问题如下：
6. The factor that McFadden is most likely referring to in Statement 4 is:
选项：
A.FX reserve levels.
B.domestic demand.
C.the level of capital flows.
解释：
A is correct.
EM countries are better able to influence their exchange rates because their reserve levels as a ratio to average daily FX turnover are generally much greater than those of DM countries. This means that EM central banks are in a better position to affect currency supply and demand than DM countries where the ratio is negligible. EM policymakers use their foreign exchange reserves as a kind of insurance to defend their currencies, as needed.
考点：Exchange Rate Management: Intervention and Controls .
解析：发展中国家和新兴国家的中央银行对于外汇干预的能力要强于发达国家，这是因为发达国家的外汇体量太大了，以至于发达国家的中央银行无法储备那么多的外汇去干预市场 。相比较而言，发展中国家的贸易交易量占它本国GDP比重很低，因此需要相对较少的外汇准备就能很好地稳定币值。所以外汇储备干预经济的方法在发展中国家运用的比较有效。
老师，可以对比下这题和No.PZ2018091706000057 (选择题) 么？
No.PZ2018091706000057 (选择题) 中的答案是：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。
跟这题的解释似乎有冲突~？
