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Pina · 2021年11月10日

考点

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。


老师好 这里是在考 key issues on if intervention and cital contriols will work in terms of 1. fixed FX, 2. mobility of cpital and 3. independent monetary policy 吗?是三者中只能两个成立 吗?谢谢。

2 个答案
已采纳答案

笛子_品职助教 · 2021年11月11日

嗨,从没放弃的小努力你好:


这题也可以从三元悖论的角度去理解。


资本自由流动,独立的货币政策,固定汇率,三者不可兼得。


A选项:既然资本自由流动,那自然那会更加独立。而不是更不独立。lead to a less independent monetary policy,不对。

B选项:政策越有效,资本流入的规模和持续性越短,正确。

C选项:资本管制并不要求外汇储备水平,不选C。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

笛子_品职助教 · 2021年11月19日

嗨,努力学习的PZer你好:


If the emerging market country used capital controls instead, 是指 如果EM 开始控制资本自由流动是吗? 

是的,理解正确。


 前面回复中说 “资本自由流动,那自然那会更加独立” ,那么这题里控制多,也就是说更不独立?A是对的? 还是应该反过来,控制越多越独立?自由越多越不独立?

这个要修正一下回答。资本管控,货币政策会更独立。资本自由流动,货币政策越不独立。

应该翻过来:控制越多越独立,越自由越不独立。


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

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