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亞洲央行干預外匯市場的有效性及對美國存託憑證價差的影響 / 無張美菁, Chang, Mei Ching Unknown Date (has links)
【第一篇論文中文摘要】
本文使用路透社央行干預匯市的新聞報導,探討哪些因素可以提高亞洲央行成功干預匯市的機率,研究期間為2005年1月至2011年4月。此研究期間涵蓋全球金融風暴和美國採行量化寬鬆政策,因此,亞洲貨幣在逐步對美元升值後發生大幅度的貶值。研究結果顯示印尼、馬來西亞、菲律賓、新加坡、台灣及泰國的央行採取逆風而行的策略是有效的干預方式,而且多個國家在同日干預匯市及第一日的干預會有較高成功的機率。
【第二篇論文中文摘要】
本文透過不同的研究方法針對亞洲國家央行干預匯率市場的有效性再次驗證,研究期間為2005年1月至2011年4月,實證結果顯示亞洲國家在次貸風暴期間面臨美元升值的壓力,央行會採取賣美元的方式來干預匯市,但是這種干預匯市的方式卻僅能減緩美元升值的趨勢,其中以印尼盾、新加坡元、新台幣紛紛對美元貶值較為明顯,而在次貸風暴發生之後,美國實施量化寬鬆政策造成亞洲國家卻面臨美元貶值的壓力,各國央行改採買美元的方式來干預匯市,但是此種干預匯市的方式也只造成美元緩慢貶值的趨勢,其中印尼盾、馬來西亞令吉、新加坡元、韓圜、泰銖分別對美元升值的趨勢較為明顯,此現象反應亞洲央行干預匯市是採取逆風而行的策略,雖然能降低匯率的波動,但無法改變匯率的升貶值趨勢。
【第三篇論文中文摘要】
本研究是在探討印度、印尼、南韓、馬來西亞、新加坡、泰國及台灣央行透過干預匯率市場,對其國家的公司在美國發行存託憑證折溢價的影響,研究期間為2005年1月至2011年4月。研究結果顯示央行對匯市干預造成的變動,確實會影響到該國公司在美國發行的存託憑證產生折價的情形。另外,亞洲央行使用買美元干預匯市的作法會對該國公司在美國發行的存託憑證產生溢價,而央行透過賣美元干預匯市的作法會對該國公司在美國發行的存託憑證產生折價的影響,但是由於樣本資料的限制,其效果在統計上並不顯著。由公司層面的分析可以看出央行透過賣美元來干預匯市對其國家的公司在美國發行的存託憑證會有明顯產生折價的影響。 / 【第一篇論文英文摘要】
Using Reuters’ news reports on central bank interventions, we investigate the factors that increase the odds of intervention success by Asian central banks in the foreign exchange market from January 2005 to April 2011. This period coincides with the global credit crisis and quantitative easing policy, which have engendered a sharp depreciation followed by a gradual appreciation of Asian currencies. The results show that leaning-against-the-wind intervention strategies are effective in Indonesia, Malaysia, Philippines, Singapore, Taiwan, and Thailand. We also find that joint and first day interventions are associated with higher odds of effective intervention.
【第二篇論文英文摘要】
This paper examines the effectiveness of central bank interventions in the foreign exchange market from January 2005 to April 2011 in Asia. The results show that the central banks in Asia intervene in the foreign exchange markets by selling U.S. dollars to prevent severe depreciation of local currencies during the global credit crisis. However, central bankers can only slow down the trend of depreciation of local currencies against U.S. dollar. The currencies apparently depreciate against U.S. dollar in Indonesia, Singapore, and Taiwan. After the global credit crisis, Asian countries confront appreciations of local currencies due to the US quantitative easing policy. The central banks in Asia intervene by purchasing U.S. dollars in the foreign exchange market. Nevertheless, intervention strategies slowly reduce U.S. dollar depreciations. The foreign exchange rate apparently appreciate against U.S. dollar in India, Malaysia, Singapore, South Korea, and Thailand. Results show that Asian central banks adopt leaning-against-the-wind intervention strategies during the sample period. Their interventions in the foreign exchange market can only reduce fluctuations in the foreign exchange rate, but fail to reverse the trend of Asian exchange rates.
