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Measures to Limit the offshore Use of Currencies: Pros and Cons
Author:
International Monetary Fund
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Series:
IMF Working Papers
Volume/Issue:
Volume 2001: Issue 043
Language:
English
Publication Date:
01 Apr 2001
DOI:
https://doi.org/10.5089/9781451846324.001
ISBN:
9781451846324
ISSN:
1018-5941
Pages:
54
Keywords:
WP; currency; bank; market; U.S. dollar; yield; Offshore currency trading; offshore markets; speculative attacks; exchange controls; capital controls; currency internationalization; currency market; Thai baht; exchange rate; Singapore dollar; offshore market; central bank; deutsche mark; currency trading; offshore currency market; malaysian ringgit; short position; Currencies; Currency markets; Offshore financial centers; Exchange rates; Asia and Pacific; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Several Asian emerging market economies have recently adopted measures to limit the offshore trading of their currencies. This paper provides a general overview of such measures and evaluates the experiences of selected countries that resorted to such measures. It concludes that the measures could be effective if they were comprehensive and effectively enforced, and were accompanied by consistent macroeconomic policies and structural reforms. Such measures, however, could adversely affect investor confidence, financial market development, and nonspeculative economic and financial activities, and impose administrative burden on all parties involved.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund