台灣與韓國貨幣政策比較分析

Comparing Monetary Policy between Taiwan and Korea

朴炳哉(Byeong-Jae Pak)

指導教授 ： 高一誠

中原大學/商學院/企業管理研究所/碩士(2014年)

https://doi.org/10.6840/cycu201400208

摘要

中文摘要
台灣與韓國皆是出口導向的國家，因此影響匯率的貨幣政策對於國家的經濟整體，扮演著很重要的角色。貨幣市場短期利率為各國貨幣政策的重要指標。本研究以下兩種方法進行研究。第一為Taylor(2001)提出的基本模型來研究，第二為制度方面來進行研究。Taylor模型方面，我們探討利率與實質匯率、GDP、CPI、失業率、通貨膨長率、美國利率的關係。就制度方面探討兩國中央銀行的貨幣政策與匯率政策，實證結果顯示出，兩國的利率與GDP、CPI、失業率、通貨膨長率、美國利率都為顯著影響。但是最大的差別在於實質匯率的部分，所以進一步以制度方面來解釋此差別，其中台灣匯率制度是由中央銀行來決定，而韓國匯率制度則是由財政經濟部來決定，而韓國的匯率波動幅度較大。

關鍵字

貨幣政策 ； 台灣 ； 韓國 ； 匯率制度

並列摘要

Abstract
Taiwan and Korea are export-oriented countries, so the monetary policies for both country’s macroeconomics play a very important role. Short-term money market interest rates are important indicators of national monetary policy. This research conducted a study on the two methods. The first is the basic model Taylor (2001) proposed to study, the second aspect of the System to study. Taylor aspects of the model that we explore the relationship between interest rates, real exchange rate, GDP, CPI, unemployment rate, the inflation rate, U.S. interest rates. We further discuss two country central bank's monetary policy and exchange rate policy. The empirical results show that two country’s interest rate, GDP, CPI, unemployment rate, the inflation rate, U.S. interest rates are significantly affected. But the major difference is that of the real exchange rate. Therefore, in order to further explain this difference system, Taiwan's exchange rate system which is determined by the central bank, Korea exchange rate system instead is determined by the Ministry of Strategy and Finance, and hence Korea has larger exchange rate fluctuations.

並列關鍵字

Exchange Rate System ； Monetary Policy ； Korea ； Taiwan

參考文獻

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