Rethinking Malaysia’s Capital Controls

In confronting East Asia’s financial crisis of 1997-98, Malaysia and South Korea faced similar conditions but responded in radically different ways. South Korea sought IMF aid; Malaysia imposed controls on capital outflows. In a world where Turkey, Argentina, Brazil, Russia, South Korea, Thailand, Malaysia, Indonesia, and Mexico were victimized by attacks on their currencies, policy experiments such as in Malaysia cannot be ignored.
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