The Comparative Study on the Income Elasticities of Money Demand in Taiwan by Co-integration and Regression Methods
| Autor: | LI, CHENG-YANG, 李承洋 |
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| Rok vydání: | 2017 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 105 The most main function, the central bank sets up the appropriate monetary policy, maintains the stability of domestic and foreign currency and assists in the healthy economic development. The central bank establishes the money supply growth targets through partial adjustment model and using least square method to estimate the long-run income elasticity. This method would have the following problems: The time series data are non-stationary, it might have spurious coefficient problem. The 2008’s financial crisis might affect the money demand on Taiwan. The United States’ quantitative easing monetary policy might affect the money demand on Taiwan. Empirical results showed that: (1) the co-integration analysis gets the coefficient which are too volatile, so the estimation of the regression analysis is better than co-integration analysis, (2) the United States’ quantitative easing policy does not have significant influence for income elasticity, and (3) between 2000 to the second quarter of 2016, the central bank seemed release too much money supply to maintain the price stability on Taiwan. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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