In strong competitive economies where capital inflows are vibrant, the liberalization of the capital account can lead to continued inflows of foreign exchange. In less competitive economies, particularly where there is the expectation that the exchange rate cannot be maintained, liberalization of the capital account can lead to outflows of foreign exchange. Jamaica experienced this for several decades.
Indeed, following the South-East Asian crisis of the mid nineties, Malaysia re-imposed exchange controls in order to pre-empt short term outflows, to staunch the outflow of capital and to rebuild reserves. From all reports this appears to have worked and though this is not a recommendation, it is one of the few cases where re-imposition of exchange controls has been successful.