臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：股價目標區政策對股價及總體經濟穩定性效果之分析
書刊名：東海管理評論
作者：方中柔 引用關係
作者(外文)：Fang, Chung-rou
出版日期：2011
卷期：13:1
頁次：頁47-76
主題關鍵詞：股價目標區；目標區政策；股票市場；隨機過程；聯立隨機微分方程；Stock price target zones；Target zone policy；Stochastic processes；Stock market；Simultaneous differential equation
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:39
  • 點閱點閱:37
股票市場素有經濟櫥窗之稱，是整個金融機構反應昀敏感的市場，也是一個國家經濟發展的重要基礎。職是之故，本文嘗試將目標區政策應用於探討股價安定性的議題。在隨機總體模型之架構下，以目標區理論的觀點來探討：當政府對股價設立目標區限制下，對股價及其他總體變數的穩定效果。經過模型及數值模擬推演我們得到與 Blanchard (1981) 類似的結論：當經濟體系發生需求面正向干擾的衝擊時，股票市場存在利多(或稱為紅利效果)或利空(或稱為流動性效果)的情況會影響民眾對股價的預期，而此亦為決定股價目標區政策對股價及其他總體變數穩定效果的關鍵因素。首先，股市若處於利空下，股價目標區政策可使股價的波動趨於穩定，唯須付出其他總體變數如產出、物價及利率等波動加劇的代價；反之，若股市處於利多下，股價目標區限制則有助於股價及其他總體經濟變數的穩定。此一結論或許可提供政府實施股價目標區政策之參考。
Based on a simple stochastic macro model, this paper addresses the stabilizing performance of targeting stock price from the viewpoint of target zones. Similar to the conclusion found in Blanchard (1981), upon the shock of a change in aggregate demand, the stock market’s good news (dividend effect) or bad news (liquidity effect) is the crucial factor for desirability of targeting stock price. If only bad news in the stock market tends to raise the variability of other macro variables even the stock price variability is damped. However, the only good news in the stock market will make the stock price target zone policy reduce the variability of all macro variables.
期刊論文
1.黃秋瓊、胡士文(200806)。匯率目標區和股價之穩定。交大管理學報，28(1)，169-203。new window  延伸查詢new window
2.van der Ploeg, F.(1989)。Election Outcomes and the Stock Market。European Journal of Political Economy，5，21-30。  new window
3.Gavin, M.(1989)。The Stock Market and Exchange Rate Dynamics。Journal of International Money and Finance，8，181-200。  new window
4.王葳、胡士文(2003)。民眾預期與商品價格之穩定--目標區理論之應用。東海管理評論，6(1)，1-30。new window  延伸查詢new window
5.方中柔、陳孟甫(2008)。目標區政策對農產品價格穩定性之研究。農業經濟叢刊，14(1)，39-82。new window  延伸查詢new window
6.呂麗蓉、戴孟宜、胡士文、廖培賢(2008)。農產品市場干擾與最適農產品價格目標區。農業與經濟，40，1-44。new window  延伸查詢new window
7.賴景昌、、王葳、胡士文(2000)。目標區與農產品價格穩定：小型開放經濟之分析。農產經濟叢刊，6(1)，33-66。new window  延伸查詢new window
8.廖培賢(2006)。物價目標區政策下經濟安定性之研究--不確定情況下的分析。東海管理評論，8(1)，179-220。new window  延伸查詢new window
9.Ahn, H. J.、Cai, J.、Cheung, Y. L.(2005)。Price Clustering on the Limit-Order Book: Evidence from the Stock Exchange of Hong Kong。Journal of Financial Markets，8，421-451。  new window
10.Aoki, M.(1986)。Effects of Anticipated Central Bank Actions on Tobin's Q, Share Prices and Exchange Rate in a Small Open Economy。European Economic Review，30，285-304。  new window
11.Bhandari, J. S.、Genberg, H.(1990)。Exchange Rate movement and International Interdependence of Stock Markets。Kredit and Kapital，23，496-531。  new window
12.Blanchard, O. J.(1981)。Output, Stock Market, and Interest Rate。American Economic Review，71，132-143。  new window
13.Fang, C. R.、Lai, C. C.(2002)。Target Nominal Income Versus Targeting Price Level: A Target Zone Perspective。International Review of Economics and Finance，11，229-249。  new window
14.Kim, K. A.(2001)。Price Limits and Stock Market Volatility。Economics Letters，71(1)，131-136。  new window
15.Miller, M.、Weller, P.(1995)。Stochastic Saddlepoint Systems Stabilization Policy and the Stock Market。Journal of Economic Dynamics and Control，19，279-302。  new window
16.Murphy, R. G.(1989)。Stock Prices, Real Exchange Rates, and Optimal Capital Accumulation。IMF Staff Papers，36，102-128。  new window
17.Neely, C.、Weller, P.、Corbae, D.(2003)。Endogenous Realignments in a Target Zone。Oxford Economic Paper，55，494-511。  new window
