外文翻譯---資本流入亞洲：貨幣政策的作用-其他專業(yè)-文庫吧資料
2025-01-27 09:45本頁面
【正文】 se, effectiveness, and limitations of some of the most important policy instruments. The discussion in this paper is limited to the Asian experience with large capital inflows through the end of 1995, and the usefulness of macroeconomic policy tools in this environment. Consequently, the regional slowdown in 1996, and the financial crisis which erupted in 1997, are not covered here. The paper is anized in the following way. The next section defines some terminology used throughout the paper. Section III discusses the overall Asian experience with capital inflows, and reviews the main results and policy conclusions of the literature on the subject. Section IV reviews a simple model which clarifies the relationship between moary policy and capital flows. To illustrate the points the model makes, Section V discusses the Indonesian experience with capital inflows, while Section VI discusses the Thai experience. Section VII provides quantitative estimates of the constraints capital mobility imposes on moary management, and the contribution of moary policy to capital flows in Indonesia and Thailand. Section VIII summarizes and concludes. II. Definitions Some discussion of the terminology used here is in order, given the recent changes in balance of payments accounting As in previous literature on the subject, the term “capital inflow” in this paper refers to a decrease in the national asset position of the private and public sectors (excluding the central bank) over a certain period of time. Thus, increases in external debt or sales of equity will be recorded as capital inflows. In practice, capital inflows are measured by the surplus on the financial account in the new presentation of the balance of payments, plus errors and The financial account equals the sum of flows of foreign direct investment, portfolio investment (in debt and equity securities), and other investment, of which banking flows are an important element. Errors and omissions is a residual category which ensures that the balance of payments sum to zero。 1 本科畢業(yè)論文外文翻譯 外文題目： Capital Flows to Asia: The Role of Moary Policy 出 處： International Moary Fund, 700 19th Street ., Washington, DC 20431, . 作 者： TIMOTHY JAMES BOND 原 文： Capital Flows to Asia: The Role of Moary Policy Abstract. Moary policy played an important role in the Asian experience with capital banks used moary 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 moary policy was an important source of inflows to Indonesia and Thailand in recent years, and that the independence of moary p
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