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題名 | 匯率與沖銷干預--臺灣的實證研究=Sterilized Intervention: Some Evidence from Taiwan |
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作者 | 朱美麗; 曹添旺; 簡美瑟; Chu, Mei-lie; Tsaur, Tien-wang; Chien, Mei-se; |
期刊 | 經濟論文叢刊 |
出版日期 | 19960900 |
卷期 | 24:3 1996.09[民85.09] |
頁次 | 頁383-411 |
分類號 | 563.2 |
語文 | chi |
關鍵詞 | 匯率沖銷干預; 抵銷係數; Exchange rates; Sterilized intervention; Offset coefficient; |
中文摘要 | 鑑於沖銷干預的實證文獻,多著重於資產市場的分析:而忽略財貨市場 與經常帳的影響,本文擬建立一包括資產與財貨市場的匯率沖銷干預模型,再以 共積方法進行台灣的實證研究,結果發現納入財貨市場後,本國通貨與債券對匯 率、外匯存底的影響會降低。文中並估計台灣的抵銷係數,得到的估計值相當小, 顯示貨幣政策有相當高的自主性。而過去文獻因忽略財貨市場與經常帳的影響, 以致所估計的抵銷係數絕對值偏高。 |
英文摘要 | By setting up a portfolio balance model with a goods market undermanaged floating exchange rates, this research explores the influence of expansions of money and bonds on exchange rates, and foreign reserves when the central bank adopts sterilized inrervention.Cointegration analysis is adopted to rest the theoretical long-runrelationships among economic variables. It is shown that the central bank intervention policy is that of leaning against, the wind.The inclusion of a goods market lessens the effects of changes inpolicies on exchange rates and foreign reserves in the long run. andempirical evidence also verifies these findings. The offset coefficientis estimated with a value smaller than previous studies. This indicates a shift in the attitude of the central bank in recent years. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。