The fact that people prefer to hold domestic equities than foreign ones is still a puzzle for most economists. Although many factors are seemed to be reasonable explanations, two factors, non-traded goods and transaction costs, are usually regarded as the main ones to explain the puzzle. In spite of their importance, the question of which factor has better ability of explaining the puzzle has been the central issue among economists for a long period. In this paper, we will not only try to clarify the issue by examining the role of each factor playing in the puzzle, but also attempt to find out the reasons of disagreements among economists. A modern intranational macroeconomics approach will also be adopted to verify the discussion in this paper. Without surprise, it seems that a model with transaction costs has better ability to explain the puzzle since it's more general in classifying the tradability of goods.

本論文的目的乃在於探討一個資源貧乏的小型開放經濟，其政府政策工具對維持經濟 安定和經濟成長的相對有效性。 我們採用「非貿易財模型」來建立基本模型架構，且為了簡化起見，政府的經濟政策 僅包括政府支出，貨幣供給量，貨物稅和進口原料的進口稅；得到和一般不考慮進口 資源的小型開放經濟之政策效果之探討不同的結論，不但採浮動匯率無法隔絕輸入性 通貨膨漲，各項政策的有效性亦得視貿易財部門和非貿易財部門其進口資源的投入產 出比率而定。 本論文所指的進口資源, 主要是指石油進口國所進口的大量不可替代的石油而言, 鑑 於對石油的依賴性短期內不可能改善, 故將此一特性放入模型中探討在不可或缺的石 油進口要求下, 小型開放經濟的政策的政策有效性。 全文共分四章, 除前言, 結論外, 主要架構和模型演申均放在第二和第三章, 共約四 萬伍仟字。