DOCSLIB.ORG

Page 1 Is Bank Lending Channel Functional? an Analysis of Data in Taiwan. 1* 1 * [email protected] 1980 (VAR) (Panel VAR) 1. 2010 Donald L. Kohn 1980 (Interest

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Page 1 Is Bank Lending Channel Functional? an Analysis of Data in Taiwan. 1* 1 * S1011478@Mail.Ncyu.Edu.Tw 1980 (VAR) (Panel VAR) 1. 2010 Donald L. Kohn 1980 (Interest ߞҔᆅၰӸӧ༏ǻɡаҁ୯ሌՉၗ਑௖૸ϐ Is bank lending channel functional? An analysis of data in Taiwan. ߋিዝ 1* ғزࣴ !س୯ҥ჏ကεᏢ! ᔈҔ࿶ᔮ 1 *[email protected] ᄔा ፓ᏾ճ౗ѐ่మޣɡճ౗ᆅၰаϷߞҔᆅၰɡς೏ቶݱ૸ፕǺ߻ڋε໺ሀᐒٿԾவ1980ԃжଆǴ೤ჾࡹ฼ϐ ǶҁЎట٬ҔӛໆԾس᏾ঁߎᑼᡏډёສၗߎॷҗ೤ჾࡹ฼໺ሀޑໆۓ೸ၸࢌ΋ޣສීՉࣁǹࡕکѱ൑٠ቹៜॷී ӵՖڀय़ӛǺ΋ǵύѧሌՉϐ೤ჾࡹ฼πٿ଑ᘜ (Panel VAR) ϩձ௖૸ך଑ᘜኳࠠ (VAR) аϷଓᙫၗ਑ӛໆԾך ଑ךǵӸී฻ᕴᡏϷߎᑼᡂኧǹΒǵаҁ୯ሌՉϐଓᙫၗ਑Ǵ຾ՉӛໆԾීܫሽǵނளǵ܌೸ၸߞҔᆅၰቹៜ୯҇ ǵӸීǵ࡭Ԗၗౢ฻࿶ᔮࢲ୏Ƕჴ᛾่݀ว౜Ǵීܫځ୯ϐঁձሌՉךࢂց೸ၸߞҔᆅၰቹៜڀᘜǴ௖૸೤ჾࡹ฼π ࿶ᔮޑϐǴߞҔᆅၰᆶሌՉقᆅၰ٠ό΋ठǴඤීܫሌՉޑ੟ကکቚуΨᒿϐวғǴԶ೭ීܫᒿ๱೤ჾᆙᕭǴሌՉ ࢲ୏ϐ໔ޑᜢᖄ܄ம১ᗋԖࡑ୘ᄮǶ ଑ᘜךǵߞҔᆅၰǵӛໆԾڋᜢᗖӷǺ೤ჾࡹ฼໺ሀᐒ ق߻ .1 ฻࿶ᔮᆶۓሽᛙނᆶۓǴаၲԋߎᑼᛙڀ೤ჾࡹ฼ࢂࡰύѧሌՉ࿶җፓ௓೤ჾᕴीኧǵճ౗Нྗ฻೤ჾࡹ฼π ߏᇻว৖ϐനಖ࿶ᔮҞ኱ǶฅԶǴ೤ჾࡹ฼ૈցԖਏԶЪ፾ਔӦౢғѧՉႣ೛ϐਏޑϐਏ݀Ǵ٠ߦ຾࿶ᔮۓߎᑼᛙ ᕴᡏ࿶ᔮ౛ፕΠǴ೭٤ᡂኧޑϐࡕख़ा࿶ᔮᡂኧϐว৖ǴᕕှӧόӕڀॺёаᙖҗᢀჸѧՉ٬Ҕ೤ჾࡹ฼πךǴ݀ ࡹ฼ፂᔐԶϸᔈǶډڙӵՖ ǵഩӢථǵཥђڂݩǴђރࢂᕴᡏ࿶ᔮ౛ፕ዗᝼ϐख़ᗺǶࣁΑᅰёૈ٬౛ፕ಄ӝ౜ჴ࿶ᔮޔ೤ჾࡹ฼᝼ᚒ΋ ᕴᡏᡂز౛ፕ௖૸೤ჾࡹ฼ӵՖቹៜᕴᡏ࿶ᔮǶԶࣴٮਔжङඳΠ઱઱ගޑӧόӕޣǵཥഩӢථǵ೤ჾᏢࢴ฻Ꮲڂ ӧǶ܌ϐख़ᗺڋ೤ჾࡹ฼໺ሀᐒزኧӵՖӢᔈ೤ჾࡹ฼ፂᔐวғᡂ୏Ǵջࣁࣴ ྗޑॺᖼວၗౢਔǴౢғΑεໆךԃΟД྽ਔऍ୯ᖄٖྗഢ౛٣཮ୋЬৢ Donald L. Kohn ම߄ҢǺȨ྽ 2010 Ԗᡉ๱Զᐱҥس࿶ᔮᡏکୋౢࠔǴѬॺόϼёૈӧߎᑼѱ൑ޑεໆሌՉྗഢࣁᖼວၗౢޑബ೷р܌ഢߎਏ݀ǴǾǶ ๏ၰٮ೤ჾډ໺಍ᢀᗺ٠ό΋ठǴȐ໺಍΢ȑமፓྗഢߎޑ೤ჾࡹ฼܈΋ኳࠠൂޑ೚ӭ௲ࣽਜ΢کϐਏ݀ǶԜᢀᗺ ᔠຎ೭చᆅၰǶȩکزॺሡाвಒӦࣴךӢ݀ᜢ߯Ƕ౜ӧޑ೯ᑩ೭చጕډ ࿶ᔮ૰ଏǴࠅΨᏤठऍ୯ሌՉޑు؈کߎᑼӒᐒޑᝄ৚ל٣ჴ΢Ǵ྽ऍ୯ᖄྗ཮ჴࡼߚ໺಍೤ჾࡹ฼Ҕаჹ ᏾ঁ࿶ᔮᡏډவྗഢߎز׫ΕࣴޣӭᏢ׳ᑫ፪Ǵޑཥޑ೤ჾࡹ฼ܭഢߎᎩᚐεᑩ๞ǶΨӢԜǴെᒬΓॺჹྗޑسᡏ Ƕڋ໺ሀᐒޑس ΋ࢂճ౗ᆅၰ(interest rate channel)Ǵᙖҗፓ᏾ճ౗ѐ่మѱځς೏ቶݱ૸ፕǺڋε໺ሀᐒٿԾவ 1980 ԃжǴ ᏾ঁߎᑼᡏډёສၗߎॷҗ೤ჾࡹ฼໺ሀޑໆۓΒࣁߞҔᆅၰ (credit channel)Ǵࢌ΋ځສීՉࣁǹک൑٠ቹៜॷී ޑǴᇡࣁӧϦ໒ѱ൑΢ۺᝩ೤ჾ४ኧཷ܍ᆅၰ(bank