| Summary: | 碩士 === 世新大學 === 財務金融學研究所(含碩專班) === 98 === This study rearranges the composition that are current in the instrument of monetary policy intermediate target, to find and re-make up the composition with higher correlations by applying univariate correlation analysis firstly. By thereafter comparing the correlations between economic variables and M1A, M1B, M2, respectively, to check their correlations are improved after re-composition. Finally, the relationships between intermediate target and economic variables are explored by using canonical correlation analysis, to tell if the correlation level is enhanced from the original composition. Accordingly, the composition of M1A, M1B and M2 are re-classified.
The results indicate that the correlation coefficient is the highest for SD and TD of M2 composition. Therefore, twice re-composition analyses are done. As to univariate correlation coefficient, both absolute value and growth rate of 1st re-composition are better than that of 2nd re-composition, as to canonical correlation analysis, the outcomes that the original composition is better than both re-compositions, Hence, univariate correlation analysis is employed to document the better performance of the 1st re-composition when SD is included in M1A and M1B.
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