外文翻译---资本流入亚洲货币政策的作用.doc

PAGE PAGE 1 外文翻译资本流入亚洲：货币政策的作用 中文2950字 本科毕业论文外文翻译 出 处：International Monetary Fund, 700 19th Street N.W., 外文题目： 作 者： 原 文： Capital Flows to Asia: The Role of Monetary Policy Abstract. Monetary policy played an important role in the Asian experience with capital inflows.Central banks used monetary policy to contain the threat of overheating, but the resulting increases in interest rates attracted additional inflows. Empirical measurement of these links shows that tight monetary policy was an important source of inflows to Indonesia and Thailand in recent years, and that the independence of monetary policy decreased during the inflow period. Key words: Capital inflows, monetary policy. I. Introduction The magnitude of private capital inflows to developing countries increased sharply in recent years. Due to the macroeconomic pressures that these inflows generate,economists have devoted substantial attention to the issue of designing an appropriate policy response. The Asian experience with capital inflows offers some important lessons in this area. This paper reviews the capital inflow episode in Asia, and focuses in more detail on the experience of two countries: Indonesia and Thailand. Monetary policy played a key role in these countries, both as a response to capital inflows, when sterilization was used to limit the expansion of monetary aggregates, and as a cause, when increases in interest rates to counter overheating attracted additional inflows. For this reason, and because the importance of monetary policy has been underemphasized in the literature,1 the paper analyzes the relationship between monetary policy and capital flows in some detail. It concludes that the Asian experience with capital inflows illustrates the difficulty of maintaining monetary independence with an exchange rate target and an open capital account. Under these conditions, monetary policy will decline in usefulness as capital mobility rises, and macroeconomic