Special Exchange Rates for Capital Account Transactions
讨论资本高度流动下，资产交易特殊汇率对政府政策的限制，指出政策必须满足资产持有者的全球回报率，否则将导致储备耗尽、汇率贬值或政策被迫调整。
The starting point for any discussion of special asset transaction exchange rates is the high mobility of capital. Assets markets are linked internationally in terms of risk and expectations-adjusted returns, and that linkage is potentially tight and rapid. That implies severe restrictions on the scope of government strategy. Policies must be such as to give asset holders the world rate of return, or they will seek to purchase assets abroad with one of three results: under a fixed rate, the stock of reserves will be depleted; under a flexible rate, the exchange rate will be depressed to a level where home returns are again in line with those abroad; or because of the threat of these responses, policies will be aligned with the requirements of asset markets rather than with governmental objectives and priorities.