ADB Economics Working Paper Series No. 224
How Eective are Capital Controls in Asia?
Maria Socorro Gochoco-Bautista, Juthathip Jongwanich,and Jong-Wha Lee
(Revised February 2011)
Maria Socorro Gochoco-Bautista is Senior Economic Advisor, Economics and Research Department, AsianDevelopment Bank; Juthathip Jongwanich is Assistant Professor, School of Management, Asian Instituteof Technology; and Jong-Wha Lee is Professor, Economics Department, Korea University. The authorsare grateful to Ruth Francisco, Anthony Baluga, and Lea Sumulong for excellent research assistance. The
views expressed in this paper are those of the authors and do not necessarily reect the views or policies
of the Asian Development Bank or its Board of Governors or the governments they represent. The authorsaccept responsibility for any errors in the paper.