18.Ohta, Wataru(2006)。An analysis of intraday patterns in price clustering on the Tokyo Stock Exchange。Journal of Banking and Finance，30，1023-1037。  new window
19.Huang, Y. Sheng、Fu, T. W.、Ke, M. C.(2001)。Daily Price Limits and Stock Price Behavior: Evidence from the Taiwan Stock Exchange。International Review of Economics and Finance，10(3)，263-288。  new window
20.Chen, Y. M.(1993)。Price Limits and the Stock Market: Volatility in Taiwan。Pacific-Basin Finance Journal，1，139-153。  new window
21.Klein, Michael W.(1990)。Playing with the Band: Dynamic Effects of Target Zones in an Open Economy。International Economic Review，31(4)，757-772。  new window
22.Kempa, B.、Nelles, M.(1998)。On the Variability of Exchange Rate Target Zones in A Mundell-fleming Model with Stochastic Output Shocks。Journal of Policy Modeling，20，603-619。  new window
23.Sutherland, A.(1995)。Monetary and Real Shocks and Optimal Target Zone。European Economic Review，39，161-172。  new window
24.Flood, R. P.、Garber, P. M.(1991)。The Linkage between Speculative Attack and Target Zone Models of Exchange Rates。Quarterly Journal of Economics，106(4)，1367-1372。  new window
25.Kim, Kenneth A.、Rhee, S. Ghon(1997)。Price Limit Performance: Evidence From the Tokyo Stock Exchange。Journal of Finance，52(2)，885-901。  new window
26.曹添旺、朱美麗(19901200)。貨幣政策､匯率與股價的動態調整-- 理論分析與模擬驗證。經濟論文叢刊，18(4)，449-466。new window  延伸查詢new window
27.Chang, W. Y.、Lai, C. C.(1997)。Election Outcomes and the Stockmarket: Further Result。European Journal of Political Economy，13(1)，143-155。  new window
28.朱美麗、曹添旺(19870900)。產出水準、股票市場與滙率動態調整。經濟論文，15(2)，45-59。new window  延伸查詢new window
29.Krugman, Paul R.(1991)。Target Zones and Exchange Rate Dynamics。Quarterly Journal of Economics，106(3)，669-682。  new window
30.Lai, Ching-Chong、Fang, Chung-Rou、Chang, Juin-Jen(2008)。Volatility Trade-offs in Exchange Rate Target Zones。International Review of Economics and Finance，17(3)，366-379。  new window
31.Gerlach, S.(1994)。On the symmetry between inflation and exchange rate targets。Economics Letters，44，133-137。  new window
32.Chou, P. H.(1997)。A Gibbs sampling approach to the estimation of linear regression models under daily price limits。Pacific-Basin Finance Journal，5，39-62。  new window
33.Tronzano, H.、Psaradakis, Z.、Sola, H.(2003)。Target zone credibility and economic fundamentals。Economic Modeling，20，791-807。  new window
34.Werner, A. M.(1995)。Exchange Rate Target Zone, Realignment and Interest Rate Differential: Theory and Evidence。Journal of International Economics，39，353-367。  new window
圖書
1.賴景昌(1994)。國際金融理論。臺北：茂昌圖書有限公司。  延伸查詢new window
2.Miller, R. L.、VanHoose, D.(2004)。Macroeconomics: Theories, Policies, and International Applications。New York：South-Western。  new window
3.Brady Committee(1988)。The Report of the Presidential Task Force on Market Mechanism。Washington, DC：Government Printing Office。  new window
4.Cohen, K. J.、Maier, S. F.、Schwartz, R. A.、Whitcomb, D. K.(1986)。The Microstructure of Securities Markets。New Jersey：Prentice-Hall。  new window
5.Hubbard, R. G.。Money, the Financial System, and the Economy。New York：Addison-Wesley。  new window
6.Leiderman, Leonardo、Svensson, Lars E. O.(1995)。Inflation Targets。London：Center for Economic Policy Research。  new window
7.Mishkin, F. S.(2010)。The Economics of Money, Banking, and Financial Markets。New York：Addison-Wesley。  new window
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：411（臺灣：397，外國：14） ／ 本年度總使用人次：2178223 ／ 訪客人次（自102年09月）：67980997
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上