The size and timing of devaluations in capital-controlled economies
研究资本管制下政策制定者如何通过调整固定汇率来最小化实际汇率错配成本，并用17个拉美国家1957-1990年的数据验证了模型预测。
In this paper, we consider a policymaker in a stochastic environment who pegs the nominal exchange rate and adjusts the peg periodically so as to minimize the flow cost of real exchange-rate misalignment and the fixed cost of peg readjustment. Characterizing the real exchange rate as regulated Brownian motion permits the policymaker's problem to be solved for the optimal size and timing of devaluations. Using cross-sectional data on 80 peg episodes from seventeen Latin American countries over the 1957–1990 period, we find empirical support for the model's main predictions.