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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/87278

    Title: 管理外匯制度下市場參與者間之競合策略
    Other Titles: Co-opetition strategies of market participants under foreign exchange intervention mechanism
    Authors: 張桂禎;Chang, Kuei-Chen
    Contributors: 淡江大學國際商學碩士在職專班
    蔡政言;Tsai, Jeng-Yan
    Keywords: 外匯;干預;市場參與者;競合策略;投機行為;Foreign exchange;Intervention;Market Participants;Co-opetition Strategies;Speculative Behavior
    Date: 2012
    Issue Date: 2013-04-13 10:55:26 (UTC+8)
    Abstract: 由於各國的國際金融的自由化、國際化、資訊科技日益改善與日趨進步,再加上日趨複雜性的金融商品創新之下,國際資金得以在國際市場之間快速的流竄,同時也使得各國的匯率以及不確定性的波動也是與日倍增。




    Under the liberalization and internationalization of international finance, improvement of information technology, and the innovation of complicated commercial products, the international capital can be fled hither and thither among international financial market, which might increase the possibility of foreign exchange fluctuations.

    When processing the intervention of foreign exchange market, the main goal of central bank is trying to affect the domestic currency which would prevent the short term over-fluctuation of the foreign exchange from affecting to the long term domestic economy, especially to the released market panic messages which might cause to the suspect and terrified to market participants. Moreover, the international speculative capital within highly profit chasing features would withdraw in quick from the market and cause foreign exchange fluctuations.

    Under the limitation of macro economy environment, this research adopts the co-opetition PARTS analysis for positioning each market participant and its added value; also, the research has the individual analysis to each market participant by using their outstanding tactics to react and create their own advantages under to the turbulence condition of foreign exchange market.

    According to the conclusion of the research, the absolute advantages of added value define the key point of the whole game, such as central bank has the right and power to intervene the foreign exchange market, financial institute uses the advantages of asymmetric information to earn the giant fund and so on. Moreover, when market participants were doing the consideration of tactics, they have to follow up the macro economy environment and rules. The chosen tactics they decided should be much more careful which might not only influence the benefits among domestic market participants, but also involve in other market participants in foreign countries as well.
    Appears in Collections:[國際企業學系暨研究所] 學位論文

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