lending channel) ᢀᗺීܫሌՉޑǶӧߞҔᆅၰЎ᝘΢Ǵ੟ကس ߎᚐǶޑௗቹៜሌՉёаॷීޔኧໆ཮ޑഢߎྗکᡂ୏ ԋࣁۈBernanke and Blinder (1992) ϐࡕǴ໒ ک (଑ᘜኳࠠ (Auto Regressions, VAR) ӧ Sims (1980ךӛໆԾ Ϧ໒ၗޑஒճҔѠ᡼ޑҞزǴҁЎࣴ܄ӭኬޑǶࣁΑᘉкѠ᡼ჴ᛾Ў᝘΢ڀϩ݋೤ჾࡹ฼ਏ݀ϐ዗ߐᕴᡏीໆπ ᆅၰϐೱීܫ೤ჾࡹ฼ᆶሌՉزՉࣁᆶၗߎᝢ௛೷ԋቹៜǴࣴීܫ೤ჾࡹ฼ǴࢂցჹሌՉޑ௦Չ܌਑Ǵٰ௖૸ѧՉ ᆅၰϐቹៜǴಃΒ࿯ීܫᕴᡏၗ਑аϷҁ୯ሌՉၗ਑௖૸ሌՉޑᆶբҔӧҁ୯ሌՉၗ਑ࢂցᡉ๱ǶҁЎ٬ҔѠ᡼่ Ǵനࡕࢂ่݀زϣ৒ᆶ࣬ᜢЎ᝘ǴಃΟ࿯ᇥܴኳࠠǵᡂኧᒧ᏷ᆶၗ਑ϣ৒ǴಃѤ࿯և౜ჴ᛾ࣴڋஒ௖૸೤ჾ໺ሀᐒ кйкт Бӛᔠ૸Ƕزᇥ่ܴፕᆶ҂ٰࣴ ϣ৒ᆶЎ᝘௖૸ڋ೤ჾ໺ሀᐒ .2 ճ౗Нྗǹፓ᏾ख़ຠ౜ک๏Ǵхࡴ೸ၸϦ໒ѱ൑ᏹբǵቹៜ೤ჾᐒኧٮቹៜ೤ჾڀύѧሌՉԖΟε೤ჾࡹ฼π ճ౗НྗǶکഢ౗Ǵቹៜ೤ჾ४ኧǵ೤ჾ୷ኧྗۓ೤ჾ୷ኧǹፓ᏾ݤکኧໆޑීܫ౗Ǵׯᡂຠ౜ ೯೤ᑩ๞౗ǴԜၸำᆀࣁک࿶җόӕ໺ሀᆅၰǴٰቹៜჴ፦ᕴᡏ࿶ᔮࢲ୏ڀMishkin (1995) ߄Ң೤ჾࡹ฼π дၗౢሽ਱Ǵ຾ԶځǴׯᡂճ౗ǵ༊౗ǵሌՉߞҔǵިሽаϷڀϐǴѧՉճҔ೤ჾࡹ฼πقǶඤڋ೤ჾࡹ฼໺ሀᐒ Ǵ٠คֹӄ΋ठϐӅ܄ၮբၸำаϷख़ाޑቹៜ੃຤Ϸ׫ၗ฻ᕴᡏ࿶ᔮࢲ୏Ƕՠ Mishkin ΨࡰрǴ೭٤ᆅၰዴϪ ᛽Ƕ ϐ௖૸Ьाёаϩࣁ೤ჾᢀᗺ (money view) ᆶߞҔᢀᗺ (creditڋ೤ჾࡹ฼໺ሀᐒܭਥᏵ Mishkin (2001)Ǵᜢ ճޑх֖໺಍ڋ׫ၗǴ߄Ң೤ჾࡹ฼໺ሀᐒکᡂ୏཮ቹៜ੃຤ޑ߄ҢǴճ౗ǵ༊౗ǵၗౢሽ਱ޣБय़Ƕ߻ٿ (view ౗ᆅၰǵ༊౗ᆅၰǵၗౢሽ਱ᆅၰ฻ΟᅿǹԶࡕޣ߾ᇡࣁሌՉܫීᆅၰᆶၗౢॄ໸߄ᆅၰΨࢂ೤ჾࡹ฼ቹៜᕴౢр