Does the Phillips Curve Dominant the Fluctuations of Inflation

[[abstract]]We used the panel smooth transition regression (PSTR) model to investigate whether the relationship between inflation and macro variables remain consistent and identify the macro variables that dominate the fluctuations of inflation based on the uncertainty of interest rates and exchange rates for G7 over the period from 19841Q to 20114Q. The results of the empirical tests show that the real activity variables have superior explanatory power to CPI than unemployment rates based on the volatility of interest rates. The real activity variables have greater exploratory power to CPI because the volatility of the exchange rate is over than 40.95%.[[booktype]]紙

The Role of New Taiwan Dollar In the Late Stage of Twenty Century: Cointegration Test for the International Finance

[[abstract]]Exploiting the idea of Enders and Hurn (1994), this study estimates the theory of G-PPP, investigating the long-run equilibrium relationship among bilateral real rates of New Taiwan dollar and other currencies under consideration. This study improves upon previous cointegration work by implementing multivariate maximum likelihood with consideration of Johansen (1988, 1990, & 1994) five VAR models. Moreover, applying the critical value of test statistics by Osterwald-Lenum (1992) enables us to consider the system up to eleven variables which overcomes the limitation of only up to five variables as Sarno (1997) faced. The results show that all three multi-country settings are found to constitute “optimal currency area” from this empirical work. Especially for the Asian four little dragons, they are highly integrated with three cointegrating vectors (almost full rank), but in the presence of no linear trend and quadratic trend. The finding of testing on the Pacific Rim nations is consistent with Enders and Hurn (1994) that the currencies of all the nations within the Pacific basin are mutually influenced. The result also advocates that there exists a long-run equilibrium relationship among NT$ together with the currencies of seven large industrialized countries.[[journaltype]]國外[[incitationindex]]EI[[ispeerreviewed]]Y[[booktype]]紙本[[countrycodes]]US

Does the Phillips Curve Disappear after the Millennium

[[abstract]]This paper uses the panel smooth transition regression (PSTR) model to reexamine the efficiency of the Phillips curve for seven efficiency-driven countries defined by the WEF (World Economic Forum) over the period from 2000 to 2010. In contrast to the Phillips curve estimated within a linear framework, the result of the LM test shows that the data used to fit the nonlinear model is superior. This empirical investigation indicates that the trade off relationship will disappear if the quarterly percentage change of the interest rate is between -0.70% and 14.84%, or if the ratio of government expenditure to GDP is higher than 20.92%.[[journaltype]]國外[[ispeerreviewed]]Y[[booktype]]紙

Who has more influence on Asian Stock Markets around the Subprime Mortgage Crisis-the U.S. or China?

[[sponsorship]]Fudan University-Shanghai[[sponsorship]]復旦大學[[conferencetype]]國際[[conferencedate]]20110528~20110530[[conferencelocation]]上海市, 中

Analysis for the Reality of the CPI when Ignoring Some Financial Assets - Evidence from Taiwan

[[abstract]]This research attempts to judge the reality of the price index without incorporating the prices of stock and real estate and to analyze the efficiency of the diversification when investing in both assets of stock and real estate over the period of 1986Q1 to 2002Q3 in Taiwan by employing various multivariate VAR models. The empirical results first indicate that diversification by investing in both assets of stock and real estate is fruitless since the market is efficient. Granger causality tests provide us perceptual information that the price index without incorporating the prices of stock and real estate is spurious. Nonetheless, the formulating of a STECM is not necessary since the linear functional form is not violated in our examination.[[journaltype]]國外[[incitationindex]]EI[[ispeerreviewed]]Y[[booktype]]紙本[[countrycodes]]US

Worldview, Risk Perception and Underwriting Performance: An Empirical Study of Property/Liability Insurance Industry

[[abstract]]Underwriting process is the core function of property/liability insurance companies. An appropriate underwriting policy can avoid adverse selection and make sure that insurance companies select only those insured whose actual loss will not exceed the expected loss. This study attempts to connect the culture theory of risk, risk perception with underwriting performance of underwriters in property/liability insurance companies. This study explores the effects of different types of worldviews upon the underwriting performance and evaluates various underwriters’ financial risk perception based on different worldview by use of conjoint expected risk model. Interesting and fascinated empirical evidence could be found that risk perceptions represent a considerable part on underwriting process, which has not been found yet in previous finance or insurance literature.[[journaltype]]國外[[incitationindex]]EI[[ispeerreviewed]]Y[[booktype]]紙本[[countrycodes]]US

Is Per Capita Real GDP Stationary? Evidence from Selected African Countries Based on More Powerful Nonlinear (Logistic) Unit Root Tests

In this study we use a more powerful nonlinear (logistic) unit root test advanced by Leybourne et al. (1998) to investigate the time-series propertities of per capita real GDP for 26 selected African countries for the period 1960-2000. We strongly reject the null of unit root process for over one-third the countries. These empirical results have important policy implications for selected African countries.

Investigation of Target Capital Structure for Electronic Listed Firms in Taiwan

[[notice]]補正完畢[[conferencetype]]國內[[conferencedate]]20070306~2007030

Investigation of Target Capital Structure for Electronic Listed Firms in Taiwan

[[notice]]補正完畢[[conferencetype]]國際[[conferencedate]]20060710~20060712[[conferencelocation]]Auckland, New Zealan

An Empirical Analysis of the Relationship between Oil Price Volatility and Stock Returns of G7 Markets using a Panel Smooth Transition Regression Model

[[sponsorship]]Nagasaki University[[conferencetype]]國際[[conferencedate]]20111210~20111212[[booktype]]紙本[[iscallforpapers]]Y[[conferencelocation]]Japan, Nagasak