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廖廖酱 · 2019年12月06日

问一道题：NO.PZ2018091706000057

  1. CFA II
  2. Economics Analysis

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。


老师你好，针对这题的C选项有一个知识点不太明白，课件中所说的capital control是不是只指管控资本账户，而不包括直接干预外汇市场？而课件中effectiveness of intervention这里指的是不是直接干预外汇市场，而C选项中的意思是干预的有效性取决的因素，所以本题不选C？还有请问下管控资本账户一般政府可以有什么做法？谢谢。

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源_品职助教 · 2019年12月06日

嗨，爱思考的PZer你好：


同学，你的理解是对的。资本管控和干预是平行的两种方式。

资本管控的途径举例如下所示：

In the Asian fnancial crisis, many countries, such as Malaysia, prevented their banks from offering currency transactions in which their currency was sold. As mentioned earlier, Brazil has used a tax to limit currency transactions. In 2006, Tailand required a one-year, non-interest-bearing deposit of 30% of an investment’s value to reduce new foreign inflows, which had been appreciating
the Tai baht. Vietnam has limited the foreign ownership of local fnancial institutions. In 2015, Ukraine was removed from the MSCI Frontier Markets equity index after its central bank prevented foreign investors from repatriating funds from the sale of Ukrainian stocks. By 2016, Venezuela had instituted capital controls in the form of four different exchange rates, whereby the rate for selling Venezuelan bolivars for US dollars depended on what the dollars were used for. As a result, many Venezuelans used the black market to obtain dollars


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


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