| 研究生: |
江承蒽 CHENG-EN JIANG |
|---|---|
| 論文名稱: |
國家財富、最適外匯儲備水準與主權基金 National Wealth, Optimal Foreign Exchange Reserve Levels and Sovereign Funds |
| 指導教授: |
蔡明宏
Ming-Hung Tsai 蔡栢昇 Pak-Sing Tsai |
| 口試委員: | |
| 學位類別: |
碩士 Master |
| 系所名稱: |
管理學院 - 產業經濟研究所 Graduate Institute of Industrial Economics |
| 論文出版年: | 2023 |
| 畢業學年度: | 112 |
| 語文別: | 中文 |
| 論文頁數: | 97 |
| 中文關鍵詞: | 外匯儲備 、國家財富 、主權財富基金 |
| 外文關鍵詞: | Foreign Exchange Reserves, Nation Wealth, Sovereign Wealth Fund |
| 相關次數: | 點閱:20 下載:0 |
| 分享至: |
| 查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報 |
本研究旨在探索我國的最適外匯儲備水平,採用J-R Model、Insurance Model以及B-G Model進行衡量。研究期間設定為2000年至2021年。研究結果顯示,我國的實際外匯儲備量大大超過這三個模型估計的最適外匯儲備水平。為了充分運用外匯儲備並降低其潛在風險,本研究提議成立主權財富基金,並以部分外匯儲備作為起始資金,以期最大化外匯儲備的效益。
鑑於我國未曾設立主權財富基金,本研究以韓國的主權財富基金─韓國投資公司作為參考對象。這是基於韓國的經濟背景與我國相近,其主權財富基金的設立背景及運作模式也符合我國的需求。將韓國投資公司視為學習對象,將有助於我國在設立與發展主權財富基金的道路上取得實際參考與借鏡。
This study aims to explore the optimal level of foreign exchange reserves for our country, employing the J-R Model, Insurance Model, and B-G Model for measurement. The research period is set from 2000 to 2021. The results indicate that the actual foreign exchange reserves of our country significantly exceed the optimal levels estimated by these three models. To fully utilize the foreign exchange reserves and reduce their potential risks, this study proposes the establishment of a Sovereign Wealth Fund, with a portion of the foreign exchange reserves as initial capital, aiming to maximize the benefits of foreign exchange reserves.
Given that our country has never established a Sovereign Wealth Fund, this study takes the Sovereign Wealth Fund of South Korea - the Korea Investment Corporation as a reference. This is based on the similarities in the economic backgrounds of South Korea and our country, and the background and operational model of their Sovereign Wealth Fund align with the needs of our country. Viewing the Korea Investment Corporation as a model to learn from will contribute to the establishment and development of our country's Sovereign Wealth Fund.
參考文獻
一、 中文文獻
1. 安怡芸(2017),「我國成立主權基金之可行性研析」,國會季刊,45(1),101-138。
2. 朱美智與鍾世靜(2008),「主權財富基金的興起與影響」,國際金融參考資料,55,1-31
3. 范世平(2009),「主權財富基金發展與影響的政治經濟分析」,問題與研究季刊,48(3),123–154
4. 洪茂蔚(2016),「我國成立主權基金之可行性研究結案報告」,國家發展委員會委託研究。->
5. 顏厚棟(2008),「臺灣最適外匯儲備持有量之探討」,逢甲大學經濟學系研究所碩士論文。
二、 英文文獻
1. Andriyani, K., T. Marwa., N. Adnan and M. Muizzuddin. (2020). “The Determinants Of Foreign Exchange Reserves: Evidence From Indonesia”, Journal of Asian Finance, Economics and Business, 7(11): 629.
2. Bošnjak, M., I. Budimir and G. Kordić. (2019). “Determinants Of Foreign Exchange Reserves In Croatia: A Quantile Regression Approach”, Department of Economics and Business, University of Dubrovnik, 28(1): 159-173.
3. Bošnjak, M., V. Bilas and G. Kordić. (2020). “Determinants Of Foreign Exchange Reserves In Serbia And North Macedonia”, Economic Annals, 65(226): 103-120
4. Chowdhury, M., M. J. Uddin and M. S. Islam. (2014). “An Econometric Analysis Of The Determinants Of Foreign Exchange Reserves In Bangladesh”, Journal of World Economic Research.3(6): 72-82.
5. Gereziher, H. Y. and N. Y. Nuru. (2021). “Determinants Of Foreign Exchange Reserve Accumulation: Empirical Evidence From Foreign Exchange Constrained Economy”, Journal of Economic and Administrative Sciences , 37(4): 596-610.
6. Gajurel, R. P. (2022). “Determinants Of Nepal's Foreign Exchange Reserve: An Empirical Study”, Journal of Mangement, 5(4): 884-888.
7. Osigwe, A. C. and M. C. Uzonwanne. (2015). “Causal Relationship Among Foreign Reserves, Exchange Rate And Foreign Direct Investment: Evidence From Nigeria”, International Journal of Economics and Financial Issues, 5(4): 884-888.
8. Khomo, M., N. Mamba and L. Matsebula1. (2018). “Determinants Of Foreign Exchange Reserves In Eswatini: An ARDL Approach”, African Review of Economics and Finance, 10(2): 134-150.
9. Olomola, P. and I. Ajayi. (2018). “The Determinants Of International Reserves In West African States”, Global Journal of Human-Social Science, 18(4): 43-50.
10. Ozyildirim, S. and B. Yaman. (2005). “Optimal Versus Adequate Level Of International Reserves: Evidence For Turkey”, Applied Economics, 37(13): 1557-1569.
11. Paltrinieri, A., F. Pichler and S. Miani. (2014). “Sovereign Wealth Funds: A Case Study Of Korea Investment Corporation”, Journal of Business and Economics, 5(9): 1443-1459.
12. Ramachandran, M. (2004). “The Optimal Level Of International Reserves: Evidence For India”, Economics Letters, 83(3): 365-370.
13. Urban, D. (2011). “The Role Of Sovereign Wealth Funds In Global Managament Of Excess Foreign Exchange Reserves”, Łódź University Press, 14(2): 143-158.