Jomo K.S.

Jomo K.S. is a Professor in the Faculty of Economics and Administration, University of Malaya. Professor Jomo has taught at the Science University of Malaysia (USM), Harvard University, Yale University, the National University of Malaysia (UKM), the University of Malaya, and Cornell University. He has also been a Visiting Fellow at Wolfson College, Oxford (1987–88) and the Faculty of Economics and Politics, Cambridge University (1991–92). He has authored over thirty books, edited over forty, translated over ten, and has published numerous papers and articles. His most recent publications include Malaysia’s Political Economy (co-authored with E.T. Gomez, Cambridge University Press, 2000); Tigers in Trouble (Zed, London, 1998); Rents, Rent-Seeking and Economic Development: Theory and the Asian Evidence (with Mushtaq Khan, Cambridge University Press, 2000); Malaysian Eclipse: Economic Crisis and Recovery (Zed, 2001); Globalization Versus Development: Heterodox Perspectives (with Shyamala Nagaraj, Palgrave, 2001); and Southeast Asia’s Industrialization (Palgrave, 2001).

Papers Published in World Economics:

Capital Controls
Author: Jomo K.S.

Malaysia’s decision to adopt capital controls in September 1998 reminded the world that there are alternatives to capital account liberalisation. Unfortunately, there has been a tendency for both sides in the debate over the capital control measures to exaggerate their own cases, with little regard for what actually happened. After examining the cases made, and the actual events surrounding the imposition of capital controls, the author concludes that the contribution of the controls to Malaysia’s subsequent recovery cannot be conclusively established. At worst, the controls may have discouraged not only foreign portfolio investment, but also foreign direct investment—which may adversely impact Malaysia’s medium-term competitiveness vis-à-vis the new industrialising economies of Asia, including China and India.

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