Opting for Openness
Capital Mobility and Monetary Sterilisation in Malaysia
Bibliographic Data
| ID | 3985473 |
|---|---|
| Authors | Natasha Hamilton-Hart (0000-0002-6264-4931, Department of Management and International Business, University of Auckland Business School, University of Auckland, New Zealand, corresponding author) |
| Year | 2017 |
| Volume | 47 |
| Issue | 2 |
| Pages | 171-198 |
| Publication date | 2017-03-15 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Contemporary Asia (JOURNAL) |
| Journal identifiers | ISSN: 0047-2336 • E-ISSN: 1752-7554 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/00472336.2016.1257045 |
| OpenAlex | W2567339955 |
| Language | EN |
| Citations received | 3 |
| References cited | 53 |
Malaysia gained attention for its use of capital controls in 1998, but since the early 2000s it has emphasised its commitment to an open capital account, despite experiencing volatile capital flows. As well as opting for financial openness, Malaysia chose to manage the value of its exchange rate after de-pegging from the US dollar in 2005. In a bid to escape the macroeconomic constraints that arise from capital mobility, Malaysia also chose to sterilise a large portion of capital inflows. It then made a further choice to use market-based sterilisation instruments more than regulatory sterilisation measures. These choices have carried costs and led to a build-up of economic risk. Three interrelated factors explain these choices: Malaysia’s strategy to manage the stigma arising from its imposition of controls in 1998, the increased level of financial integration that followed from this strategy, and the politically privileged position of groups that have benefitted from Malaysia’s commitment to capital openness
Business · Capital (architecture · Capital account · Economics · Exchange rate · Financial Integration · Financial market · Labour economics · Liberian dollar · Monetary economics · Openness to experience · Position (finance · Finance · Political Influence and Corporate Strategies · Socioeconomic Development in Asia · State Capitalism and Financial Governance
Opting Out of the European Union
Economic Crises and the Breakdown of Authoritarian Regimes
The Status Quo Crisis
The great reversals
Open economy politics
Cronyism and capital controls
Hard Interests, Soft Illusions
Great Transformations
Ruling Capital
Foreign Exchange Accumulation and the Entrapment of Chinese Monetary Power
Monetary Politics in Southeast Asia
Multilevel (mis)governance of palm oil production
From banks to markets
The rebranding of capital controls in an era of productive incoherence
From control by capital to control of capital
Managing and transforming policy stigmas in international finance
The stabilizing state
Money is politics
Embedded mercantilism and open regionalism
Is the Globalization Consensus Dead
Trade and Industry
Two Cases for Sand in the Wheels of International Finance
What Do Changes in Corporate Ownership in Indonesia Tell Us
The Obsolescence of Capital Controls
Trading Places
Political Parties and Financial Development
Capital Mobility and State Autonomy
Neoliberal Economists and Capital Account Liberalization in Emerging Markets
Invested interests
Stigma Management in International Relations
Interest Group Influence in Authoritarian States
The Capital Myth
The political economy of capital flows and capital controls in Malaysia
Electoral funding of general, state and party elections in Malaysia
States and the Re-emergence of Global Finance
| Unique citing works | 3 |
|---|---|
| Citations per year | 0,38 |
| Citation span | 2018 - 2023 (6) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 3 |