【第三篇論文英文摘要】
This paper examines whether Asian central bank interventions in the foreign exchange market affect the discount or premium of American Depositary Receipt (ADR) of Asian companies from January 2005 to April 2011. The sample consists of companies from Indian, Indonesia, South Korea, Malaysia, Singapore. Empirical results show that central bank interventions increase ADR discounts of companies in Asian countries. In addition, interventions by purchasing U.S. dollars result in higher ADR premiums, and the strategies of selling U.S. dollars affect ADR discounts. Though some of the empirical results are not statistically significant due to limited sample size, results based on individual firms show that selling USD interventions by Asian central banks have a significant impact on their ADR discounts.
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中共應對美國「重返亞洲」策略之研究 / Research of China’s Countermeasures againt the U.S.’s “Asia Rebalancing” policy馬順隆 Unknown Date (has links)
中共自1979年推行「改革開放」政策,其社會主義市場經濟進入快速成長軌道,隨著綜合國力的日漸崛起,牽動著亞太區域乃至國際地緣政治的變化,並引發周邊國家對其國家戰略及軍事意圖產生疑慮,即使中共一再闡述「和平發展」及透過對話方式,以期化解各國對其崛起發展的疑懼,但由於開放資訊程度的不透明,在短期內迭起的「中國威脅論」難以改觀。
盱衡當今全球局勢,「中」美關係的發展確是重要考量因素。美國當前全球戰略與其國家安全利益,即是防止區域霸權崛起,威脅美國的區域安全利益。面對中共的崛起,美國己展開「重返亞洲」再平衡策略等一系列的遏制舉措,中共則展現企圖掌控亞太霸權的動機極其明顯。中共與美國戰略利益衝突勢難避免,可見未來的「中」美關係將更為嚴峻,這是中共第五代領導人習近平上台後及美國總統歐巴馬第二任期內的極大挑戰。從區域政治、經濟、安全的視角,無論是亞太區域權力競合、經濟資源開發或軍事策略運作、東海及南海主權爭議等,在在影響「中」美戰略競逐與形勢消長。
美國自2008年全球金融風暴之後,經濟頹勢與財政困頓,而中共的市場經濟持續發展,對於美國恢復經濟動能十分重要。由於經濟的互賴日漸加深,雙方處於一種既競爭又合作的關係。在此種競合交錯的複雜環境下,美國重返亞洲的策略布局,已然被中共視為遏制其崛起的一大挑戰。因此,全力在經濟、外交與軍事上採取各種反制的作為。在「中」美戰略競逐的新形勢下,中共應可體認自身實力與限制因素,在國際戰略情勢中,尋求對自己最有利的位置。 / Since the People’s Republic of China (PRC) released the “Chinese Economic Reform” in 1979, its socialism-oriented market economy has gone into a fast-growing orbit. With the rise of comprehensive national power, PRC has influenced the shape of Asia-Pacific region, even the global geopolitics, and resulted in the neighboring countries’ doubt on its national strategies and military intentions. Although PRC seeks to dissolve other countries’ doubt and fear through expounding on its peaceful development and dialogue, the opacity of information makes it difficult to change their views in a short time.
The development of China-United States relations is indeed a major consideration in current global situation. The global strategies and national security interests of United States are to prevent the rise of regional hegemony from threatening its regional security interests. Facing the rise of PRC, United States has implemented rebalancing strategy “Pivot to Asia” as one of the containment measures. On the other hand, the motivations which China is competing for the leadership in Asia-Pacific are obvious. The conflict of strategic interests between PRC and United States is inevitable, and their relations will be more difficult in the foreseeable future. It will be a great challenge for Xi Jinping’s administration, the PRC fifth leadership generation, and United Sates President Obama’s second term. In the perspective of regional politics, economics and security, whether the power competition in Asia-Pacific, development of economic resources, implementation of military strategies, or the sovereignty disputes in the East and South China Sea, they are all influencing the increase and decrease of the strategic competition and situation between China and United States.
