Time series analysis for the interest rates relationships among China, Hong Kong, and Taiwan money markets

淡江大學機構典藏 > 商管學院 > 財務金融學系暨研究所 > 期刊論文 > Item 987654321/23733

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題名:	Time series analysis for the interest rates relationships among China, Hong Kong, and Taiwan money markets
作者:	聶建中;Nieh, Chien-chung;Yau, Hwey-yun
貢獻者:	淡江大學財務金融學系
日期:	2004-02-01
上傳時間:	2009-11-30 17:51:16 (UTC+8)
出版者:	Elsevier
摘要:	This paper aims at investigating the regional financial integration of Chinese economic area (CEA), embracing Taiwan, Hong Kong and China after the Asian Financial Crisis. We empirically find that, in the long-run, the money markets of Taiwan, Hong Kong and China have to be mutually linked in order to ensure a long-run equilibrium relationship in the Chinese economic society. In the shot-run, China’s interest rate has a significant impact on the interest rates of Taiwan and Hong Kong, but not conversely. The China money market is more rigid due to the existence of market barriers and the China’s economic boom in 1990s. Since Taiwan and Hong Kong are typical island-style economies with high degree of market liberalization and their business people have invested huge amount in China market in recent years, they tend to be more sensitive to the innovations and the volatilities from Mainland China market.
關聯:	Journal of asian economics 15(1), pp.171-188
DOI:	10.1016/j.asieco.2003.11.003
顯示於類別:	[財務金融學系暨研究所] 期刊論文

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