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| 篇名 |
Intervention, Sterilization, and Monetary Control－－The Case of Taiwan
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| 並列篇名 |
Intervention, Sterilization, and Monetary Control－－The Case of Taiwan |
| 作者 |
I-Ming Chiu, Ph.D. (I-Ming Chiu, Ph.D.) |
| 英文摘要 |
This paper uses an impulse response function derived from a three-variable vector error correction model to explore how Taiwan's monetary authority responded to exchange rate shocks in Taiwan over the period 1981.1 ~ 2003.2. The analysis reveals that: (1) The Central Bank of China in Taiwan tended to use a“leaning with the wind”exchange rate policy when facing domestic currency depreciation shock. (2) The effects of the intervention action were sterilized via open market sale. (3) Overall, the monetary base of the Taiwanese economy was almost completely insulated from the exchange rate shock. |
| 起訖頁 |
29-51 |
| 刊名 |
臺灣經濟論衡 |
| 期數 |
200404 (2:4期) |
| 出版單位 |
行政院國家發展委員會
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| 該期刊-上一篇 |
實施庫藏股之可行性研究－－以中華電信公司為例 |
| 該期刊-下一篇 |
台灣新經濟簡訊Vol.2 No.4 |
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