A DW article says

Malaysia stood out as a country that refused IMF assistance and advice. Instead of further opening its economy, Malaysia imposed capital controls, in an effort to eliminate speculative trading in its currency. While the IMF mocked this approach when adopted, the Fund later admitted that it succeeded.

It doesn't give more details though... (Based on previous paragraphs in the article, it seems to be in the context of the 1997 Asian financial crisis.) So is this true, was there an instance when the IMF made such an admission?

  • 1
    The US-based National Bureau of Economic Research published this favorable working paper on the effectiveness of Malaysia's capital controls, but I'm not sure if anyone at the IMF has ever commented on it. – Brian Z Mar 26 '19 at 17:31
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    Iceland also had some success along these lines? – Andrew Lazarus Mar 26 '19 at 21:47

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