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SHAO · 2024年02月20日

老师，请问capital control和货币政策独不独立有什么关系呀，A选项怎么理解呢

  1. CFA II
  2. Economics Analysis

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。


老师，请问capital control和货币政策独不独立有什么关系呀，A选项怎么理解呢？货币政策独不独立怎么看呢？

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笛子_品职助教 · 2024年02月20日

嗨，爱思考的PZer你好：


老师，请问capital control和货币政策独不独立有什么关系呀，A选项怎么理解呢？货币政策独不独立怎么看呢？


同学这里先了解一个知识点。

基础班上，何老师讲过一个知识点：三元悖论。

三元悖论是指：独立的货币政策、完全资本自由流动、固定汇率，这3个条件，最多满足2个。不可能三个都满足。


只有在了解以上知识点的基础上，我们才能解本题。

本题已知：used capital controls instead，资本管控，也就是不满足“完全资本自由流动”这个条件。

因此，其他两个条件：独立的货币政策、固定汇率，就可以满足了。

A说货币政策不独立，错误。

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