NO.PZ2018091706000057
问题如下:
If the emerging market country used capital controlsinstead, this approach would:
选项:
A. lead to a lessindependent monetary policy
B. be more likely tosucceed when capital flows are less persistent
C. require that theratio of foreign exchange reserves to FX market turnover be high
解释:
Althoughthe empirical evidence is mixed, to a large extent the relativesuccess ofcapital controls depends on the magnitude and persistence of the capitalinflowsthat the policymakers are trying to resist (the less persistent, the highertheeffectiveness). A successful capital control policy tends to increase, notdecrease,monetary policy independence. As a regulatory measure, capitalcontrols 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。
b选项capital flow指的是什么,是不是可以理解成索罗斯这种国际间恶意投机的资金?