yifan Hu2018-11-09 06:17:54

习题Connor Wagener 中的第四题Assume an emerging market (EM) country has restrictive monetary and fiscal policies under low capital mobility conditions. Are these     policies likely to lead to currency appreciation, currency depreciation, or to have no impact?  解析 The currency is likely to appreciate. The emerging market country has both a restrictive monetary policy and restrictive fiscal policy under conditions of low capital mobility. Low capital mobility indicates that interest rate changes induced by monetary and fiscal policy will not cause large changes in capital flows. Implementation of restrictive policies should result in an improvement in the trade balance, which will result in currency appreciation. 不是说在low mobility 下 restrict both monetary 和 fiscal 产生是undetermined 因为restrict monetary 导致升值,restrict fiscal 导致贬值。 但这里得答案是升值，麻烦解释一下。谢谢。