ޑख़ाӢનǶ ϩࣁϖᅿᆅၰǴϩձࣁճ౗ᆅၰǵ༊౗ᆅၰǵ଄൤ᆅၰǵڋஒ೤ჾࡹ฼໺ሀᐒޑKuttner and Mosser (2002) ၁ಒ ߞҔᆅၰаϷၗౢሽ਱ᆅၰǴ૟ᇥܴӵΠǺ ๏ǵٮჴࡼࡕǴ೸ၸׯᡂྗഢߎаϷ೤ჾ୷ኧǴ຾Զቹៜ೤ჾڀճ౗ᆅၰ (interest rate Channel)Ǻ೤ჾࡹ฼π ᆙᕭ೤ჾࡹ฼ޑӵǴύѧሌՉٯ੃຤ཀᜫǶޑޣ੃຤ک׫ၗཀᜫޑቹៜቷ୘؁٠ׯᡂճ౗НྗǶԶճ౗ଆҷ཮຾΋ ೷ԋቷ୘׫ၗϷ੃؁ᐒ཮ԋҁቚуǴ຾΋ޑ੃຤Զόᓯᆽޑޣॷීԋҁගଯǵ੃຤ޑ٬ளჴ፦ճ౗΢ϲǴ೷ԋቷ୘ ຤ޣ੃຤ཀᜫफ़եǶ ׯᡂ༊౗ǴԶቹ؁ሽНྗǴ຾΋ނǵቹៜճ౗аϷڀ༊౗ᆅၰ (exchange rate channel)Ǻ೸ၸჴࡼ೤ჾࡹ฼π д௃ݩόᡂϯǴ཮วғၗߎࢬΕ౜ځᆙᕭ೤ჾࡹ฼Ǵஒ೷ԋҁ୯ճ౗΢ϲǴӧڗӵǴ྽ѧՉ௦ٯ຾рαǶޑៜౢࠔ рαǶޑҁ୯୘ࠔܭ෧ϿǴѦ୯೤ჾຨॶԶҁ୯೤ჾϲॶǴόճ؃ຝǴ೷ԋѦ༊ሡ ቹៜճ౗НྗǴ຾Զ٬ިሽǵό୏ౢሽ਱ǵ༊ሽ฻ၗౢሽ਱ڀ೤ჾࡹ฼πޑ଄൤ᆅၰ (wealth effect)Ǻ྽ѧՉ ੃ܭ׫ၗ฻ЍрǶMishkin (2001) ᇥܴǴҗ܈ݩǴவԶׯᡂ੃຤ރϐ଄൤ޣᆶୖޑቹៜ೭٤ѱ൑؁วғᡂ୏Ǵ຾΋ ೤ჾࡹ฼܄ύε೽ϩࢂϦљި౻ (common stock)Ƕᘉ஭ځߎᑼ଄൤ǴޑᏱԖ܌೽ϩࢂдॺޑၗྍനख़ाޑ΋ғޣ຤ ΋ғёҔၗྍΨගଯǴᏤठ੃຤ቚуǶ຾Զౢғаޑޣ଄൤ሽॶΨӢԜගଯǴ຾Զ٬੃຤ޑ٬ިሽ΢ϲǴৎीൂՏ ϐǴق๏ (M)ʅ ʈި౻ሽ਱ (P_s )ʅ ʈ଄൤ (W) ʅ ʈ੃຤ (C)ʅ ʈᕴౢр (Y)ʅǶඤٮǺ೤ჾڋ໺ሀᐒޑΠ ሽ΢ϲԶިޣள཮ᒿ܌ёЍଛک଄൤ޑ࡭Ԗϐ଄൤ǹӧৎीൂՏ܌཮ε౲ޗ೤ჾࡹ฼ჴࡼЇଆ೤ჾቚ෧ǴΨ཮ቹៜ ቹៜᕴౢрǶ؁ᜫཀቚу੃຤ЍрǴԶ຾΋׳੃຤టఈຫமਗ਼ǵځၗౢຫӭǴޑቚуԜ߻ගΠǴ྽Γॺ ๏ໆǴӕٮሽ਱Ǵՠࢂ೤ჾࡹ฼ቹៜ೤ჾچ໺಍ճ౗ᆅၰѝԵቾ໸ܭၗౢሽ਱ᆅၰ (Asset Price Channel)Ǻҗ ቹៜᕴౢрǶ؁ሽ਱Ǵ຾Զౢғ଄൤ਏ݀ǵ຾΋ޑдऐΦ଄ځሽ฻ߎᑼၗౢᆶި܈Ӧౢ܊ਔΨ཮ቹៜѱ൑΢ፏӵ Ψ཮ቹៜྗഢߎНྗڀ೤ჾࡹ฼πޑѧՉܭ૸ፕǶҗޑሌՉၗౢܭߞҔᆅၰ (Credit Channel)ǺߞҔᢀᗺୃख़ ࿶ᔮࢲ୏ǴӢԜ೤ځҾ཰ቷ୘ሡाӛሌՉॷීаᑼ೯܈ӵঁΓޣȑǴԶ࿶ᔮୖᆶීܫሌՉёສၗߎኧໆȐջሌՉک ϐǴӢࣁѱ൑΢ૻ৲όჹᆀୢᚒ೷ԋѱ൑ق๏ǴஒᏤठ׫ၗᆶ੃຤ЍрΨวғᡂ୏Ƕඤٮၗߎීܫჾࡹ฼ׯᡂሌՉ ૈීܫޑΓීܫکॷສԋҁޑቹៜΑສීΓ܄όֹऍޑ΢ԖҬܰምᛖǴԶύѧሌՉჴࡼ೤ჾࡹ฼ࡕǴ཮Ӣࣁѱ൑΢ ڗৎीൂՏၨόܰکၗߎ෧ϿǴቷ୘ޑрѐܫᆙᕭ೤ჾࡹ฼Ǵ٬ሌՉёສڗӵǴѧՉ௦ٯΚǴ຾Զቹៜჴ፦࿶ᔮǶ Ꮴठ׫ၗЍрϷ੃຤Ѝр෧ϿǶ؁ߞҔສීǴ຾΋ޑளሌՉ ᆅၰᆶၗౢॄ໸߄ᆅၰǶීܫBernanke and Gertler (1995) ฻Ў᝘ஒߞҔᆅၰεౣϩࣁሌՉ ک (Mishkin (1995 ๏ՉࣁǶ೭ᅿ೸ၸሌٮීܫޑӭჲǴ຾ԶቹៜሌՉޑǴӵሌՉྗഢߎᆶӸීໆ܄ࢬ୏ޑس೤ჾ྽ֽᙖҗቹៜሌՉᡏ ೤ჾ܄ӵǴ྽ѧՉჴࡼᆙᕭٯᆅၰ (Bank lending channel)ǶීܫᐒૈǴᆀࣁሌՉޑа໺ሀ೤ჾࡹ฼ቹៜਏ݀ීܫՉ ЍрǴ٠फ़եᕴౢрǶޣ੃຤܈ཀᜫफ़եǴ຾ԶቹៜҾ཰׫ၗࢲ୏ීܫࡹ฼཮٬ሌՉӸීྗഢᆶӸීΠफ़Ǵ೷ԋሌՉ ӵǴ྽ύѧሌՉ௦ٯృॶӭჲǶޑޣ੃຤܈ቷ୘ܭ،ڗၗౢॄ໸߄ᆅၰ (balance-sheet Channel)ǺԜᆅၰЬा кйлй ృॶǹ୘཰ሌՉࣁΑᗉխ଍ᒧ᏷ᆶځճ౗΢ϲǴ٬ቷ୘౜ߎࢬໆ෧ϿǴफ़ե܈೤ჾࡹ฼Ǵ཮೷ԋިሽΠຳ܄Չᆙᕭ ׫ၗЍр෧ϿϷᕴౢрΠफ़ǶޑǴᏤठቷ୘ීܫၰቺ॥