Acknowledgement
This work was supported by Institute of East and West Studies in Yonsei Univeristy.
References
- Alesina, A. and G. Tabellini (1980), "External Debt, Capital Flight and Political Risk", Journal of International Economics, 27, 199-220. https://doi.org/10.1016/0022-1996(89)90052-4
- Broner, F., T. Didier, A. Erce and S. L. Schmukler (2013), "Gross Capital Flows: Dynamics and Crises", Journal of Monetary Economics, 60(1), 113-133. https://doi.org/10.1016/j.jmoneco.2012.12.004
- Calderon, C. and M. Kubota (2013), "Sudden Stops: Are Global and Local Investors Alike?", Journal of International Economics, 89(1), 122-142. https://doi.org/10.1016/j.jinteco.2012.05.010
- Chakravarty, S., M. A. Fonseca and T. R. Kaplan (2014), "An Experiment on the Causes of Bank Run Contagions", European Economic Review, 72, 39-51. https://doi.org/10.1016/j.euroecorev.2014.09.003
- Chinn, M. D. and H. Ito (2006), "What Matters for Financial Development? Capital Controls, Institutions, and Interactions", Journal of Development Economics, 81(1), 163-192. https://doi.org/10.1016/j.jdeveco.2005.05.010
- Diamond, D. W. and P. H. Dybvig (1983), "Bank Runs, Deposit Insurance, and Liquidity", Journal of Political Economy, 91(3), 401-419. https://doi.org/10.1086/261155
- Dooley, M. P. (1988), "Capital Flight: A Response to Differences in Financial Risks", IMF Staff Papers, 35(3), 422-436. https://doi.org/10.2307/3867180
- Dornbusch, R. (1986), Inflation, Exchange Rates, and Stabilization. International Finance Section (NBER Working Paper, No. 1739), Cambridge, MA: National Bureau of Economic Research.
- Dufwenberg, M. (2015), "Banking on Experiments?", Journal of Economic Studies, 42(6), 943-971. https://doi.org/10.1108/JES-08-2015-0145
- Fernandez, A., M. W. Klein, A. Rebucci, M. Schindler and M. Uribe (2016), "Capital Control Measures: A New Dataset", IMF Economic Review, 64(3), 548-574. https://doi.org/10.1057/imfer.2016.11
- Forbes, K. J. and F. E. Warnock (2012a), "Capital Flow Waves: Surges, Stops, Flight, and Retrenchment", Journal of International Economics, 88(2), 235-251. https://doi.org/10.1016/j.jinteco.2012.03.006
- Forbes, K. J. and F. E. Warnock (2012b), Debt- and Equity-Led Capital Flow Episodes (NBER Working Paper, No. 18329), Cambridge, MA: National Bureau of Economic Research.
- Hnatkovska, V. (2010), "Home Bias and High Turnover: Dynamic Portfolio Choice with Incomplete Markets", Journal of International Economics, 80(1), 113-128. https://doi.org/10.1016/j.jinteco.2009.06.006
- Ilzetzki, E., C. M. Reinhart and K. S. Rogoff (2017), Exchange Arrangements Entering the 21st Century: Which Anchor will Hold? (NBER Working Paper, No. 23134), Cambridge, MA: National Bureau of Economic Research.
- Khan, M. S. and N. U. Haque (1985), "Foreign Borrowing and Capital Flight: A Formal Analysis", IMF Staff Papers, 32(4), 606-628. https://doi.org/10.2307/3866741
- Kim, Ki-Hwan (2006, July 10-11), "The 1997-98 Korean Financial Crisis: Causes, Policy Response, and Lessons", Paper Presented at the High-Level Seminar on Crisis Prevention in Emerging Markets, Singapore.
- Laeven, L. and F. Valencia (2012), Systemic Banking Crises Database: An Update (IMF Working Paper, No. 12/163), Washington, DC: International Monetary Fund.
- Obstfeld, M. (1996), "Models of Currency Crises with Self-Fulfilling Features", European Economic Review, 40(3-5), 1037-1047. https://doi.org/10.1016/0014-2921(95)00111-5
- Reinhart, C. M. and K. S. Rogoff (2009), This Time is Different: Eight Centuries of Financial Folly (1st ed.), Princeton, NJ: Princeton University Press.
- Rey, H. (2013), Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence (NBER Working Paper, No. 21162), Cambridge, MA: National Bureau of Economic Research.
- Stiglitz, J. E. (2000), "Capital Market Liberalization, Economic Growth, and Instability", World Development, 28(6), 1075-1086. https://doi.org/10.1016/S0305-750X(00)00006-1
- Tille, C. and E. Van Wincoop (2010), "International Capital Flows", Journal of International Economics, 80(2), 157-175. https://doi.org/10.1016/j.jinteco.2009.11.003
- Yoo, Sung-Jin and Sang-Kuck Chung (2019), "Contagion between US and Asian Stock Markets", Journal of International Trade & Commerce, 15(5), 57-75.