ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Financial Liberalisation, Crises and the Role of Capital Controls: The Malaysian Case

In the wake of the east Asian financial crisis in mid-July 1997, not only were the initial policy initiatives taken by the Malaysian government to counter portfolio capital flight ill-conceived, the currency and capital control measures seem to have been motivated by political considerations and the desire to protect well-connected businesses. The Malaysian experiment with capital controls was compromised by political bias, abuse by vested interests and inappropriate policy instruments. However, this is not to reject the desirability of the judicious use of capital controls.

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