國際資本移動與經濟成長：台灣地區實證研究

International Capital Flows and Economic Growth: An Empirical Study in Taiwan

徐秋蓉(Chiou-Rong Shyu)

指導教授 ： 賈昭南

淡江大學/商學院/國際貿易學系國際企業學碩士在職專班/碩士(2009年)

https://doi.org/10.6846/TKU.2009.00196

摘要

本文採用1981年至2007年間台灣地區的年資料，實證探索四種不同定義下的金融開放性與外國資本流入對台灣地區經濟成長率及平均每人實質GDP成長率的影響。
關於金融開放性的實證估計結果如下：開放直接投資顯著的促進了平均每人實質GDP的成長，卻對總體經濟成長率產生顯著的不利影響；開放證券投資對總體經濟成長有持續不顯著的正向影響，但對個人所得之增加有短期不顯著的正向影響；開放股權投資對總體經濟成長率有短期不顯著的正向影響，但對個人所得之增加有持續不顯著的正向影響；開放債權投資則是本研究金融開放中唯一對總體經濟成長有顯著影響，但對個人所得之增加有短期不顯著的正向影響。
關於外人來台投資的實證估計結果如下：外人來台直接投資對整體經濟成長則有顯著而持續的不利影響，對個人所得則傾向短期正向影響；外人來台證券投資及外人來台股權投資對經濟成長及個人所得均有不顯著的正向影響；外人來台債權投資對經濟成長的正向影響長期趨於顯著，對個人所得則傾向短期正向影響。

關鍵字

國際資本移動 ； 經濟成長 ； 金融開放程度

並列摘要

This thesis empirically examines the effects of four definitions of financial openness and foreigner’s investment on the growth of real GDP as well as per capita real GDP growth rate in Taiwan, using annual data covering the period from 1981 to 2007.
Our estimation has shown that the openness of FDI has contributed negatively to the overall economic growth rate in Taiwan, while generating positive effects on the per capita real GDP growth rate. The openness of security investment has caused similar except insignificant results, while opening debt security investment has significantly caused positive effects on both economic growth rate and per capita real GDP growth rate.
Foreign direct investment in Taiwan along leads to persistent unfavorable effects on the overall growth rate, while it generates positive effect on per capita real GDP growth only in the short run. The effects of Foreign security investment on the overall economic growth rate as well as the per capita real GDP are positive but not statistically significant.

並列關鍵字

International Capital Flow ； Economical Growth ； Financial Openness

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