【行业研报】IMF-小型开放经济体的综合货币和金融政策（英）-2023.8_市场营销策划_重点报告2.docxVIP

Integrated Monetary and Financial Policies for Small Open Economies Suman Basu, Emine Boz, Gita Gopinath, Francisco Roch, Filiz Unsal WP/23/161 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. 2023 AUG ? 2023 International Monetary Fund WP/23/161 IMF Working Paper Research Department Integrated Monetary and Financial Policies for Small Open Economies Prepared by Suman Basu, Emine Boz, Gita Gopinath, Francisco Roch, Filiz Unsal* Authorized for distribution by Prachi Mishra August 2023 IMF Working Papers IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. ABSTRACT: We develop a tractable small-open-economy framework to characterize the constrained efficient use of the policy rate, foreign exchange (FX) intervention, capital controls, and domestic macroprudential measures. The model features dominant currency pricing, shallow FX markets, and occasionally-binding external and domestic borrowing constraints. We characterize the conditions for the “traditional prescription”—relying on the policy rate and exchange rate flexibility—to be sufficient, even if externalities persist. The conditions are satisfied for world interest rate shocks if FX markets are deep. By contrast, we show that to manage non-fundamental inflow surges and taper tantrums related to local currency debt, capital inflow taxes and FX intervention should be used instead of the policy rate and exchange rate flexibility. In the realistic case where countries face both shallow FX markets and external borrowing constra