Asian Development Review - Volume 29, Number 2

Publication | December 2012
Asian Development Review - Volume 29, Number 2

Widespread liberalization in the 1980s and 1990s enabled the freer movement of capital across international borders. Alongside large and often volatile movements in capital flows, risks to macro stability and the health of the financial system have led many countries to reconsider the wisdom of continuing to allow unimpeded flows of capital.

Asia's strong recovery in the aftermath of the global financial crisis of 2007-2008 as well as continuing problems in the United States and the European Union presage even larger flows of capital to Asia. This has led to a rethinking about the wisdom of unfettered cross-border capital flows and ways to manage capital flows, including the potential usefulness of capital controls.

Capital Controls

The two issues for 2012 of the Asian Development Reviewcover the proceedings of ADB's Forum on Capital Controls held on 14 July 2011. The first issue examines the context in which such controls could be useful as part of a broader menu of tools in the policymaker's toolkit. This issue (ie., second issue) assesses the experiences of selected Asian countries in using de jure capital controls.

About the Asian Development Review

The Asian Development Review is a professional journal for disseminating the results of economic and development research relevant to Asia. The journal seeks high-quality papers done in an empirically rigorous way. Articles are intended for readership among economists and social scientists in government, private sector, academia, and international organizations.


  • How Effective are Capital Controls? Evidence from Malaysia
  • Effectiveness of Capital Controls: Evidence from Thailand
  • Are Capital Controls Effective? The Case of the Republic of Korea
  • Fine-Tuning an Open Capital Account in a Developing Country: The Indonesian Experience
  • Growth with Resilience in East Asia and the 2008-2009 Global Recession