Capital liberalization and various financial markets: Evidence from Taiwan

Manhwa Wu; Paoyu Huang; Yensen Ni

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Capital liberalization and various financial markets: Evidence from Taiwan

机译：资本自由化和各种金融市场：来自台湾的证据

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Several studies have shown that capital liberalization has varying effects on emerging and developing markets. Meanwhile, other studies have suggested that capital liberalization has different effects on various industries. However, only a few studies have investigated whether capital liberalization has varying effects on different financial markets, including stock, currency, real estate, and bond markets. In this study, we investigate whether various financial markets in a small-scale economy, such as Taiwan, have been affected by capital liberalization in 2003, which is rarely explored comprehensively in the existing literature. Results showed that capital inflows from foreign investment institutions positively affected such markets. Consequently, the share market in Taiwan boomed, domestic currency appreciated, the real estate market soared, and bond prices increased.

机译：多项研究表明，资本自由化对新兴市场和发展中市场的影响各不相同。同时，其他研究表明，资本自由化对各个行业的影响不同。但是，只有少数研究调查了资本自由化是否对包括股票，货币，房地产和债券市场在内的不同金融市场产生不同的影响。在这项研究中，我们调查了台湾等小规模经济体中的各种金融市场是否在2003年受到资本自由化的影响，而在现有文献中很少对此进行全面探讨。结果表明，外国投资机构的资本流入对此类市场产生了积极影响。因此，台湾股市蓬勃发展，本币升值，房地产市场飞涨，债券价格上涨。

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来源
《The quarterly review of economics and finance》 |2017年第11期|265-274|共10页
作者
Manhwa Wu; Paoyu Huang; Yensen Ni;
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作者单位

Department of Finance, Ming Chuan University, 111 Taipei, Taiwan;

Department of International Business, Soochow University, 100 Taipei, Taiwan;

Department of Management Sciences, Tamkang University, 251 New Taipei, Taiwan;

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正文语种 eng
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关键词
Capital liberalization; Financial markets; Capital flows;

机译：资本自由化;金融市场;资金流动;

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机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Capital liberalization and various financial markets: Evidence from Taiwan

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