Since the global financial crisis in 2008, the economy and finance of United States have suffered from recession. However, the market economy of PRC is continuing to grow and plays an important role to provide momentum for United States’ economy to recover. Due to the deepening economic interdependence, the relations of both sides can be competitive and cooperative. PRC has regarded Unites States’ “Pivot to Asia ”strategy as a challenge to contain it’s rise and therefore implemented economic, diplomatic, and military countermeasures. In the new situation of China-United States strategic competition, the PRC shall be aware of its strength and limitations to find its most strategic position in the international strategic circumstances.
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金融危機後中共宏觀經濟調控政策研究(2008~2014) / MacroEconomic Adjustment Policy of China After Financial Crisis (2008~2014)傅冠人 Unknown Date (has links)
1978年中國大陸實行改革開放政策,造就中共30餘年來高度的經濟增長率,中共在1990年代中期確立社會主義市場經濟的發展體制,結合有中國特色的社會主義和西方的市場經濟體制,時至今日中共仍然在調整社會主義(國家)和市場經濟體制之間的權力關係,中共政府雖然接受市場經濟體制在資源配置的作用,但代表社會主義的中共政府,仍牢牢掌握對整體經濟的宏觀調控能力,但對於中共而言,更加複雜多變的政經環境以及融入世界經貿體系的因素,改變社會主義和市場經濟體制對於資源配置的作用程度。
本論文從1997年亞洲金融危機和2008年國際金融危機的爆發,造成中國大陸經濟發展的困境、提出的應對措施和發展目標的轉變,檢視中共使用宏觀經濟調控政策中,財政政策和貨幣政策的差異。另外在金融危機後,中共又是如何在堅持社會主義(國家)的控制能力,以及提昇市場經濟的作用程度之間,做出適當的調整,以配合宏觀經濟調控政策達成經濟增長、調整結構、促進改革等目標的平衡發展。
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印尼留台學生在促進印台關係中的角色 / The Role of Indonesian Students in Enhancing Indonesia-Taiwan Relations平亞諦, Putri, Ardila Unknown Date (has links)
本研究的主要目的是考察印尼學生在他們的學生組織中如何扮演促進印尼與台灣之間關係的角色。本論文用公共外交的概念與分析框架,以作者在台就學之便親身參與各項印尼學生組織活動的經驗觀察所得,結合相關的文獻分析,最後發現,印尼學生在促進印台關係中扮演三種角色:1. 強化兩國人民的關係;2. 增進彼此的瞭解;3. 提升了兩國彼此在對方民眾與社會中的能見度與形象。而印尼學生之所以可以在台灣非穆斯林社會達到這樣的成果,主要歸功於:1. 印尼社群的互助傳統(gotong-royong)變成他們在台灣推動組織工作的社會資本;2. 在台灣的印尼移工與學生社群對這些服務的需求;3. 駐台北印尼經濟貿易辦公室、台灣政府以及各個大學學務單位的多方的支持與協助。 / The main objective of this study is to examine the role Indonesian students in Indonesian student organizations in Taiwan have played in enhancing the relationship between Indonesia and Taiwan. This thesis explores and details some of the activities of Indonesian students as they study in Taiwan, and examines how these activities have contributed to bridging and increasing the volume of people-to-people relations between the two countries, as well as how the associations and their activities have indirectly enhanced mutual understanding between Taiwanese and Indonesians. This thesis adopts the new public diplomacy and relational public diplomacy framework. Some data were collected during the researcher’s participation in Indonesian student associations and activities. Other data were gathered via discussion with several prominent Indonesian student association leaders. For the document analysis, this research uses Indonesian student organization document reports, Indonesia and Taiwan government reports, statistical data, newspapers, and websites. This thesis suggests that there are three roles Indonesian students play in bridging the relationship between Indonesia and Taiwan: (1) strengthening people-to-people relations (2) bridging mutual understanding (3) increase visibility and positive image. In addition, this thesis shows that there are three factors leading Indonesian students to establish their associations and conduct their activities: (1) their tradition of communal work (gotong-royong) as social capital (2) the demands of Indonesian migrant workers and students (3) support from various institutions, such as the Indonesian government especially IETO, universities, and the Taiwan government. The three factors are important and they are related to each other. Because of the three factors, Indonesian students can carry out their activities.
