| Summary: | 碩士 === 國立暨南國際大學 === 國際企業學系 === 102 === This paper analysis how bank competition affect the relationship between monetary policy and investment in China, Philippine, Singapore, South Korea and Thailand. The main findings from the pooled model are threefold. First, a change in the user cost of capital, which in turn affect by interest rates, has both statistically and economically significant negative effect on investment. However, the result varies in each country. Second, bank competition affects investment significantly. Third, the firm-specific interest rates are affected by changes in market interest rates, which are related to monetary policy. Overall, expect Thailand, the effects of the user cost on investment suggest that the interest rate channel of monetary policy is operative in these Asian countries. Changes in the level of interest rates have an impact on firm’s investment through the user cost of capital.
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