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研究生:吳佩珊
研究生(外文):Pei-shan Wu
論文名稱:金磚四國金融發展、開放程度與經濟成長間因果關係之非線性模型應用
論文名稱(外文):Causality between Financial Development, Openness and Economic Growth in BRICs Based on Nonlinear Model
指導教授:蘇志偉蘇志偉引用關係
指導教授(外文):Chi-wei Su
學位類別:碩士
校院名稱:靜宜大學
系所名稱:財務金融研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2008/05/
畢業學年度:96
語文別:英文
論文頁數:25
中文關鍵詞:因果檢定開放程度金融發展門檻誤差修正項模型經濟成長
外文關鍵詞:Causality TestFinancial DevelopmentThreshold Error-Correction ModelEconomic GrowthOpenness
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本研究利用門檻誤差修正項模型探討巴西、俄羅斯、印度、中國(金磚四國)金融發展、開放程度與經濟成長間非對稱因果關係。實證結果發現金磚四國在長期門檻水準之上和之下的金融發展與開放程度間,金融發展與經濟成長間或開放程度與經濟成長間具有單向因果、雙向因果和無因果關係;此外,經濟成長、開放程度與金融發展的成長效果在經濟上是顯著並在長期中具有非對稱傳遞效果,實證結果顯示出金磚四國在經濟表現較佳情況下,其開放程度和金融發展較高。
In this study, we empirically investigate the asymmetric causal relationship among financial development, openness and economic growth, using the threshold error-correction (TECM) model for Brazil, Russia, India, China (BRICs). The findings clearly point out the cases unidirectional causality, bi-directional causality, and no causality between financial development to openness, financial development to economic growth or openness to economic growth both regions above and below the threshold level in the long run. We found that the growth effects of openness and financial development are economically significant and asymmetric transmissions among these variables in the long run if the complementary reforms are undertaken. These empirical results provide sound evidence that there is a high degree of confidence in the position that the better is its economic performance; the higher is the degree of openness and financial development in BRICs.
ABSTRACT.................................................Ⅱ
CONTENTS.................................................Ⅲ
LIST OF TABLES...........................................Ⅳ
CHAPTER 1 INTRODUCTION....................................1

CHAPTER 2 METHODOLOGY
2.1 Nonlinear Unit Root Test .............................7
2.2 Threshold Cointegration Test ........................8
2.3 Granger-Causality Results Based on the Threshold Error-Correction Model (TECM)..................................12

CHAPTER 3 EMPIRICAL ANALYSIS
3.1 Nonlinear Unit Root Test.............................13
3.2 Threshold Cointegration Test.........................14
3.3 Granger-Causality Results Based on the Threshold Error-Correction Model (TECM)..................................14

CHAPTER 4 CONCLUSIONS ..................................17

REFERENCES ..............................................18
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