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習近平主政後中美南海政策之研究 / A Study of Sino - American Policy Towards the South China Sea after Xi Jinping 's Reign陳忠溪, Chen, Chung Hsi Unknown Date (has links)
2013年3月14日,習近平成為中共的最高領導人,不同於前幾代中國大陸領導人,習近平提出了「中國夢」的願景,不僅為主導與型塑著習近平時代中共的對外政策、戰略規劃與全球佈局,且其的內涵伴隨著情勢發展和現實需要不斷的擴充,不僅積極應處周邊關係,穩定亞太地區、妥善處理海權爭議、牽制美國亞太「再平衡」戰略,並向西推進「一帶一路」戰略。
而在亞太地區被公認為世界經濟發動的火車頭之際,「重返亞洲」則成美國最重要的外交目標。歐巴馬政府重新調整外交政策,強調透過盟友、國際制度、謹慎的外交及道德理想的力量來爭取他人認同美國的目標,藉此促進本身的利益;同時,藉由增加在該地區的政治、經濟和軍事投入,逐漸提升其他國家對於美國的信任,藉此鞏固美國的領導地位。
美中雙方為何這麼在意在南海區域的發展及權利伸張,美國在仲裁案後特別強調南海是美國「最高國家利益」,而中方也早早就說過南海是中國的「核心利益」,如此是否註定中美兩方必在南海地區發生權力爭奪戲碼,不禁令人要問美、中雙方到底誰才是破壞南海和平或南海秩序的國家?
南海究竟具備什麼樣的地理特性或其他重要的條件,讓世界的霸權及崛起的強權交集的南海地區,而使這個地區被學者示警南海恐成第3次世界大戰舞臺。 / On March 14, 2013, Xi Jinping became the supreme leader of the Chinese Communist Party. Unlike the leaders of the previous generation of mainland China, Xi Jinping put forward the vision of "Chinese Dream", not only for the foreign policy and strategic planning And the global layout, and its connotation along with the development of the situation and the reality needs to continue to expand, not only actively should be peripheral relations, stability in the Asia-Pacific region, properly handle the sea dispute, contain the US Asia-Pacific "rebalancing" strategy, and westward " Along the way "strategy.
In the Asia-Pacific region is recognized as the world economy launched the locomotive, the "return to Asia" has become the United States the most important diplomatic goals. The Obama administration has reoriented its foreign policy by emphasizing the goal of the United States through its allies, international regimes, prudent diplomatic and moral ideals, to promote its own interests; by increasing the political, Economic and military investment, and gradually enhance the confidence of other countries for the United States, to consolidate the US leadership.
Why the United States and China are concerned about the development of the South China Sea region and the right to extend the United States in the arbitration case, especially stressed that the South China Sea is the United States "the highest national interest", and the Chinese side has long said that the South China Sea is China's "core interests", so destined China and the United States will be in the South China Sea area of power to compete for drama, can not help but to ask the United States, the two sides in the end who is the destruction of the South China Sea peace or the South China Sea order of the country?
The South China Sea has what kind of geographical features or other important conditions, so that the world's hegemony and the rise of the power of the intersection of the South China Sea region, leaving the region by the students to warn the South China Sea fear of the third World War stage.
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