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題 名 | 金融自由化下貨幣控制變數關係之研究=The Study of Relationship among Monetary Control Variables under Financial Liberalization |
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作 者 | 謝淑玲; 詹芬樺; | 書刊名 | 環球商業專科學校學報 |
卷 期 | 6 1998.12[民87.12] |
頁 次 | 頁21-32 |
分類號 | 561.18 |
關鍵詞 | 金融自由化; 貨幣控制; 共整性; Financial liberalization; Monetary control; Cointegration; |
語 文 | 中文(Chinese) |
中文摘要 | 由中央銀行所執行的貨幣政策目標最主要有四大項:(1)充分就業,(2)物價穩定 ,(3)經濟成長,(4)國際收支平衡.但我國自1979年起陸續推動許多金融自由化的相關配 合措施,包括:利率上下限之解除、開放民營銀行之新設、臺灣存託憑證業務之解禁、 匯出入款最高限額之放寬等,使得近二十年來,中央銀行面對多元多變的新金融體系. 本文旨在檢測金融自由化下貨幣控制變數間之關係,選用的變數為1979年迄1997年近 20年的月資料包括貨幣總計數--M1A、M1B、M2;準備貨幣;信用總計數(放款與投 資);金融業拆款利率;消費者物價指數(CPI)等8個變數.結果顯示除金融業拆款 利率外,其餘變數均具單位根,亦即資料本身不具穩定性;若將各變數對數值第一階 差分後,其Dickey-Fuller test或Phillips-Perron test,顯示變數均具穩定性.CPI,M1A, 金融業拆款利率;或CPI,M1B,金融業拆款利率;或CPI,M2,金融業拆款利率; 或信用總計數,CPI,金融業拆款利率變數間具共整性. |
英文摘要 | The final objectives of the monetary policy executived by the Central Bank are (1) Stabling CPI level (2) Moderating economic growth (3) Fulling employment (4) Favorabling balance of payments. The Central Bank has faced the new financial system since promoted the financial liberalization in 1979. The deregulation includes deregulation the restricts of interest rates, allowing to establish commercial banks,…etc. The purpose of this paper is to examine the relationship among the monetary control variables under the financial liberalization. These variables Monetary Aggregates-M1A, M1B, M2; Monetary Bases; Credit Aggregates (loan and investment); call loan rate; CPI. The data was sampled from 1979 to 1997. The results show the variables have units' root except the call loan rate. The variables won't have unit roots in Dickey-Fuller test or Phillips-Perron test after the first difference. In long term, there is cointegration among CPI, M1A, and call loan rate; CPI, M1B, and call loan rate; CPI, M2, and call loan rate; credit aggregates, CPI, and call loan rate. |
本系統中英文摘要資訊取自各篇刊載內容。