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    题名: 貨幣政策中之信用管道：以台灣為例
    The credit channel of monetary policy: evidence from Taiwan
    作者: 王安中
    贡献者: 朱美麗
    王安中
    关键词: Credit channel
    Monetary policy
    Interest rates
    日期: 2010
    上传时间: 2013-09-05 14:19:06 (UTC+8)
    摘要: The credit market is an important subject in today’s macroeconomic world. Prior to the introduction of the credit market, traditional models only included the goods market and money market to form the IS-LM model. Under this IS-LM model, a change in money supply would have a known effect, such as a monetary expansion policy will result in a drop in the bond rate because the IS curve will remain constant. However, many previous studies did not show this effect, but instead the opposite; those that did show this effect, the magnitude of the shift was different than a traditional IS-LM model. Once the credit market is introduced into the IS-LM model, both the goods market (IS curve) and the money market (LM curve) will shift, resulting in an undetermined change in bond rate, and will also introduce the loan rate, which also shows an undetermined change. Under this model, when a monetary expansionary policy is in effect, it is possible that the bond rate could decrease, increase, or remain constant. This thesis will determine how the credit channel operates in Taiwan, using quarterly data from 1992Q1 to 2009Q4. The final result shows that under this new model, the credit channel in Taiwan does not necessarily follow the previously-known theory.
    參考文獻: Bernanke, Ben and Alan Blinder, “Credit, Money, and Aggregate Demand.” American Economic Review, May 1988. Vol. 78, 435-439.
    Bernanke, Ben and Alan Blinder, “The Federal Funds Rate and the Channels of Monetary Transmission.” American Economic Review, Sept. 1992. Vol. 82, No. 4, 901-921.
    Bernanke, Ben and Mark Gertler, “Inside the Black Box: The Credit Channel of Monetary Policy.” Journal of Economic Perspective, Autumn 1995. Vol. 9, No. 4. 27-48.
    Cottarelli, Carlo and Angeliki Kourelis. “Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy.” International Monetary Fund Staff Papers, Dec. 1994. Vol. 41, No. 4. 587-623.
    De Bondt, G.J., 2000. “Financial Structure and Monetary Transmission in Europe.” Edward Elgar, Cheltenham, UK.
    Hannan, Timothy H. and Allen N. Berger. “The Rigidity of Prices: Evidence from the Banking Industry.” American Economic Review, Sept. 1991. Vol. 81, No. 4. 938-945.
    Holtemoller, Oliver, “Further VAR Evidence for the Effectiveness of a Credit Channel in Germany.” Applied Economics Quarterly 49, 2003. Vol. 4, 359–381.
    Hulsewig, Oliver and Eric Mayer, Timo Wollmerhauser, “Bank Loan Supply and Monetary Policy Transmission in Germany: An Assessment Based on Matching Impulse Responses.” Journal of Banking and Finance, 2006. Vol. 30, 2893-2910.
    Klein, Michael A., “A Theory of the Banking Firm.” Journal of Money, Credit, and Banking, May 1971. 205-218.
    Litterman, Robert B. and Laurence Weiss, "Money, Real Interest Rates, and Output: A Reinterpretation of Postwar U.S. Data," Econometrica, January 1985, Vol. 53, 129-156.
    McCallum, Bennett T., "A Reconsideration of Sims` Evidence Concerning
    26
    Monetarism," Economics Letters, 1983, Vol. 13 (2-3), 167-171.
    Sims, Christopher, "Macroeconomics and Reality," Econometrica, January 1980. Vol. 48, 1-48.
    何棟欽，2001年九月，「我國新台幣拆款利率與存、放款利率之關係」。中央銀行季刊，第二十三卷第三期。
    吳中書，陳立修，2004，「台灣總體經濟信用管道之探討」。2004年亞太地區域研討會。
    Data Sources
    Paper Sources
    準備貨幣（月底數）(1993) “中華民國台灣地區金融統計月報” 民國八十三年一月, 中央銀行經濟研究處, March 2010.
    準備貨幣（月底數）(1994) “中華民國台灣地區金融統計月報” 民國八十四年一月, 中央銀行經濟研究處, March 2010.
    準備貨幣（月底數）(1995) “中華民國台灣地區金融統計月報” 民國八十五年一月, 中央銀行經濟研究處, March 2010.
    準備貨幣（月底數）(1996) “中華民國台灣地區金融統計月報” 民國八十六年一月, 中央銀行經濟研究處, March 2010.
    準備貨幣（月底數） (1997) “中華民國台灣地區金融統計月報” 民國八十七年一月. 中央銀行經濟研究處, March 2010.
    準備貨幣（月底數） (1998/6) “中華民國台灣地區金融統計月報” 民國八十八年一月. 中央銀行經濟研究處, March 2010.
    Electronic Sources
    放款利率 (1992-2009), 中央銀行.
    27
    http://win.dgbas.gov.tw/dgbas03/bs7/calendar/calendar.asp?Page=1&Sel-Org=27&ShrField=ShrItm&KeyWrd=存款利率. [June 2010].
    國內生產毛額 (1992-2009), 行政院主計處. http://www.stat.gov.tw/lp.asp?ctNode=2404&CtUnit=1088&BaseDSD=7. [June 2010].
    準備貨幣（月底數）(1998/7-2009), 中央銀行經濟研究處. http://win.dgbas.gov.tw/dgbas03/bs7/calendar/calendar.asp?Page=1&Sel- Org=27&ShrField=ShrItm&KeyWrd=準備貨幣. [June 2010]
    拆款利率 (1992-2009), 中央銀行. http://win.dgbas.gov.tw/dgbas03/bs7/calendar/calendar.asp?Page=1&Sel- Org=27&ShrField=ShrItm&KeyWrd=拆款利率. [March 2010].
    描述: 碩士
    國立政治大學
    經濟學系
    97258008
    99
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0097258008
    数据类型: thesis
    显示于类别:[經濟學系] 學位論文

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