How Central Bank Run Exchange Rate Policy ?---In the Case of of Asian Financial Crisis and 2008 Global Financial Tsunami

• Main Authors: Chien-Hsing Chou, 周建興
• Other Authors: Sheng-Yung Yang
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/3ec8s6

碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 100 === The world''s first Central Bank--- Bank of England was established in 1694. In early18th century, Western countries began the industrial revolution, the rapid development of productive factors and the rapid expansion of real economy, financial markets are booming due to market expansion, however due to instability on the essence of capitalism, the economic crisis appears frequently. Financial market was getting centralized, as the Central Bank provided an objective requirement. With the development of economic globalization, central banks’ missions have become to hold price stability and promote economic growth, full employment and stable financial system. To achieve above goals, United States Federal Reserve system was born 1913. Typically the governments are often to issue the currency during the depression, which in turn will cause inflation problems. This conflict between government and the Central lead the independence of Central Bank is becoming an important topic, recalling the history of the world, cause Super inflation because of the lack of independence of the Central Bank, so that there are numerous examples of the economic collapse. This research focus on our Central Bank exchange rate policy as a observation of objects, through the management of the exchange rate of the Central Bank to study the purpose of the Central Bank’s exchange rate policy, and how the money market work? while its exchange-rate does meet the requirements of independence, transparency and credibility. And---the four Asian Tiger and Japan compare the long-term exchange rate change, analysis of whether the Central Bank''s exchange rate policy have better performance among these countries. Then through the 1997 Asian Financial Crisis and the 2008 Global Financial Tusnami, our macro-economic environment and when the Central Bank face these two different types of financial crisis, how did its exchange rate policy operate? Finally, we compare these 2 different exchange rate policy to describe the primary function of the Central Bank.