Patnaik, Ila; Shah, Ajay - East Asian Bureau of Economic Research (EABER) - 2010
In this paper, we examine capital account openness and exchange rate flexibility in 11 Asian economies. Asia has made … slow progress in de jure capital account openness, but has made much more progress in de facto capital account openness … inflexible exchange rates. This combination of advancing de facto capital account integration without greater exchange rate …