假设一个小国的中央银行面临世界利率R*的提高，这将会对该国的外汇储备产生什么影响？对其货币供给呢？通过国

假设一个小国的中央银行面临世界利率R^*的提高，这将会对该国的外汇储备产生什么影响？对其货币供给呢？通过国内的公开市场业务，该国能否消除这些影响？

Suppose the central bank of a small country is faced by a rise in the world interest rate，R^*．What is the effect on its foreign reserve holdings？ On its money supply？ Can it offset either of these effects through domestic open-market operations？