Capital Controls and the International Transmission of U.S. Money Shocks
在一个统一框架下检验资本管制能否隔离美国货币冲击对各国的影响，发现资本账户开放度对汇率和利率的反应影响不大，而汇率制度和美元化程度更能解释跨国差异。
We assess whether capital controls effectively insulate countries from U.S. monetary shocks, examining a large range of country experiences in a unified estimation framework. We estimate the effect of identified U.S. monetary shocks on the exchange rate and foreign country interest rates, and test whether countries with less open capital accounts exhibit systematically smaller responses. We find essentially no evidence of this. Other country factors such as the exchange rate regime or degree of dollarization explain more of the cross‐country differences in responses. The significant differences in responses we do find are more pronounced at short horizons.