... seminal paper by Frenkel and Levich (19 77), followed by many others including Dooley and Isard (19 80), Otani and Tiwari (19 81) , and Frankel (19 84 and 19 91) among others, is one of the most useful ... countries removed capital controls in the 19 80s Frankel (19 92) reviewed literature on the analysis of international capital mobility in the 19 70s and 19 80s, and concluded that interest rate parity ... literature and applies the methodology adopted by Cheung, et Al (2003), Otani and Tiwari (19 81) , and Otani (19 83) to examine the effectiveness of China’s capital control and money market integration...