Financial liberalization and adjustment: The cases of Chile and New Zealand
分析智利和新西兰在资本账户开放过程中的宏观调整，发现自由化后汇率波动加剧而利率波动减弱，对研究开放经济政策有参考价值。
This paper analyzes macrodynamic adjustments during financial liberalization in Chile and New Zealand. During the adjustment to more open capital accounts in the late 1970s or mid-1980s, both countries experienced a real exchange rate appreciation and a collapse of net exports, while domestic interest rates slowly converged to international levels. This paper develops and estimates a two-sector dynamic model with current and time-varying parameter techniques. The domestic interest rate is relatively more responsive to shocks under imperfect capital mobility, while the real exchange rate becomes more responsive under perfect mobility. Therefore, capital account liberalization does not eliminate, but rather shifts, volatility from the domestic interest rate to the real exchange rate..