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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/87592

    Title: Correlations of currencies in brics countries
    Other Titles: 金磚五國匯率之相互關係
    Authors: 吳宇騰;Wu, Alan Yu-Teng
    Contributors: 淡江大學企業管理學系碩士班
    Keywords: 金磚國家;匯率政策;新興市場;BRICs;Exchange rate;emerging market
    Date: 2012
    Issue Date: 2013-04-13 11:28:02 (UTC+8)
    Abstract: 金磚國家(BRIC)的概念,最早是由美國高盛公司所提出,成員國分別為巴西、俄羅斯、印度、中國。以上四國的字首恰好是BRIC,與英文的BRICK(磚塊)音似,故名金磚國家。高盛公司在其報告中指出,金磚國家將會在2039年時,一舉超越所謂的傳統經濟強國,比如歐美各國和G7等國際組織,成為全球最具競爭力的經濟體。而南非作為金磚國家的最後一塊拼圖,雖然在經濟實力上,與其他四國有著不小的差異,但作為非洲大陸的代表,南非的加入,無疑鞏固了金磚國家在國際上的政治影響力,也讓BRICS有了更多的發聲權。


    Emerging market recently attracts great attentions for foreign direct invest. Among investments in emerging markets, BRICS are probably one of the brightest stars and have played an important role in the global financial developments. According to Goldman Sachs, BRIC would grow rapidly soon overtake status of leading economic such G7 in 2039. This report affects world attention of multinational corporations to take advantage of this enormous potential markets in the BRIC. Members of BRIC countries are Brazil, Russian, India and China. South Africa recently joined BRIC to complete this international organization as BRICS.

    As global integration among the BRICS countries, this study examines correlation of currencies between BRICS countries. According previous studies, we conclude that correlation in currency is mainly due to three aspects: economical, political and regional. Economical aspect suggests that two countries’ currencies would have similar tendency if they share similarity in economical background. Political aspect relates to monetary policy of each country. Regional aspect concludes rivalry or cooperation in trade that leads one’s currency tendency.

    Although BRICS countries are different in regions, we expect to find out a specific relationship existed within BRICS’ currencies based on its similar pattern in economic growth and monetary policy. Overall, our study obverses that 1) BRICS countries has a co-movement in currency tendency, 2) China’s currency RMB is a leading and stable currencies among BRICS and 3) INR, ZAR and BRL are all effected in different degrees by others. Besides, a surprised finding is that 2008’s financial crisis does not impact BRICS since no break point existed in Stability Test. This can be reasoned by China’s strict control of RMB.
    Appears in Collections:[企業管理學系暨研究所] 學位論文

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