Second, the liberalisation of capital flows, which will be necessary to the further
development of domestic financial markets and to which ASEAN countries are committed
to achieve under the AEC, will require increasing flexibility in exchange rate regimes.
The trade-off between domestic monetary autonomy and exchange rate flexibility will
become increasingly acute as capital mobility increases; as will the scale required for
foreign exchange market intervention to limit exchange rate movements for more than
a very short (say, daily) interval. Such intervention, as well as capital controls, cannot
provide lasting solutions for problems such as protracted surges in capital inflows, which
ultimately have to be addressed by more fundamental policies (Filardo and Genberg,
2012; OECD, 2010a). The extent to which they can provide temporary solutions will also
decline as capital mobility increases.
Second, the liberalisation of capital flows, which will be necessary to the further
development of domestic financial markets and to which ASEAN countries are committed
to achieve under the AEC, will require increasing flexibility in exchange rate regimes.
The trade-off between domestic monetary autonomy and exchange rate flexibility will
become increasingly acute as capital mobility increases; as will the scale required for
foreign exchange market intervention to limit exchange rate movements for more than
a very short (say, daily) interval. Such intervention, as well as capital controls, cannot
provide lasting solutions for problems such as protracted surges in capital inflows, which
ultimately have to be addressed by more fundamental policies (Filardo and Genberg,
2012; OECD, 2010a). The extent to which they can provide temporary solutions will also
decline as capital mobility increases.
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