| Summary: | 碩士 === 國立中正大學 === 財務金融系研究所 === 105 === This paper is to examine the interrelationships among the indexes of upper, middle and lower stream of petrochemical industry in Taiwan. This paper employs UPINX, MIDINX, DOWNINX, EX, OIL, CPI, and EPI. Then, it analyzes these variables by Unit Root Test, VAR, Cointegration test, Granger Causality, Impulse Response Function and Variance Decomposition. The empirical results find that by the Granger causality test, there is only leading - lag relationship between middle and lower industry. Using the impulse response function, the impulse of middle industry would affect upper and lower stream and cause a positive effect. Middle stream industry is more exogenous than others industries when using variance decomposition.
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