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Empirical evidence on capital mobility in four ASEAN countries


Soo, Khoon Goh and Koong, Seow Shin (2007) Empirical evidence on capital mobility in four ASEAN countries. In: International Economic Conference on Trade and Industry (IECTI) 2007, 3 - 5 December 2007, Bayview Hotel Georgetown, Penang. (Unpublished)

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Abstract

This paper examines the degree of capital mobility in four ASEAN countries, namely, Malaysia, Singapore, Thailand and the Philippines. The model of Shibata and Shintani (1998) and the extension model by Cooray (2005) are used to examine the degree of international capital mobility in these countries. The results show that capital seems to be mobile in Malaysia and Thailand, but not in the Philippines or Singapore. Nevertheless, the results suggest that the interest rate differential is not related to changes in consumption. This paper also highlights the importance of incorporating strong instrumental variables in any GMM estimations.

Item Type: Conference or Workshop Item (Paper)
Additional Information: Organized by Faculty of Economics, Universiti Utara Malaysia
Uncontrolled Keywords: Capital Mobility, Shibata and Shintani model, interest rate differential
Subjects: H Social Sciences > HF Commerce
Divisions: College of Arts and Sciences
Depositing User: Mrs. Juwita Johari
Date Deposited: 24 Feb 2011 01:38
Last Modified: 24 Feb 2011 01:38
URI: http://repo.uum.edu.my/id/eprint/2559

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