Re-examining the Nonmonetary Effects of the Financial Crisis.

• Main Authors: Ke, Yi-Chen, 葛怡辰
• Other Authors: Tsai, Li-Ju
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/21382082050875936563

碩士 === 輔仁大學 === 金融與國際企業學系金融碩士班 === 100 === This study mainly extends Bernanke’s(1983) research. In addition to the study of monetary and nonmonetary impact factors on the macroeconomy, we adds the financial tsunami issues, financial innovation and global integration of nonmonetary factors as the nonmonetary factors to extend Bernake’s (1983) studies and to check whether the impacts of monetary and nonmonetrary factors on macroeconomy change over time. Our empirical evidence finds that the monetary policy does not influence the macroeconomy during 1980-2000; however, the effectiveness of monetary factors began to emerge during 2001-2010. The reason may be that governments for almost every country use expansionary monetary policy instruments during the financial crisis. And the capital flows of Asian emerging countries mostly are caused by arbitrage motivation. Therefore, the monetary factors didn’t affect effectively on the macroeconomy. In addition, the empirical results show that financial innovation is the catalyst of economic recession after the sample period of 2001. Finally, the higher degree of the market integration of globalization, the more positive impact on national economical growth. The emerging markets in Asia do not apply to this conclusion. It shows that the emerging Asian countries are not fully integrated into the global market system.