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Are capital controls effective? : The case of the Republic of Korea

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  • Are capital controls effective?
  • Kim, Soyoung Kim; Yang, Doo Yong
  • Social Science Research Network


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Title Are capital controls effective?
Similar Titles
Sub Title

The case of the Republic of Korea

Material Type Reports
Author(English)

Kim, Soyoung Kim; Yang, Doo Yong

Publisher

[New York]:Social Science Research Network

Date 2012-12
Journal Title; Vol./Issue Asian Development Review:Vol. 29(No. 2)
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Economy < Economic Administration
Holding SSRN

Abstract

Capital controls have recently attracted interest as capital surges in emerging market economies threaten to bring about economic instability and heighten difficulties in implementing macroeconomic policies. While an option that can be taken to deal with huge capital inflows involves the use of capital controls, there is no consensus on their effectiveness. Against this background, our paper aims to investigate the effectiveness of capital controls in the Republic of Korea. This paper first reviews the history of capital account policy, which can be divided into five stages: (i) gradual liberalization during the 1980s and early 1990s, (ii) acceleration of liberalization during the early and mid-1990s, (iii) the big-bang approach to liberalization during the Asian financial crisis, (iv) liberalization for facilitation of capital market development beginning the late 1990s, and (v) the conservative approach during the global financial crisis. (The rest omitted)