资本流入亚洲：货币政策的作用[文献翻译]

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1、本科毕业论文外文翻译外文题目：CapitalFlowstoAsia:TheRoleofMonetaryPolicy出处：InternationalMonetaryFund,70019thStreetN.W.,Washington,DC20431,U.S.A.作者：TIMOTHYJAMESBOND原文：CapitalFlowstoAsia:TheRoleofMonetaryPolicyAbstract.MonetarypolicyplayedanimportantroleintheAsianexperiencewithcapitalinflows.Ce

2、ntralbanksusedmonetarypolicytocontainthethreatofoverheating,buttheresultingincreasesininterestratesattractedadditionalinflows.EmpiricalmeasurementoftheselinksshowsthattightmonetarypolicywasanimportantsourceofinflowstoIndonesiaandThailandinrecentyears,andthattheindependenceofmon

3、etarypolicydecreasedduringtheinflowperiod.Keywords:Capitalinflows,monetarypolicy.I.IntroductionThemagnitudeofprivatecapitalinflowstodevelopingcountriesincreasedsharplyinrecentyears.Duetothemacroeconomicpressuresthattheseinflowsgenerate,economistshavedevotedsubstantialattentiont

4、otheissueofdesigninganappropriatepolicyresponse.TheAsianexperiencewithcapitalinflowsofferssomeimportantlessonsinthisarea.ThispaperreviewsthecapitalinflowepisodeinAsia,andfocusesinmoredetailontheexperienceoftwocountries:IndonesiaandThailand.Monetarypolicyplayedakeyroleinthesecou

5、ntries,bothasaresponsetocapitalinflows,whensterilizationwasusedtolimittheexpansionofmonetaryaggregates,andasacause,whenincreasesininterestratestocounteroverheatingattractedadditionalinflows.Forthisreason,andbecausetheimportanceofmonetarypolicyhasbeenunderemphasizedintheliteratu

6、re,1thepaperanalyzestherelationshipbetweenmonetarypolicyandcapitalflowsinsomedetail.ItconcludesthattheAsianexperiencewithcapitalinflowsillustratesthedifficultyofmaintainingmonetary9independencewithanexchangeratetargetandanopencapitalaccount.Undertheseconditions,monetarypolicywi

7、lldeclineinusefulnessascapitalmobilityrises,andmacroeconomicmanagementwillbecomemoredifficult.Consequently,countriesshoulddevelopothermeansofrespondingtocapitalflows,suchasfiscalpolicyorincreasedexchangerateflexibility.TheAsianexperiencewithcapitalinflowscanprovidevaluablelesso

8、nstopolicymakersinothercountries,forseveralreasons.Fir