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1、外文翻譯-一資本流入亞洲：貨幣政策的作用中文2950字本科畢業(yè)論文外文翻譯出處：InternationalMonetaryFund，70019thStreetN.W.，外文題目：作者：原文：CapitalFlowstoAsia:TheRoleofMonetaryPolicyAbstract.MonetarypolicyplayedanimportantroleintheAsianexperiencewithcapitalinflows.Centralbanksusedmonetarypolicytocontai
2、nthethreatofoverheating,buttheresultingincreasesininterestratesattractedadditionalinflows.EmpiricalmeasurementoftheselinksshowsthattightmonetarypolicywasanimportantsourceofinflowstoIndonesiaandThailandinrecentyears,andthattheindependenceofmonetarypolicydecre
3、asedduringtheinflowperiod.Keywords:Capitalinflows,monetarypolicy.I.IntroductionThemagnitudeofprivatecapitalinflowstodevelopingcountriesincreasedsharplyinrecentyears.Duetothemacroeconomicpressuresthattheseinflowsgenerate,economistshavedevotedsubstantialattent
4、iontotheissueofdesigninganappropriatepolicyresponse.TheAsianexperiencewithcapitalinflowsofferssomeimportantlessonsinthisarea.ThispaperreviewsthecapitalinflowepisodeinAsia,andfocusesinmoredetailontheexperienceoftwocountries:IndonesiaandThailand.Monetarypolicy
5、playedakeyroleinthesecountries,bothasaresponsetocapitalinflows，whensterilizationwasusedtolimittheexpansionofmonetaryaggregates,andasacause,whenincreasesininterestratestocounteroverheatingattractedadditionalinflows.Forthisreason^andbecausetheimportanceofmonet
6、arypolicyhasbeenunderemphasizedintheliteratureJthepaperanalyzestherelationshipbetweenmonetarypolicyandcapitalflowsinsomedetail.ItconcludesthattheAsianexperiencewithcapitalinflowsillustratesthedifficultyofmaintainingmonetaryindependencewithanexchangeratetarge
7、tandanopencapitalaccount.Undertheseconditions,monetarypolicywilldeclineinusefulnessascapitalmobilityrises,andmacroeconomicmanagementwillbecomemoredifficult.Consequently,countriesshoulddevelopothermeansofrespondingtocapitalflows,suchasHscalpolicyorincreasedex
8、changerateflexibility.TheAsianexperiencewithcapitalinflowscanprovidevaluablelessonstopolicymakersinothercountries,forseveralreasons.First,capitalinflowsbeganearlierinAsia,andhaveenduredlonger.In
