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1	量化寬鬆對信用風險的影響-以歐豬五國為例 / The impact of quantitative easing on credit risk in the Eurozone-take PIIGS for example 林顥峰, Lin, Hao Feng Unknown Date (has links) 本研究以事件研究法的方式，研究歐洲央行宣布量化寬鬆（Quantitative Easing, QE）對歐豬五國信用風險的影響，本研究以各國主權信用違約交換的超額報酬顯著性衡量量化寬鬆政策對信用風險的影響。研究結果為多數的QE政策宣告對歐豬五國信用風險的影響在事件期中有正向有負向，且時常交錯分布，未有一固定的模式，故無法得到一個明確的結論。 / This paper examines the impact of the ECB’s (European Central Bank) quantitative easing program on the credit risk of PIIGS. In this case, we used each underlying countries’ excess return of their sovereign CDSs to identify if their credit risks are decreased significantly. Our finding was that most QE announcements by the ECB had multiple impacts on the credit risk of PIIGS. They had both positive and negative impacts. Also, the patterns were not the same, so we do not have a clear conclusion on whether the QE policies are good or bad for the credit risk of PIIGS. 信用違約交換貨幣政策量化寬鬆歐洲央行歐債危機事件研究法 CDS Monetary Policy Quantitative Easing ECB European Sovereign debt crisis Event Study