本文利用台灣地區1982年至2005年期間的樣本資料，實證探索匯率波動性與金融發展程度二項因素對經濟成長的影響。結果如下：實質有效匯率指數變動率對經濟成長率呈現顯著負向影響，金融發展程度對經濟成長率有顯著正向影響，以上二個變數交叉項對經濟成長率的影響為顯著正向。由此推論，金融發展程度可以將匯率波動性的負面影響抵銷。就目前金融發展程度而言，台灣地區已經具備採行浮動匯率制度的條件。 This article empirically examines the effects of exchange rate fluctuations and financial developments on the economical growth in Taiwan using annual data covering the period from 1982 to 2005. Our findings proved that exchange rate fluctuations have generated negative effects to the economical growth, while the positive effect of financial development is strong enough to eliminate the adverse effects of exchange rate fluctuations implying that the proposition that financial development accompanied with floating exchange rate system can push economical growth upward. Our estimation also shows that the current level of financial development in Taiwan has created favorable condition for adapting the floating exchange rate system.
