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題 名 | 臺灣部門效果與貨幣傳遞機制關聯性之探討=Investigating the Relationship between Sectoral Effect and Monetary Transmission Mechanism: The Case of Taiwan |
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作 者 | 張瑞娟; 徐茂炫; 宋旻芬; | 書刊名 | 經濟情勢暨評論 |
卷 期 | 12:1 民95.06 |
頁 次 | 頁106-130 |
分類號 | 561.1 |
關鍵詞 | 信用管道; 部門不對稱性; 開放經濟; Credit channel; Sectoral effect; Open economy; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究主要目的亟欲探討部門效果與貨幣傳遞機制之關聯性;其中特別將貿易部門(tradable sector)及非貿易部門(non-tradable sector)之廠商加以區分,用以釐清此二部門之差異是否會突顯信用管道(credit channel)的重要性。本研究以臺灣季資料作為實證對象,並使用向量自迴歸模型(vector autoregressive model)進行衝擊反應分析,用以探討貨幣政策經由利率管道及信用管道傳遞之相對重要性。實證結果指出,當考慮部門不對稱性時,確實能突顯信用管之相對重要性。此結果實有助於觀察實證上部門融資機會不對稱性效果,與此等不對稱性效果對整體經波動影響之相關議題探討。 |
英文摘要 | The main purpose of this study is to investigate the relationship between the sectoral effect and monetary transmission mechanism. In particular, we distinguish tradable sector and non-tradable sector to investigate whether the strength of the credit channel is associated with sectoral asymmetry. Methodologically, we adopt Taiwan quarterly data and use vector autoregressive models in order to analyze the impulse response function and to compare the relative importance between the interest rate channel and the credit channel in monetary transmission. The empirical results show that considering the sectoral asymmetry is contributive to promote the importance of the credit channel. This provides the understanding of sectoral asymmetry of financial opportunities and improves the discussion of relevant issues on the monetary transmission mechanism. |
本系統中英文摘要資訊取自各篇刊載內容。