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題 名 | 臺北、東京及倫敦境外金融市場整合性與互動關係研究=A Study on the Int'l Eurocurrency Markets Interrelationships Among Taipei, Tokyo and London |
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作 者 | 康信鴻; 方振豪; 李承翰; | 書刊名 | 交大管理學報 |
卷 期 | 18:1 1998.06[民87.06] |
頁 次 | 頁101-124 |
分類號 | 562.1 |
關鍵詞 | 境外金融中心; 共整合; 誤差修正模型; Offshore financial market; Cointegration; Error correction model; ECM; OBU; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究探討臺北境外金融市場與東京、倫敦等國際金融中心的整合性及互動關係 進行實證研究,利用誤差修正模式等來探究三境外金融市場之間長短期的互動關係。研究結 果認為利率傳導的方向並非一元化,臺北、東京及倫敦三境外金融市場在利率傳導方向上互 有領先落後關係存在,顯示並未有規模大小之絕對影響力存在,取決的乃是對國際資金價格 反映之快慢與否。 |
英文摘要 | The purpose of this study is to examine the interrelationships among Taipei offshore financial market and national financial centers of Tokyo and London. It employs the error correction model (ECM) to search for their long-term and shortterm relationship and the direction of interest rate transmission. The result finds that the direction of interest rate transformation is not one way, these three offshore financial markets have leading or laging relation each other. It means that the direction of interest rate transmission may not be absolutely influenced by market sizes. but depend on it's reactive speed to national capital price. |
本系統中英文摘要資訊取自各篇刊載內容。