This study examines the impact capital controls had in Malaysia (1998-1999) and Thailand (1997). We aim to assess the …. By contrast, in the case of Malaysia the controls did align closely with the priors of what controls are intended to …

Financial globalization had a rocky start in emerging economies hit by Sudden Stops. Foreign reserves have grown very … equilibrium framework in which precautionary foreign asset demand is driven by output variability, financial globalization, and … Sudden Stop risk. In this framework, credit constraints produce endogenous Sudden Stops. We find that financial globalization …