| Summary: | 碩士 === 世新大學 === 經濟學系 === 92 === Since 1980, financial markets trend free and international. And exchange rate always plays an import role in macroeconomics. How to keep stability between exchange rate and financial markets always economists discuss questions.
In this papper, I use Johansen cointegration to test if exchange rate and marcoeconomic index exit long-run equilibrium relation, and use error correction model to discuss short-run dynamic adjust processes of these variables.
Results appear: First, there are four cointegrated relationships in these six variables. Second, the long-run relationships of these variables are contributed by money supply, rate, price, industry and stock.
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