The Impact of Quantitative Easing MOU and ECFA on Exchange Rate between NTD and RMB

摘要

The economic status of Taiwan heavily depends on international trade The industries of Taiwan are mostly for the purpose of exporting to other countries up to now Hence investors not only have to focus on the fluctuation of NTD but also the fluctuation of RMB The exchange rate has become a big issue to the public and companies of Taiwan and China The research period started from 2008 to 2013 The dependent variables are real effective exchange rate index and NTD exchange for RMB The independent variables including Quantitative Easing Monetary Policy of Japan and the United States MOU and ECFA between Taiwan and China macroeconomic variables such as money supply balance of payment inflation rate and interest rate The empirical results of the real effective exchange rate index indicates that Japanese QE QE2 and QE3 of the United States are negative related to the index the results are not significant QE1 is positive related to the index which is not significant as well MOU and ECFA have positive related to the index The macroeconomic variables match all of the research expectation The empirical results of the NTD exchange for RMB indicates that Japanese QE QE1 and QE3 of the United States are negative related to the NTD exchange for RMB However QE2 is positive related to it MOU and ECFA have negative related to the NTD exchange for RMB Finally all of the macroeconomic variables match expectations except for the inflation rate

獎項日期	2016 5月 18
原文	English
監督員	Hsin-Hong Kang (Supervisor)