A Study on the Impact of 2008 US Financial Crisis on Taiwan''s Money Demand Function

• Main Authors: Wei-Chien Huang, 黃暐茜
• Other Authors: Shou-Hsiang Liu
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/35857746807124451511

碩士 === 銘傳大學 === 風險管理與保險學系碩士班 === 99 === Over the years, the stability of money demand function in the empirical research, in the academic circles has been the main focus of the research; in the monetary policy, only in a stable demand for money, the central bank can take to reach its preset Objectives, thus contributing to the development of the economy, therefore, to find a stable money demand function is necessary. This papers utilized regression analysis, co-integration analysis and error correction model to investigate the stability of money demand function. Use the 1982-2008 season of data to investigate the money demand function and the three monetary aggregates-M1a, M1b, and M2 which are stability of money demand function or not. With reference to Wu Yi Juan (2006) "Study of the stability of money demand" approach. The first part is to use regression analysis to compare the general model and the partial adjustment model estimates, respectively, testing the elasticity of money demand of a significant effect. The second part is in the Johansen- Juselius (1990) co-integration test using the single currency variable to whether the steady state, And to test the correlation between the non- co-integration relationship with a significant effect. The third part is the error correction model, testing samples of the error term, respectively, during the whole period with the sub-sample of the significant effect of self-correlation test. Finally, after the analysis of the above results, integrated from 1982~2010, the quarterly money demand function in Taiwan and the three monetary aggregates-M1a, M1b, and M2 of the stability of money demand function, and the other for the financial crisis in 2008 Stability during the test, and then comparative analysis and make conclusions and to give monetary authorities some suggestions.