碩士 / 健行科技大學 / 經營管理研究所 / 101 / After the financial crisis in 2008, the U.S. adopted quantitative easing (QE) as her monetary policy, and a large number of hot money swept the world, which resulted in a lot of economic problems for some export-oriented countries such as, Taiwan, the objective of the study. This study compared the effects that the money supply impacts on the exchange rate of NT to U.S. dollar before and after the financial tsunami. The methodology of time series analysis, such as unit root test, vector auto-regression model and causality test, impulse response and variance decomposition, were exercised to explore the interactions among the various economic indicators. Furthermore, the effectiveness of central bank''s momentary policies, for turning around the disadvantage arose from the financial tsunami, were discussed in this paper. Research findings indicate that the central bank adopts passive coping strategies before the financial crisis: if Exchange rate fell, the NT dollar is appreciation, the central bank increases NT supply to maintain the stability of prices. After the financial tsunami, the central bank adopts initiative anticipatory strategies: increasing the money supply of present month to influence the exchange rate of next month. Since 2009, the initiative anticipatory strategies of central bank have maintained the competitiveness of industries and kept the stability of prices.
| Identifer | oai:union.ndltd.org:TW/101CYU05457024 |
| Date | January 2013 |
| Creators | Li-Ting Liao, 廖力廷 |
| Contributors | , 樓禎祺, 潘振雄 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 45 |
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