Earlier IMF papers emphasised that capital controls should be imposed only in the face of temporary surges in inflows, arguing that the exchange rate should adjust when it came to permanent shocks.

早期的IMF文件强调只有遇到暂时性的资本流入大幅增加时才能采取资本管制措施，认为当涉及长期的资本冲击时，汇率应相应地调整。

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Labor supply shocks varied depending on the infection rate and mortality in a given country.

劳动力供给突变的幅度大小取决于一国的感染率和死亡率高低。

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That has undoubted appeal for policymakers in countries where floating-rate mortgages expose borrowers to the risk of payment shocks as rates rise.

对于那些采取浮动利率抵押贷款，利率增加时贷款人面临支付成本上升的国家的政策制定者来说，这无疑具有吸引力。

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However, by adopting the euro early, a country forgoes the flexibility of altering its exchange rate to absorb economic shocks.

ECONOMIST: Some EU candidates favour an early move to the euro

It is not just how banks manage their own exposures to interest rate movements, currency shocks and market swoons, but increasingly, it is a business in and of itself.

FORBES: Goldman Leads The Risk Parade

In the emerging-markets crisis that currently threatens the world economy, exchange-rate movements have not been absorbers of shocks but amplifiers and even creators of them.

ECONOMIST: One world, one money