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陆佳莹 · 2022年12月15日

课上讲发展中国家进行干预更加有效,那为啥不选C呢?另外B关于持续性这点在讲义哪里讲到了?

NO.PZ2018091706000057

问题如下:

If the emerging market country used capital controls instead, this approach would:

选项:

A.

lead to a less independent monetary policy

B.

be more likely to succeed when capital flows are less persistent

C.

require that the ratio of foreign exchange reserves to FX market turnover be high

解释:

Although the empirical evidence is mixed, to a large extent the relativesuccess of capital controls depends on the magnitude and persistence of the capitalinflows that the policymakers are trying to resist (the less persistent, the higher theeffectiveness). A successful capital control policy tends to increase, not decrease,monetary policy independence. As a regulatory measure, capital controls do not dependdirectly on the level of foreign exchange reserves.

解析:尽管经验证据好坏参半,但在很大程度上,资本管控的有效力取决于政策制定者试图抵御的资本流入的规模和持续性(持续性越弱,有效性越高)。所以B选项正确。

一个成功的资本管控政策倾向于增加而不是减少货币政策的独立性。所以A选项错误。

作为一项监管措施,资本管制并不直接取决于外汇储备水平。所以C选项错误。


课上讲发展中国家进行干预更加有效,那为啥不选C呢?另外B关于持续性这点在讲义哪里讲到了?

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笛子_品职助教 · 2022年12月16日

嗨,努力学习的PZer你好:


课上讲发展中国家进行干预更加有效,那为啥不选C呢?


外汇市场的干预,并不是资本管制。

我们看C选项。C选项说实行资本管制需要很高的外汇储备,这是不对的。

资本管制是指,通过行政命令,禁止资金进出外汇市场。比如中国实行的资本管控,居民自由带美金出国不得高于5万美元,高于5万美元需申请并满足XX、XX条件。这个政策的实施是依托于行政命令,不需要高的外汇储备。

外汇储备高,意味着央行干预外汇市场的能力强,比如央行可以在外汇市场直接交易。外汇干预和资本管制,是两个不同的概念。


另外B关于持续性这点在讲义哪里讲到了?

B选项说,如果资本流动本来就比较小,资本管控更容易成功。正确。

比如美国这样的国家,资本流动量持续都很大,就无法实行行政命令上的资本管控。

如果是朝鲜这样的国家,资本流动量持续都很小,就很容易形成资本管制。

在我们讲义是有的,见下方基础讲义,画红色线部分。


只是文字表述方式不一样,但是含义是一样的。

资本管控是为了减少资本流入的量。所以如果本来资本流入量就很小并且也不持续,那么管控就更容易成功。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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