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ica.kiwi · 2024年06月20日

关于Hot Money

请问老师,如何理解关于hot money里的这段话?


Central banks often try to combat hot money flows by intervening in the currency market to offset the exchange rate impact of the flows. They may also attempt to sterilize the impact on domestic liquidity by selling government securities to limit the growth of bank reserves or maintain a target level of interest rates. If the hot money is flowing out rather than in, the central bank would do the opposite: sell foreign currency (thereby draining domestic liquidity) to limit/ avoid depreciation of the domestic currency and buy government securities (thereby providing liquidity) to sterilize the impact on bank reserves and interest rates. In either case, if intervention is not effective or sufficient, capital controls may be imposed.

1 个答案

源_品职助教 · 2024年06月20日

嗨,努力学习的PZer你好:



这段话主要讲解了一国运用冲销干预的方法治理热钱的流动性问题。

比如热钱涌入,那么一国当局为了稳定汇率,首先在外汇市场上抛售本币。

那么市场上的本币就多了。冲销干预就是该国央行再实施一个紧缩的货币政策,把这部分多余流动性回收回来。

同理,热钱流出,一国当局为了稳定汇率,首先只外汇市场上买入本币

那么市场上的本币就少了。冲销干预就是该国央行再实施一个宽松的货币政策,补足流动性。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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