How effective are capital controls in Asia?

Maria Socorro Gochoco-Bautista, Juthathip Jongwanich, Jong-Wha Lee

Research output: Contribution to journalArticle

1 Citation (Scopus)


This study examines the effects of capital account restrictions on capital flows in nine Asian economies over the period 1995-2005 using panel regressions with fixed effects. The results show that capital controls significantly affect capital flows when such flows are disaggregated by asset type and direction of flow. Tests for the presence of possible asymmetric effects, substitution effects, and endogeneity of capital controls are conducted.

Original languageEnglish
Pages (from-to)1-28
Number of pages28
JournalADB Economics Working Paper Series
Publication statusPublished - 2010 Oct 1


ASJC Scopus subject areas

  • Economics and Econometrics
  • Geography, Planning and Development
  • Political Science and International Relations

Cite this

Gochoco-Bautista, M. S., Jongwanich, J., & Lee, J-W. (2010). How effective are capital controls in Asia? ADB Economics Working Paper Series, 224, 1-28.