The comparative study on Taiwan’s Money demand during the Internet Bubble of 2000, the US Financial Crises of 2008 and the European Sovereign-Debt Crisis of 2011

• Main Authors: Ting-Yun Chen, 陳亭云
• Other Authors: Shou-Hsiang Liu
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/72849968256835944087

碩士 === 銘傳大學 === 風險管理與保險學系碩士班 === 102 === ABSTRACT Taiwan is a small open economy, which will be influenced by the international economic and financial fluctuations. The US internet bubble of 2000, the US financial crises of 2008 and the European sovereign-debt crisis of 2011, all of which might have some important influences on Taiwan’s economy and financial situations. Shou-Hsiang Liu and Jo-Yu Huang in the paper “The comparative study on Taiwan’s money demand during the internet bubble and the US financial crises of 2008,” which only investigated the effects of the 2000 US internet bubble and the 2008 US financial crises on Taiwan''s money demand function. In that paper, it did not study the 2011 European sovereign-debt crises on Taiwan''s money demand function, therefore, this paper will investigate and compare these three financial crises on Taiwan''s money demand function. This paper use Regression Analysis、Partial Adjustment Model、Multiple Breakpoint Test、Cointegration and Error Correction model to do the test on the money demand function in Taiwan. Regression Analysis and Partial Adjustment Model show that the money demand in Taiwan was decrease in financial crises and European sovereign-debt crisis. In Multiple Breakpoint Test, we can see that the Taiwan''s money demand function was occur the structural changes and Cointegration and Error Correction model we can found that the money demand function in Taiwan was roughly stable. In this research, we found that Taiwan’s money demand was effected by financial crises, and some structural changes had occurred, but as a whole, Taiwan’s money demand function remains stable.