Financial cycles and domestic policy choices
研究发现，资本管制和浮动汇率在减弱国际金融冲击对国内金融和实体经济的影响上效果相当，但两者单独使用即可，无需同时采用。
The global financial cycle has raised concerns about the ability of emerging markets to insulate their economy from international spillovers. Using dynamic Local Projections we show that capital controls are as potent as floating exchange rates in dampening the response of international financial shocks on domestic financial variables and the real economy. We relate this finding to muted boom–bust cycles in short-term non-resident capital flows. However, the benefits of floats or capital controls are reaped in isolation, that is, either tool is enough. We attribute this pattern to nominal frictions in domestic labor markets.