由於貨幣需求行爲的瞭解,對於貨幣如何影響經濟體系以及貨幣政策的擬定相當重要,因此,國內外研究總體與貨幣經濟的學者,對於貨幣需求函數的探討從未間斷過。在本文中,我們有系統地回顧台灣過去30餘年來有關貨幣需求的實證研究,並將討論重點放在貨幣需求函數配適度與穩定性之探討。從文中的討論可以瞭解台灣的學者曾以不同的角度探索我國的貨幣需求函數,研究成果相當豐碩。然而台灣經濟與金融情勢演變相當快速,交易型態逐年轉變,金融商品日新月異,這些變化如何影響貨幣需求行爲,尚未被完整的討論,應是未來重要的研究課題。此外,非線型模型的發展提供研究者更廣的發揮空間,而橫斷面個體資料的研究亦能驗證以加總時間數列所獲得的實證結果。
Since understanding the behavior of the money demand function is crucial for clarifying the impact of money on the economy and devising the monetary policy, the researchers in macroeconomics and monetary economics in Taiwan and foreign countries have never stopped investigating the money demand function. In this paper, we systematically review the empirical research on Taiwan's money demand function over the past 30 years. The discussion focuses on the specification and the stability of the function. From this survey we can see that the money demand function of Taiwan has been investigated intensively in the existing literature, and the results are fruitful. However, the economic and financial environment of Taiwan has been changing rapidly, and transaction patterns and financial products also transforming continuously. How these are going to affect money demand behavior has not been examined thoroughly, and this will be a promising research topic in the future. In addition, the nonlinear approach has provided researchers plenty of room to explore, and the study of money demand behavior by using cross-section and panel data can verify the empirical results derived from aggregate time series data.