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养小鹿 · 2021年03月17日

请问能否对解析里说的“持续性越弱,有效性越高”再进一步解释一下吗?

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。


请问能否对解析里说的“持续性越弱,有效性越高”再进一步解释一下吗?

1 个答案

丹丹_品职答疑助手 · 2021年03月18日

嗨,爱思考的PZer你好:



同学你好,可以这么理解,因为capital control 本身是一种政府采取行为来防御热钱从而影响经济的方法,但是它并不能完全消除它。如果热钱持续流入,那么他们的reserve也可能很快用完。所以资本流入的规模和持续性越低,capital control越有效

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

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