Crisis and recovery in Malaysia : the role of capital controls 1. State of the debate 2. Pre crisis Malaysian economy : an overview 3. Capital account opening capital inflow and share market boom 4. Capital flows and signs of vulnerability 5. Onset of the crisis policy slippage and economic collapse 6. Policy turnaround : from muddling through to capital control 7. The recovery 8. The role of capital control 9. Conclusion The prime focus of the book is on Malaysias radical policy decision to pursue an independent recovery path cut off from world markets by a system of capital control as a viable alternative to the conventional market centred approach. The analysis suggests that against the initial dire predictions of many economists the capital controls have actually played a crucial supportive role in crisis management. Whether the controls have played a special role in delivering a superior recovery outcome in Malaysia compared to IMF program countries remains a point of contention. However there is strong evidence to suggest that this pragmatic policy choice was instrumental in achieving recovery while minimising potential economic disruption and related social costs