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On IMF debt and capital control: evidence from Malaysia, Thailand, Indonesia, the Philippines and South Korea

Author

Listed:
  • Azhar Mohamad
  • Imtiaz Mohammad Sifat
  • Hassanudin Mohd Thas Thaker
  • Anwar Muhammad Noor

Abstract

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.

Suggested Citation

  • Azhar Mohamad & Imtiaz Mohammad Sifat & Hassanudin Mohd Thas Thaker & Anwar Muhammad Noor, 2020. "On IMF debt and capital control: evidence from Malaysia, Thailand, Indonesia, the Philippines and South Korea," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 29(2), pages 143-162, July.
    • Handle: RePEc:eme:jfrcpp:jfrc-08-2019-0108
    DOI: 10.1108/JFRC-08-2019-0108
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    More about this item

    Keywords

    IMF; Financial crisis; Capital control; External debt; Economic growth; F30; F43;
    All these keywords.

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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