花了很久的時間都沒有辦法自己解決,可否幫我解答一下,
1. 我的註解(footnote) 的下行與下行的空格太大, 要如何修正?
2. 我的註解會一直擠掉本文, 要如何設定才會像word 一樣, 註解的內容的長度是固定的, 如果擠不下會自動換到下一頁?
3. 我的註解, 首行會自動內縮, 如何才能設定成首行不內縮?
謝謝大家
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\begin{document}
Although hoarding reserves could prevent currency crisis stem from contraction,
it is usually accompanied with an opportunity cost because there is a positive yield spread between
the interest rate paid by foreign bonds (US treasury bills, for example)
and domestic bonds under normal circumstances. Rodrik (2006a) estimated the price of excess reserve holdings
more than 1\% GDP in 2004 in EMCs.
\footnote{\noindent Rodrik (2006a) defined the excess foreign reserves as
total reserves minus gold deduct three month of import.
The opportunity cost is excess foreign reserves multiplies spread of interest rate assumed 5 percent.
Rodrik refer the opportunity cost of holding foreign reserves to social cost in his paper.}
Since 1980 when Taiwan was forced out of the International Monetary Fund (IMF),
Taiwan has been excluded from the studies of IMF foreign reserves
apart from three essays studied for Taiwan's foreign reserves before the East Asian crisis.
\footnote{\noindent Three essays discussed Taiwan's case study is Xie (1973), Chen (1986), and Huang and Shen (1999),
respectively. We will introduce it later.
Flood and Marion (2002) explained Taiwan, China, and South Korea's change of foreign reserves in its past 20 years
in appendix.
But it excluded Taiwan in the empirical study. IMF (2003b) is written by Hali Edison,
using panel regression to compare the determinants of foreign reserves of Latin America with
Asian emerging market economies and evaluate whether or not their reserve holdings is deviated from the mean.
Taiwan is one of the samples but no individual explanation of it. }
The purpose of this paper is the discussion of adequacy in Taiwan's reserve holding by mean of approaches addressed by the previous literature.
In general, the core content of foreign reserve holding focuses on its adequacy. The adequacy of foreign reserve holdings can be divided into two parts. One is optimal foreign reserve holdings and the other is sufficient foreign reserve holdings. The former is based on the inventory model which was proposed by Heller (1966), Hamada and Ueda (1977), and Frenkel and Jovanovic (1981). They compared the opportunity cost of holding foreign reserves with cost of adjusting imbalance of payment and proposed that the optimal foreign reserves is affected by marginal propensity to import, interest rate, and volatility of balance of payment. The merit of type of Heller's formula is able to exactly calculate optimal foreign reserves and the comparison of it to actual foreign reserves can determine whether or not the reserve holdings are adequate.
As far as sufficiency is concerned, the indicators of sufficiency of foreign reserve holdings vary from different economic environments. Generally speaking, foreign reserve holdings should be enough to finance 3-4 months imports prior to 1970s, but since 1990, EMCs have successively suffered from currency crisis so that the consideration of foreign reserve holdings based on transactional motive which lacked consideration of impact on capital mobility, and was unable to fully respond to issues of adequacy. It became necessary for new indicators to consider capital sudden stop and capital flight.
\footnote{\noindent In general, capital outflows are stemmed from either foreign capital outflows or investment of foreign asset by resident, while capital flight means that residents urgently translate their domestic currency into foreign exchange for political or economic unstable. More detail can refer to Schneider (2003). Furthermore, foreigner or foreign financial institutions no longer prolong the loan for domestic company or its investment is called capital sudden stop, in general. The related explanation can refer to Calvo (1996). }
\end{document}
