. The fact that Korea and Thailand recovered in parallel has been interpreted as suggesting that capital controls did not … summer of 1998, while it had significantly eased up in Korea and Thailand. We employ a time-shifted differences …

Philippines and Thailand), there were considerable differences both in terms of instantaneous impact of the crisis and in terms of … impact on more open economies (Malaysia and Thailand). Second, countercyclical fiscal stimulus in Indonesia and the … Philippines was larger and was sustained longer. Third, idiosyncratic factors pushed output up in Indonesia and down in Thailand …

view). Using weekly data from Indonesia, South Korea and Thailand from 1997:07 to 1998:12, we find that there is no … significant evidence in favour of the traditional view. The revisionist view is clearly in effect in Thailand at the very …

. The fact that Korea and Thailand recovered in parallel has been interpreted as suggesting that capital controls did not … summer of 1998, while it had significantly eased up in Korea and Thailand. We employ a time-shifted differences …