The fourth option is to impose capital controls on inflows (or liberalize controls on outflows). Leaving aside the issue of whether or not such controls are “leaky,” evidence suggests that controls on inflows of short-term “hot money” do not affect the overall amount of capital inflows. Thus, such controls are ineffective in reducing short-term cyclical pressure on the currency to appreciate.
第四种办法是对资本流入加强管制（或对资本流出放松管制）。姑且不论此类管制是不是漏洞百出，有证据显示，对短期“热钱”流入实施的管制措施并不能影响总体的资本流入量。所以，此类管制在减小本币升值的短期周期性压力方面没有用处。