RIEB Discussion Paper Series No.2026-23

Title

Capital Flow Management in the ASEAN+3: A High-Frequency Database and Its Stylized Facts

Abstract

We build a monthly, action-level database of capital flow management measures (CFMs) for the fourteen ASEAN+3 economies from the March 2024 compilation by the ASEAN+3 Macroeconomic Research Office. We recover the effective month of the measures that the compilation dates only to a year, raising the share of actions with a documented month from 75 to 88 percent, and we check the result month by month against Binici, Das and Pugacheva (2024; hereafter BDP) for the seven economies both databases cover; the other seven extend the monthly record to half of the region. We build the indices that BDP define and add cumulative indices of CFMs on gross inflows and on gross outflows, which show which side of the capital account an economy acts on: the region’s positive net stance by the end of the window rests entirely on an easing of measures on outflows. The region shows three phases of policy where BDP report two, and approval requirements, a minor instrument in BDP, are a leading instrument of its emerging markets. Most actions (70 percent) adjust a measure that stays in place; indices that record only whether a measure exists cannot see them. The database is released with the paper.

Keywords

Capital flow management measures; Capital controls; Macroprudential policy; Policy database; ASEAN+3

JEL Classification

F32, F38, E58, G28

Note

The accompanying Excel workbook (asean3_cfm_mpm_index_ver36.xlsx) is available on the author's website.

Inquiries

Yang ZHOU
Graduate School of Economics, Nagoya City University, JAPAN

Shigeto KITANO
Research Institute for Economics and Business Administration
Kobe University
Rokkodai-cho, Nada-ku, Kobe
657-8501 Japan
Phone: +81-78-803-7036
FAX: +81-78-803-7059