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...

Rapid growth and structural change have reduced poverty in East Asian economies. Income inequality has been low in Korea and Taiwan, but has risen in recent years with economic liberalization. In the Southeast Asian economies of Thailand, Malaysia and Indonesia, poverty has declined, while...