| Summary: | 碩士 === 樹德科技大學 === 經營管理研究所 === 94 === International monetary system was transformed as the Bretton Woods Agreement was disintegrated, lots of countries switched to adopting flexible exchange rate system. The exchange rates fluctuate violent under the flexible exchange rate system. In order to eliminate the problem of the exchange rate fluctuation should perform the exchange rate target zone system. In Taiwan, a developing international trade is contributive to economic grow, but the exchange rate fluctuation interrupts economic activities greatly. Taiwan Central Bank (CB) practices the exchange rate target zone system for stabilizing the exchange rate. In fact the pricing decision rights of the exchange rates are belongs to the financial institutions. In considering the problem of the consistence between the exchange rate policy practice and decision, this investigation applies the description statistic method to compare the exchange rate that announced by CB and the exchange rate trends that decided by the financial institutions. And examining the condition of economic grow as Taiwan operates the exchange rate target zones system. The researching results are the probability of exchange rate readjustment was large and CB expanded the range of exchange rate fluctuation to avoid adventure trading activities that accordance with the characteristic of the soft target zone, the distribution of exchange rate that raised by CB existed the same tendency as compared with the exchange rate trends which brought from the financial institutions, but the economic grow was unstable as performing the exchange rate target zones policy in Taiwan. The results of this paper would be good references for CB to make exchange rate policies and for the participators to perform exchange management in the exchange rate market.
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