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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/32106

    Title: 沖銷成本與匯率波動
    Other Titles: Sterilization cost and exchange rate fluctuation
    Authors: 王敏如;Wang, Min-ju
    Contributors: 淡江大學國際貿易學系國際企業學碩士班
    賈昭南;Chia, Chao-nan
    Keywords: 沖銷成本;準財政成本;外匯;管理浮動匯率;干預;sterilization cost;quasi-fiscal cost;foreign exchange;managed floating exchange rate;intervention
    Date: 2006
    Issue Date: 2010-01-11 01:42:25 (UTC+8)
    Abstract: 當熱錢大量移動之際,中央銀行可以採取沖銷式的干預,同時達成穩定匯率與國內金融情勢的目標,當中央銀行採行沖銷式干預外匯市場時,必須付出利息成本,此一代價往往成為開發中國家中央銀行決定是否繼續干預的重要因素。
    When the rapid movements of hot money, central banks can take sterilized intervention to stabilize the exchange rate and domestic financial condition simultaneously. However, sterilized intervention cost the central bank in addition to the loss in interest earnings. When central bank cannot afford to these costs, it will abandon the fixed exchange rates targeting. This essay applies empirical model suggested in Kletzer and Spiegel (2004) to estimate the effects to sterilization costs on the changes in the exchange rates for Taiwan using seasonal data covering the period from 1981 to 2005. The estimated result shows that increased sterilization costs have caused rapid change in the exchange rate movements to which the managed floating exchange rate system is embedded.
    Appears in Collections:[國際企業學系暨研究所] 學位論文

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