Show simple item record

Effectiveness of Capital Controls: Evidence from Thailand. Asian Development Review, Vol. 29(2), pp. 50-93

dc.contributor.authorJuthathip Jongwanich
dc.contributor.authorArchanun Kohpaiboon
dc.description.abstractThis paper examines the effectiveness of capital account policies in Thailand during the period 1993–2010. Our results show that policies toward capital account liberalization tend to be more effective than those toward capital account restriction in changing the volume of capital flows. The composition of capital flows also matters for the effectiveness of policy measures. When capital restrictions were introduced in the late 2000s, our results show that there was a switching effect from more capital restricted asset classes toward less restricted ones. This study also finds that the central bank did not gain more monetary autonomy from introducing capital inflow restrictions. However, such restrictions, both inflows and outflows (liability side), could help limit the fluctuations in the nominal exchange rate, especially relative to the US dollar in 2000–2010.
dc.publisherAsian Development Bank
dc.rightsCC BY 3.0 IGO
dc.titleEffectiveness of Capital Controls: Evidence from Thailand. Asian Development Review, Vol. 29(2), pp. 50-93
dc.subject.adbCapital flows; Exchange rates
dc.subject.adbEconomic policy
dc.title.seriesAsian Development Review
dc.title.volumeVolume 29, Number 2, pp. 50-93
dc.contributor.imprintAsian Development Bank
oar.authorJongwanich, Juthathip
oar.authorKohpaiboon, Archanun

Files in this item


This item appears in the following Collection(s)

  • Asian Development Review
    The Asian Development Review (ADR) is a professional journal for disseminating the results of economic and development research relevant to Asia and the Pacific. Since 1983, the ADR has been an important part of the history of the Asian Development Bank and its mission to reduce poverty across Asia and the Pacific.

Show simple item record

Users also downloaded