论文标题
世界各地的FX弹性：战斗挥发性跨境资本流动
FX Resilience around the World: Fighting Volatile Cross-Border Capital Flows
论文作者
论文摘要
我们表明，无论是否实施了资本控制，资本流量（CF）波动率对汇率（FX）波动都会产生不利影响。但是，某些宏观经济基本面可以显着调节这种影响，这些基本面反映了贸易开放性，外国资产持有，货币政策缓解，财政可持续性和金融发展。通过这些宏观经济基本面的阈值水平，CF波动性的不利影响可能可以忽略不计。我们进一步构建了直观的FX弹性措施，该措施评估了一个国家的汇率的实力。
We show that capital flow (CF) volatility exerts an adverse effect on exchange rate (FX) volatility, regardless of whether capital controls have been put in place. However, this effect can be significantly moderated by certain macroeconomic fundamentals that reflect trade openness, foreign assets holdings, monetary policy easing, fiscal sustainability, and financial development. Passing the threshold levels of these macroeconomic fundamentals, the adverse effect of CF volatility may be negligible. We further construct an intuitive FX resilience measure, which provides an assessment of the strength of a country's exchange rates.
