As thelead author, Yin Zhichao, a teacher of the School of Finance,co-authoredthe paper “Capital Control and Monetary Policy Coordination: Tobin Tax Revisited” with Professor Peng Hongfeng, Professor Xiao Weiguo of Wuhan University, and Associate Professor Xiao Zumian, published in the journalResearch in International Business and Finance(2021.8).This journal is a SSCI journal with an impact factor of 4.09 in 2020, and belongs to the A1 journal of SDUFE.

In the DSGE analysis framework, this paper integrates developed countries’ monetary policy spillovers and Tobin tax ideas on emerging market countries, and explores the coordination of monetary policy and capital control under the conditions of an open economy.The paper divides monetary policy operations into three modes by refining the Tobin tax, at the aggregate level, into a policy impacting specific economic sectors.The simulation study found that the Tobin tax on the capital of thehousehold sector increases interest rates, and the Tobin tax on the capital of the corporate sector, combined with interest rate cuts, are favorable policy arrangements.Furthermore, it wasfound that by combining welfare analysis with the actual development of emerging economies, levying capital taxes on corporate sector capital and reducing interest rates is the optimal policy combination.