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研究生:王暐婷
研究生(外文):Wei-ting Wang
論文名稱:新興市場與國際風險分散
論文名稱(外文):Emerging Markets and International Risk Sharing
指導教授:何宗武何宗武引用關係
指導教授(外文):Tsung-wu Ho
學位類別:碩士
校院名稱:世新大學
系所名稱:財務金融學研究所(含碩專班)
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:2009
畢業學年度:97
語文別:英文
論文頁數:83
中文關鍵詞:國際風險分散國家規模政府規模貿易開放度門檻效果
外文關鍵詞:International risk sharingCountry sizeGovernment sizeTrade opennessThreshold effects
相關次數:
  • 被引用被引用:1
  • 點閱點閱:239
  • 評分評分:
  • 下載下載:63
  • 收藏至我的研究室書目清單書目收藏:0
本文目的在於,檢定影響國際風險分散之因素,並研究新興市場是否為此風險分散結構中的重要機制。我們以三項影響國際風險分散程度的因子進行研究:國家規模、政府規模和貿易開放度。得到三個主要結論:首先,極高的貿易開放度,使波動平滑效果較低,但是對亞洲新興市場而言,適度追求貿易開放是必要的。其次,新興市場在國際風險分散中具重要作用。最後,中國的大政府促使其所得和消費平滑。
The objective of this paper is to examine the factors that affect international risk sharing, and investigate whether emerging markets plays an important part on the mechanism of international risk sharing. We investigate three factors that affect it: Country size, government scale, and trade openness. We have three conclusions: First, extremely high trade openness is less effective to smooth volatility, but it is necessary for Asian emerging markets to pursue trade openness moderately. Second, the role of emerging markets for international risk sharing is substantial. Finally, the big government of China is conductive to income and consumption smoothing.
Contents...i
Table Contents...ii
Figure Contents...iii
1 Introduction...1
2 The Country-Specific Characteristics Explained...9
2.1 Effect of Country Size on Volatility-Literature Reviews...10
2.2 Effect of Government Size on Volatility-Literature Reviews...12
2.3 Effect of Trade Openness on Volatility-Literature Reviews...13
3 Econometric Methodology...16
3.1 Measuring International Risk Sharing...16
3.2 The Threshold Regression in Panel Data...19
4 Data and Preliminary Analysis...23
5 Discussion...26
5.1 The Results of Income Risk Sharing...27
5.2 The Results of Consumption Risk Sharing...29
5.3 Comparing Income and Consumption Risk Sharing...32
5.3.1 On the Country Size Effect...32
5.3.2 On the Government Size Effect...33
5.3.3 On the Trade Openness Effect...35
5.4 On the Role of China...36
6 Conclusion...42
References...44
Appendix 1. The Details of Data...73
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