Was It Different?
This chapter discusses Malaysia's experience with capital controls. It evaluates whether Malaysia's rather solid performance in 1999–2000 can be attributed to its heterodox program, or whether it was the result of other factors, including a friendly international economic environment. The costs or benefits of capital controls remain equivocal, despite their apparent success in Malaysia. One possibly critical difference between Malaysia and other crisis economies in the region was its infliction of tight capital controls on 1 September 1998. Additionally, Malaysia was in no way more exposed than other crisis countries and, for that reason, should not have been doing worse. Accordingly, it cannot be argued that the influences of capital controls is contained a situation that otherwise would have been much worse than those of other countries.
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