低流动性的时候，新兴市场国家，紧缩财政和货币政策，不应该是经常账户主导，然后本币贬值吗？
材料L：
Question 1
Assume an emerging market (EM) country has restrictive monetary and
fiscal policies under low capital mobility conditions. Are these policies
likely to lead to currency appreciation, currency depreciation, or to have no
impact?
题目：
9. The best response to Question 1 is that the policies will:
A. have no impact.
B. lead to currency appreciation.
C. lead to currency depreciation.
-
B is correct. The currency is likely to appreciate. The emerging market country has both a restrictive
monetary policy and restrictive fiscal policy under conditions of low capital mobility. Low capital
mobility indicates that interest rate changes induced by monetary and fiscal policy will not cause
large changes in capital flows. Implementation of restrictive policies should result in an
improvement in the trade balance, which will result in currency appreciation.
