匯率、利率與貨幣政策-臺灣實證分析

1、F|ae-|UMDs-peGi vBQvPfFxWR-peOG-O-peX-pe-pesGNSC892415H 170002G8981891031-peDHGfGgs|89 12 BK-nGWvAPfBQvtZBgbtBbgvYCb-sPzAsHOWAiRAHMDAXOWzPCbQvAPvwqiPC|AviU-zwqp:WvBvBvBvCsPvPAGGb 1980NAvPvTCA1990Nh-YzXCoP1980NwC-FvFKYAifFfdCAv-vTAAgBiXfCuAvw-vThAAQvtZBviCGvBQvBfFBOW AbstractThe Exchange Rate , Inter

2、est Rate, and Monetary Policy- An Empirical Study of Taiwan Ya-Hwei YangVolatility in exchange rates may be caused by international capital mobility, interest rate differences between those at home and abroad, domestic monetary policy, purchasing power, economic growth, and so on. The relationships

3、between these factors, however, may change according to different periods and different definition of exchange rates. Different econometric methods can be adopted to evaluate these relationships.The nominal exchange rate, real exchange rate, effective exchange rate, and real effective exchange rate

4、have different meanings in terms of exchange rates. These data are tested through various functions. This study estimates the exchange rates of different definition. It shown that the effective exchange rate were undervalued in the 1980s, and overvalued in 1990s.In the long run, change in the exchan

5、ge rate is more strongly influenced by fundamental real factors than by short term financial factors. In the short term, volatility in the exchange rate is usually attributed to fluctuations in short-term financial price, instead of fundamental factors.KeywordsGExchange Rate, Interest Rate, Monetary

6、 Policy, TaiwanGB-petPGPWcAvPQvAHfAKYCvLAqTwvADIvA1989lvCHv-AvMwPAPfYPCA|bPXPAHgPQvt-nAHw-xAFwavi|vTCtAPWcA-nJCsvPh-AOwvPuvAXPvTCTBGPQGstU-zeG1. imzGJmAHvBQvPfFz-QCzARO-BfRkB-kC2. RiAAvMwPiXIAvBeIAPFUC3. vwqvwq-YPAPitApWvBvBvBvAoHCv-pGpUGqfqf WvGqfqf=ijERO-Gijwnj iitjjtppppp (10= (t ijijjnwEEij1=E0i

7、nE t(Win .E02iE t(2WiE 1iE t 1i(1Wi=vGREER =( ( t ijijw t jjt iijnjnwEEppppij ij00011:1. i Gj Gt G-p0Gwij Gvpi Gp j Gn GD-nT-2.v:(1XfvXf-D-nTXf-jXXXWjijij =1(2Tv=+=j jjiijjiijMXMXMXW11GQ-qfABJBjB-SBDBGBBsYBkk-BLBBHBT-PD-nTTPj=BC4. wvUzAPAbWPuHGPAsOQCPvTAvTDAGiXfBgCvTuAS -wBQvBC|B-peGGsivBQvPfFRAsASO

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18、fic BasinCountries, Taiwan Economic Review, 26(2, June, pp.127-143.a1988AuvfkhvAuZA102A14-20CEwBR(1990AuxWvMwPvAxWPDQ|Cx1983Ausxv-pkQGHXfT-vvAxWgZA191A10-19C-JKBLE1997Auv-PFvAgA251A 97-121CJ-1987AuQvBvVPgvAA55A2-9CJf1996AuTwv|FP-vAgAs|gsA243A455-498CKBi_1997AuvwBPv-wvA gAs|gsA252A 123-162CKBi_1998AuBvzwPivAgAs|gsA262A 113-155Coi(1976AusxvvTGRv Ag 19:41-51. 1988A uvTsxv RvAfTA 52A 1-5C BLf(1984A uexWv Aqfzk vAxWoi|A|g