Understanding Taiwan's Growth Miracle: The Role of Capital Market Efficiency
2007/03/13
研討會日期 : 2007-03-13
時間 : 15:00
主講人 : Ms. Shu-shiuan Lu
地點 : C棟103會議室
演講者簡介 : Ms. Shu-shiuan Lu為Ph.D. in Economics，University of California, Los Angeles (June 2007 expected)。
其主要研究領域為Economic Development, Macroeconomics及International Finance
演講摘要 : This paper examines the role played by improvements in capital market efficiency for Taiwan’s growth success from 1961 to 2002. Unlike most of the literature about financial development and growth, this paper combines optimal growth theory and time series data to address this issue quantitatively. I begin by identifying the sources of Taiwanese growth using a diagnostic approach developed in the recent business cycle literature. The diagnostic results together with empirical observations of financial performance (i.e. bank efficiency) suggest a positive relationship between bank efficiency improvement and growth. To quantitatively assess the role bank efficiency plays in Taiwanese growth, I provide a neoclassical model with financial intermediaries. For the Taiwanese case, the model shows that output is 4.4% higher today as a result of bank efficiency improvements.
