Chen, Lai and Tsaur（1988）從動態分析的觀點証明「資本完全移動」之假設與「可貸資金說」具有邏輯的一致性。本文據此分析奠基於資本完全移動假定之下的利率平價條件反映的正是債券市場的均衡狀態，而未必是國際收支的平衡。本文補充本刊本期陳昭南、賴景昌與張俊仁一文因忽略此一論點，以致若干圖形的解析未盡妥切之處。

　　　　　Chen, Lai and Tsaur (1988) demonstrated from the perspective of dynamic analysis that Mundell's model of perfect mobility is logically consistent only within the framework of the loanable funds theory. This paper shows that based on the assumption of perfect capital mobility, the conditions for interest rate parity reflect, not necessarily an external balance, bnt an instantaneous securities balance. This paper also points out that Chen, Lai and Chang (2001), in this issue, ignore the implications of perfect capital mobility; therefore, some of their diagrammatic analyses may not be entirely accurate.