Global Quantitative Easing and Performance forMachinery Industry in Taiwan: An Empirical Analysis

• Main Authors: Li-Ching Lai, 賴麗卿
• Other Authors: Chen-Jui Huang
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/50817216407267096455

碩士 === 東海大學 === 財務金融學系碩士在職專班 === 103 === This paper intends to analyze whether global quantitative easing (QE) significantly affects Taiwan’s export-oriented machinery industry in terms of three indicators: the sales of the manufacturing sector, electrical index, and exports of metallic and machinery hand tools and parts. Our empirical findings show that only the US QE1 creates a significantly positive effect on the electrical index. The impact of other QE policies on the three indicators appears insignificant. Since the major objectives for global QE policies consist in stabilization of the financial system and encouragement of consumption rather than improvement in industry performance, these policies fail to effectively influence the machinery-related sectors in the real economy.