| Summary: | 碩士 === 東吳大學 === 經濟學系 === 87 === Abstract
The main reason for economic crisis in 1997 is that When East Asia co-untries attract in-and-out foreign capital to domestic financial market, they only want to intermation-alize quickly, and don’t build any defensive me-thods for these free capital. In this paper I use Johansen cointegration to test if exchange rate and capital exit long-run equilibrium relation, and use error-correction model to discuss short-run dynamic adiust processes of these var-iables.
There are two points for my empirical results. First, there are three co-intgrated rela-tionships in these five variables. When relative price level de-creases, relative manufac-ture index, income account and capital account in-crease, the NT dollars will revalue. Sec-ond, the long-run relationships of these five variables are contributed by manufacture of traded goods, income account and capital account.
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