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Title:	六個東協國家國際收支的決定因素研究: 以Panel Data分析法 The Determinants of Balance of Payments in Six ASEAN Countries: A Panel Data Analysis
Authors:	夏英杰
Contributors:	莊奕琦 Chuang, Yih-Chyi 夏英杰
Keywords:	收入平均凱因斯主義分析法貨幣分析法面板數據 Balance of payments Keynesian approach Monetary approach Panel data
Date:	2017
Issue Date:	2017-08-28 12:06:57 (UTC+8)
Abstract:	This research investigates the determinant factors of balance of payments in six ASEAN countries using Keynesian and Monetary approaches during the period of 2002 to 2015. The regression model is conducted with panel data. This thesis first examines the influence of relevant economic variables to balance of payments, such as: exchange rate, gross domestic product (GDP), domestic credit, interest rate, and price level. Then, it tests the robustness of these economic variables with the two control variables: political stability and government’s consumption expenditure. The Hausman test result shows that Fixed Effect Model is a better model than Random Effect Model. According to this model, some economic variables, such as: exchange rate, GDP, and interest rate, are consistent to the Keynesian approach. Meanwhile, variable of price level is consistent to the Monetary approach and variable of domestic credit is inconsistent with, both Keynesian and Monetary approaches. According to the robustness test result, variable of exchange rate is still consistent with Keynesian approach, while variable of GDP and interest rate are partly consistent with Keynesian approach and partly are insignificant to balance of payment. Variable of domestic credit is inconsistent with both Keynesian and Monetary approaches and variable of price level is consistent with the Monetary approach. Variable of political stability shows a negative relationship with balance of payment, whereas variable government’s consumption expenditure is insignificant to balance of payment. This research concludes that Keynesian approach is more appropriate in examining the case of six ASEAN countries. The main reason is because the financial sector in ASEAN countries’ economies are inflexible and susceptible to pressure. In addition, there is a strict capital control in some of those six ASEAN countries. Hence, this research suggests that the government and monetary authorities in those six ASEAN countries should adopt a combination of expansionary fiscal and contractionary monetary policy. The amalgamation of expansionary fiscal and contractionary monetary policy will be efficient in generating adequate capital mobility in order to maintain the stability of balance of payments in the long run. This research investigates the determinant factors of balance of payments in six ASEAN countries using Keynesian and Monetary approaches during the period of 2002 to 2015. The regression model is conducted with panel data. This thesis first examines the influence of relevant economic variables to balance of payments, such as: exchange rate, gross domestic product (GDP), domestic credit, interest rate, and price level. Then, it tests the robustness of these economic variables with the two control variables: political stability and government’s consumption expenditure. The Hausman test result shows that Fixed Effect Model is a better model than Random Effect Model. According to this model, some economic variables, such as: exchange rate, GDP, and interest rate, are consistent to the Keynesian approach. Meanwhile, variable of price level is consistent to the Monetary approach and variable of domestic credit is inconsistent with, both Keynesian and Monetary approaches. According to the robustness test result, variable of exchange rate is still consistent with Keynesian approach, while variable of GDP and interest rate are partly consistent with Keynesian approach and partly are insignificant to balance of payment. Variable of domestic credit is inconsistent with both Keynesian and Monetary approaches and variable of price level is consistent with the Monetary approach. Variable of political stability shows a negative relationship with balance of payment, whereas variable government’s consumption expenditure is insignificant to balance of payment. This research concludes that Keynesian approach is more appropriate in examining the case of six ASEAN countries. The main reason is because the financial sector in ASEAN countries’ economies are inflexible and susceptible to pressure. In addition, there is a strict capital control in some of those six ASEAN countries. Hence, this research suggests that the government and monetary authorities in those six ASEAN countries should adopt a combination of expansionary fiscal and contractionary monetary policy. The amalgamation of expansionary fiscal and contractionary monetary policy will be efficient in generating adequate capital mobility in order to maintain the stability of balance of payments in the long run.
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Description:	碩士國立政治大學應用經濟與社會發展英語碩士學位學程(IMES) 104266018
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0104266018
Data Type:	thesis
Appears in Collections:	[International Master`s Program of Applied Economics and Social Development] Theses

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