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由贸易和金融渠道传导的外部冲击会对国内产出稳定产生负面影响,且影响程度取决于国内经济增长依赖外部需求的程度,对外依存部门的周期性程度,以及金融发展对外部储蓄的依赖程度。同时,金融部门的开放程度、资产负债组合、由资本流动的骤然变化引起的波动,对货币当局维护金融稳定的目标也带来了挑战。本文以印度为例,解释了在当前状况下货币政策对国际经济变化反应越发敏感的原因,以及外部因素对货币管理带来的主要挑战。
External shocks conducted by trade and financial channels will have a negative impact on domestic output stability, and the degree of impact depends on the extent to which domestic economic growth depends on external demand, the degree of cyclical dependence on external dependencies, and the dependence of financial development on external saving . At the same time, the opening up of the financial sector, asset-liability portfolio, and the volatility caused by the sudden changes in capital flows pose challenges to the monetary authorities in maintaining the goal of financial stability. This article, taking India as an example, explains the reasons why monetary policy is more and more responsive to the changes in the international economy under current conditions and the main challenges brought by external factors to monetary management.