This paper examines capital controls in two ways. First, it assesses whether capital controls have an economic justification within the context of an economyâ  s and, in particular, its financial sectorâ  s stage of development. It concludes that capital controls can be justified...

The Asia Pacific region, and especially East Asia, has experienced rapid economic integration without the ‘hard politics' of legally binding economic and political treaties, unlike Europe where integration has been institution‐led. The ‘soft politics' and market‐led integration in East...