights.uri https://researchspace.auckland.ac.nz/docs/uoa-docs/rights.htm en
dc.title Opting for Openness: Capital Mobility and Monetary Sterilisation in Malaysia en
dc.type Journal Article en
dc.identifier.doi 10.1080/00472336.2016.1257045 en
pubs.issue 2 en
pubs.begin-page 171 en
pubs.volume 47 en
dc.rights.holder Copyright: Taylor & Francis en
pubs.end-page 198 en
pubs.publication-status Published en
dc.rights.accessrights http://purl.org/eprint/accessRights/RestrictedAccess en
pubs.subtype Article en
pubs.elements-id 610798 en
pubs.org-id Business and Economics en
pubs.org-id Management & Intl Business en
dc.identifier.eissn 1752-7554 en
pubs.record-created-at-source-date 2017-05-22 en
pubs.online-publication-date 2016-12-09 en

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