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研究生:簡慧印
研究生(外文):Hui-yin Chien
論文名稱:外匯準備的持有動機-以新興市場為例
論文名稱(外文):The Motivation of Reserve Holding-Emerging Market Economies Case Study
指導教授:楊政郎楊政郎引用關係
指導教授(外文):Cheng-lang Yang
學位類別:碩士
校院名稱:南華大學
系所名稱:管理經濟學系經濟學碩士班
學門:社會及行為科學學門
學類:經濟學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
語文別:中文
論文頁數:26
中文關鍵詞:新興市場國家預防動機外匯準備
外文關鍵詞:Emerging Market EconomiesPrecautionary MotiveForeign Exchange Reserves
相關次數:
  • 被引用被引用:0
  • 點閱點閱:200
  • 評分評分:
  • 下載下載:4
  • 收藏至我的研究室書目清單書目收藏:0
  在本論文中,我們實證研究亞洲新興市場國家持有外匯準備之動機,選取18個新興市場國家,利用panel 迴歸分析法,實證結果發現外匯準備的持有與金融變數具有顯著正相關,而出口成長率與匯率的貶值程度則與外匯準備的需求呈現顯著負相關。若是只考慮8個亞洲新興市場國家,實證結果發現,在金融深化、貿易的開放程度和外匯準備呈現顯著的正相關,而匯率失衡程度與外匯準備呈現顯著的負相關,意謂亞洲新興市場國家藉由貶值的手段來達到經濟成長的目的,致使外匯準備被累積。
  In this paper, we empirical examine the motivation of foreign reserves holding in 18 emerging market countries. Using panel regression analysis, the empirical results show that foreign exchange reserves holding is significant positive to financial variables, while the exports growth rate and the degree of exchange rate misalignment are ignificant negative to the demand of foreign reserves. However, considering the eight Asian emerging market countries, the empirical results show that the financial depth and openness of trade are significant positive to the foreign reserves, and the degree of exchange rate misalignment is significant negative to the foreign reserve, which means that the Asian emerging market countries depreciated their currency to achieve economic growth, resulting in the accumulation of foreign reserves.
1 緒論 1
 1.1 研究背景與動機 1
 1.2 研究目的與方法 2
 1.3 研究架構與流程 3
 
2 文獻回顧 4
 2.1 外匯準備的定義 4
 2.2 外匯準備的來源 4
 2.3 相關文獻回顧 5
 
3 理論模型 9
 3.1 外匯準備需求模型 9
 3.2 匯率失衡模型 11
 
4 實證結果分析 13
 4.1 資料來源及變數選取 13
 4.2 實證模型 14
 4.3 實證結果 14
 4.3.1 全樣本分析 15
 4.3.2 頑強性測試 17
 
5 結論 20
 
參考文獻 22
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