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ADBI Working Paper Series, Asian Development Bank Institute >
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http://hdl.handle.net/10419/53609
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| Title: | | Asia confronts the impossible trinity  |
| Authors: | | Patnaik, Ila Shah, Ajay |
| Issue Date: | | 2010 |
| Series/Report no.: | | ADBI working paper series 204 |
| Abstract: | | In this paper, we examine capital account openness and exchange rate flexibility in 11 Asian economies. Asia has made slow progress in de jure capital account openness, but has made much more progress in de facto capital account openness. While there has been a gradual increase in exchange rate flexibility, most Asian economies continue to have largely inflexible exchange rates. This combination of advancing de facto capital account integration without greater exchange rate flexibility has led to procyclical monetary policy, when capital flows are procyclical. This paper emphasises the need for a consistent monetary policy framework. |
| JEL: | | E40 E60 F41 |
| Document Type: | | Working Paper |
| Appears in Collections: | | ADBI Working Paper Series, Asian Development Bank Institute
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