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Title: “Capital mobility in East Asian Countries is not so high”: Examining the impact of sterilization on capital flows.
Authors: 國立臺灣師範大學管理研究所
Ying Y.
C-M Kuan
C. Tung
Koyin Chang
Issue Date: 1-Mar-2013
Abstract: This paper examines how international capital mobility can be affected by sterilization activities for seven East Asian economies. We develop a model that shows how sterilization measures by a central bank can lead to a reduction in a country's capital mobility. Using data from 1980 to 2006, we then derive sterilization intensities and capital mobility estimates for our countries, and discover that conventional measures overstate the degree of capital mobility due to their failure to adjust for sterilization actions. Our findings are important for policy makers since using our modified estimates will help to better understand the magnitude of capital mobility when central banks exercise sterilization to dampen the effect of capital inflows.
Other Identifiers: ntnulib_tp_I0103_01_005
Appears in Collections:教師著作

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