First . tl1e article discusses capital colltrol cthets in terms of tl1eon " al1d positivism , secondl } , on the basis of cost - retenue a11alysis oter capital control , the author explains wh " there are different altitudes tot ' ards capital col1trol in differcl1t countries ; at the el1d of tl1e chapter , the author analyses the shortcomings attacl1ed to tl1e fixcd exchange rate regil11e on tl1e basis of capital control . the fourth chapter discusses the other principle mechanisl1l - - - - lnarket tntertention l ' ron1 tl1e central bank 首先，本章在成本-效果框架内从理论和实证的角度考察了资本项目管制效力；然后，本章在提供了关于资本项目管制成本-收益的全面权衡框架的基础上，分析了不同国家对资本项目管制态度存在差异的原因；最后，本章讨论了资本项目严格管制条件下的汇率稳定问题，指出了资本项目严格管制条件下实行固定汇率制度的一系列弊端。
Utilize f - m model that improve to exchange rate analysis who system choose , separately at fixed exchange rate system and floating rate system control and combine together and result of the financial policy enter the monetary policies of developing country terms with different capital it walks analysis give and publish and in different economy out - of - balance the developing countries of states choose exchange rate the basic principles of system 对汇率制度选择的分析利用了改进的蒙代尔? ?弗莱明模型，分别对固定汇率制度和浮动汇率制度与不同的资本管制相结合条件下发展中国家的货币政策和财政政策的效果进行分析，进而给出处于不同的经济失衡状态的发展中国家选择汇率制度的基本原则。
7 . members noted that the risks to financial stability under a fixed exchange system , particularly a currency board system , included the greater exposure to interest rate volatility from speculative inflows and outflows and the possibility that the economic cycles for the linked currency and the reserve currency may not be perfectly synchronised , thus exacerbating economic swings and increasing the scope for unstable dynamics to develop 7 .委员会成员获悉，在固定汇率制度，尤其是货币发行局制度下，影响金融稳定的风险包括投机性资金流进及流出经济体系造成较大的利率波幅，以及本地货币与挂货币的经济周期可能未能完全同步，因而加剧经济波幅及增加不稳定因素出现的机会。
