Reserve Required System, a monetary policy manipulated by Taiwanese Government has been gradually reduced or even abandoned in global financial market, which eliminates the international competiveness of domestic banking industry. However, the government has no intention in implementing Zero Reserve Requirement. Given current domestic monetary policies as well as system of banking supervision, I propose "Risk-Based Deposit Reserves" for financial authorities implement. Current international usage sets an absolute value of reserve ratio, not in accordance with its operating risk. Therefore I designed a ¡§Five-Level Differential Deposit Reserve System¡¨ based on Capital Adequacy Ratio and Composite Risk Rating Score of the bank. Such innovation will help increase the quality of banks and eliminate unhealthy banks which will strengthen domestic banking industry in challenges of Basel ¢» and its competitiveness.

京都大学 / 0048 / 新制・課程博士 / 博士(経済学) / 甲第22625号 / 経博第617号 / 新制||経||293(附属図書館) / 京都大学大学院経済学研究科経済学専攻 / (主査)教授 新後閑 禎, 教授 柴田 章久, 准教授 高橋 修平 / 学位規則第4条第1項該当 / Doctor of Economics / Kyoto University / DGAM

In my dissertation, I explore the relationship between capital controls and the choice of the maturity structure of external debt in a general equilibrium setup, incorporating explicitly the role of international lenders. I look at specific types of capital controls which take the form of date-specific and maturity-specific reserve requirements on external borrowing. I consider two questions: How is the maturity structure of external debt determined in a world general equilibrium? What are the effects of date- and maturity-specific reserve requirements on the maturity structure of external debt? Can they prevent a bank run? I develop a simple Diamond-Dybvig-type model with three dates. In the low income countries, banks arise endogenously. There are two short-term bonds and one long-term bond offered by the domestic banks to international lenders. First I look at a simple model were international lending is modeled exogenously. I consider explicitly the maturity composition of capital inflows to a domestic economy. I show that the holdings of both short-term bonds are not differentiated according to date. Second, I consider international lending behavior explicitly. The world consists of two large open economies: one with high income and one with low income. The high income countries lend to low income countries. There exist multiple equilibria and some are characterized by relative price indeterminacy. Third, I discuss date-specific and maturity- specific reserve requirements. In my setup reserve requirements play the role of a tax and the role of providing liquidity for each bond at different dates. I show that they reduce the scope of indeterminacy. In some equilibria, I identify a case in which the reserve requirement rate on the long-term debt must be higher than that on the short-term debt for a tilt towards a longer maturity structure. Fourth, I introduce the possibility of an unexpected bank run. I show that some specific combination of date-and maturity-specific reserve requirements reduce the vulnerability to bank runs. With regard to the post-bank-run role of international lenders, I show that international lenders may still want to provide new short-term lending to the bank after the occurrence of a bank run.

Distributed generation (DG) is electricity generation by small generating units, which are interconnected at distribution level with capacity less than 50 MW. Environmental concerns and the idea of using cheap and domestic renewable resources increased the popularity of DG following the developments in equipment technology. In Turkey, interconnection of DG is realized through the distribution busbars of 154/36 kV substation. The interconnection of DG at 36 kV feeders is not allowed by distribution system authority. This thesis proposes an interconnection rule which includes technical analyses to be conducted before the permission of interconnection of DG at 36 kV feeders. Moreover, the protection functions and operational requirements needed for the proper and safe operation of distribution system in presence of DG are introduced. A sample distribution system with relevant parameters is used for the simulation studies in Digsilent software. In order to determine the operational reserve requirement against the variations in wind generation, a statistical method including Weibull distribution, standard deviation and monthly average wind speeds is used. Convenience of hydropower plants&rsquo / response for being backup generation against the fluctuations in wind generation is analyzed by a mid-term dynamic model of the power system. A secondary control mechanism for the integration of wind power is suggested. Finally, an economic comparison between the interconnection alternatives of hydropower and photovoltaic power plants at the distribution busbar of the 154/36 kV substation and the 36 kV feeder is done by present worth analysis using the up to date power plant costs and incentives.

本研究首先建構一個無窮交替的兩期疊代模型，說明當經濟體系的年輕人口面臨流動性偏好之衝擊時，金融中介機構(銀行)可藉由其資產配置的功能，來分散年輕存款者的流動性風險，並達成極大化代表性個人效用之目的。 另外，當存款者具有不同的風險趨避程度時，本文亦分別考量金融中介機構是否受限於法定存款準備率的情形下，分析中間財貨生產部門不完全競爭程度的改變與各項政府政策變動如何影響其資產配置功能，並透過該管道來影響經濟體系的經濟成長率及名目利率。最後，我們將進一步分析在受限制的法定存款準備率之下，各項參數的變動將如何對社會福利水準產生影響。 / This study will first construct a two-period-lives overlapping generation model, indicating that when the young agents in the economy are facing “ liquidity preference shock”, financial intermediaries (banks) could disperse liquidity risk of young agents by the function of asset allocation, and to reach a purpose of representative individuals’ utility maximization. In addition, when depositors have different degrees of risk aversion, this text also considers the condition whether financial intermediaries binds reserve requirement rate respectively, analyzing how to through the changes of the extent of imperfect competition of the intermediate goods production sector and the government policy affect its function of asset allocation, and the impact on productivity growth rate and nominal interest rate of the economy mainly influenced by this channel. Finally, we will further analyze how to affect the social welfare through changes in the economic parameters under the condition of binding reserve requirement rate.