Capital controls and foreign reserves against external shocks: Combined or alone?
利用1950年以来的丰富数据，研究资本管制如何影响外汇储备对美国货币冲击的反应，发现资本账户严格时储备反应不显著，但许多国家联合使用两者应对冲击，随着金融开放储备逐渐替代管制。
Long considered suboptimal, capital controls and FX interventions are now recognized as prudential measures. Yet, whether they are used in combination remains an open question. Thanks to a rich dataset from 1950, we investigate how the response of FX reserves to an exogenous US monetary shock depends on capital controls. The response is insignificant with a very close capital account. By contrast, for a significant number of countries, FX reserves and capital controls are combined to tame the effects of an international financial shock. Yet, as countries open up financially, FX reserves replace capital controls. There is no one-sizes-fits-all recipe.