Effects of The Policy of Asia During The Financial Crisis –Focus on Subprime Mortgage of America
Date Issued
2014
Date
2014
Author(s)
Kuo, Yu-Te
Abstract
In 2007, the subprime mortgage of the United State caused an extraordinary impact on global international financial markets. It not only damaged the prosperity of Europe and America but also affected Southeast Asian countries seriously. This thesis mainly discusses how the economies of the five countries of Southeast Asian (South Korea,Taiwan, Hong Kong, Malaysia, and Singapore) varies under the financial crisis and thegovernment policy, and then proposes a recommendation after giving a conclusion.
In the beginning, the thesis introduces the causes of the subprime mortgage of the United State, and shows the effects of the government policy by applying IS-LM-BP(Mundell-Fleming) Model. Then, according to literatures, this thesis uses GovernmentExpenditures (GE) and Government Incomes (GI) as variables correspondent to the government policy, and utilizes Money (M) and Exchange rate (E) as variables to represent the currency policy to analysis the influence on the gross domestic product(GDP).
Before being used to constructing the model for analyzing, the data needs to be examined by the unit root test. Once the data or the first difference of the data has
stationarity, one can apply Akaike information criterion (AIC) to determine the optimal lag order selection, which is plugged into the vector autoregression (VAR) to build the
impulse response. The main analysis of this thesis is based on the impulse response (separated into three parts: before, during, and after the crisis). Finally, according to the analysis, this thesis gives a conclusion and some recommendations.
Subjects
次貸風暴
內生產毛額
單根檢定
向量自我回歸
衝擊反應圖
Type
thesis
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