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首页> 外文期刊>Journal of Monetary Economics >Foreign exchange reserves as a tool for capital account management
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Foreign exchange reserves as a tool for capital account management

机译：外汇储备作为资本账户管理的工具

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摘要

Recent theoretical papers argue that countries can insulate themselves from volatile world capital flows by using a variable tax on foreign capital as an instrument of monetary policy. But empirical papers argue that we rarely observe these cyclical capital flow taxes used in practice. We construct a small open economy model where the central bank engages in sterilized foreign exchange intervention. When private agents freely trade foreign bonds, sterilized intervention has no effect. But we prove that when frictions prevent the free trade in foreign bonds, optimal sterilized foreign exchange intervention is equivalent to an optimal tax on foreign capital. The model is then calibrated to match the levels of capital account restrictions that we observe in the data. For levels of capital account openness that we observe in many emerging market economies, a variable tax on capital flows is a close approximation for sterilized foreign exchange intervention. (C) 2020 Elsevier B.V. All rights reserved.
机译：最近的理论论文认为，各国可以通过对货币政策的工具来利用外国资本的可变税来阻止自己从挥发世界资本流动。但实证论文认为，我们很少观察到实践中使用的这些周期性资本税。我们建设了一个小型开放经济模式，中央银行从消毒的外汇干预措施。当私人代理商自由贸易外国债券时，灭菌干预无效。但我们证明，当摩擦防止外国债券的自由贸易时，最佳的消毒外汇干预相当于对外资的最佳税收。然后校准模型以匹配我们在数据中观察到的资本账户限制的水平。对于我们在许多新兴市场经济中观察到的资本账户开放的水平，对消毒外汇干预的消毒剂流动的可变税收是一个密切的近似。 （c）2020 Elsevier B.v.保留所有权利。

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