ᓀୢᚒǴ཮ӢԜ෧Ͽ ଑ᘜኳࠠаϷଓᙫၗך٬Ҕᕴᡏ࿶ᔮၗ਑ᆶऍ୯ঁձሌՉၗ਑аӛໆԾ (ԜѦǴCarpenter and Demiralp (2012 ܄ว৖Ϸࢬ୏ޑس೤ჾѱ൑ύǴᒿ๱ሌՉᡏޑว౜Ǵ1990 ԃжزࣴځᆅၰǶීܫሌՉޑ଑ᘜᔠຎ੟ကך਑ӛໆԾ ၗޑ፦ǵόሡᛦҬྗഢߎ܄ளߚӸීڗΚΨᡉ๱ගଯǶฅԶǴ୘཰ሌՉԖૈΚૈޑ໸ॄ܄ගଯǴ୘཰ሌՉวՉᆅ౛ ೤ܭ໸ȑǴࡽόሡᛦયྗഢߎǵΨόᗧឦॄ܄໸Ȑջᆅ౛ॄޑௗᆅ౛٠༅໣ၗߎޔ৒ܰ׳ߎٰྍǴ೭ᅿ٬୘཰ሌՉ ೱ่ߡᘐ຋ΑǶޑ೤ჾϐ໔ޑကΠۓ M2 کၰීීܫሌՉޑჾᕴीኧ M2ǹӢԜǴ੟က ࢂǴCarpenter andޑΨቃਗ਼फ़եǹόӕීܫว౜ᆙᕭ೤ჾࡹ฼ϐࡕǴᕴزࣴޑ (Bernanke and Blinder (1992 у׳ၗߎٰྍޑࠅ࣬ϸǴдॺှញǴᒿ๱೤ჾᆙᕭǴҾ཰གྷाᕇளߚሌՉ่݀ޑDemiralp (2012) ว౜ 1990 ԃаࡕ ӸීΠ܄ёૈ཮ቚуǶдॺᗋว౜Ǵ྽ᖄٖճ౗ԖΑ҅ӛፂᔐǴᔈගྗഢϐ΋૓Ҭܰ؃ሡޑᜤǴӢԜჹሌՉສී֚ ޑሡ܌໸ࣁສීॄ܄ᆅ౛ޑӭ׳ᐒ཮ԋҁቚуǴԶ୘཰ሌՉሡाวՉޑ໸΢ϲǴӢࣁ࡭ԖЍ౻஦Њॄ܄फ़ǴԶᆅ౛ ୘཰ሌՉӧ೭ᅿ௃ޑճዎཱུε؃ЬाᕇճٰྍǴԶଓޑճ৲ࢂ୘཰ሌՉڗ໨ᖺීܫϐǴສقεໆၗߎ຾Չᝢၗǹඤ ӭߎᚐǴᏤठສී΢ϲǶ׳ܫ໸ǵаԜᝢ௛ၗߎǵສॄ܄ݩΠ཮ᙖҗගଯᆅ౛ ӵǴٯ዗ߐ᝼ᚒǶޑᕴᡏჴ᛾Ў᝘ޑୢᚒǴԿϞϝࢂ࣬ᜢޑߞҔᆅၰࢂցӸӧޑύڋ೤ჾࡹ฼໺ሀᐒܭᜢ ๏ਔǴٗ٤ଯࡋٮීܫ೤ჾࡹ฼วғǴԶ٬୘཰ሌՉӢԜ෧ϿߞҔ܄Bernanke and Blinder (1992) ၂კᇥܴ྽ᆙᕭ όჹᆀǴӧᆙޑၗૻܭፂᔐ࣬ჹεǶԜѦ Bernanke and Gertler (1989) ࡰрǴҗޑډڙ܌٩ᒘሌՉສීϐঁձቷ୘ ᕭ೤ჾࡹ฼ਔǴ୘཰ሌՉ཮໼ӛჹၗૻၨϿޑቷ୘෧ϿߞҔܫීǴԶЪᏼߥࠔޑ౜ॶᒿᆙᕭ܄೤ჾࡹ฼ϐճ౗΢ϲ ॺךǴޕϐී໨ǶҗԜёܫளሌՉສڗቷ୘Ψ཮ӢԜᜤаޑၗౢॄ໸߄ൾϯǴԶલЮၗૻޑԶᕭНǴӢԶ೷ԋቷ୘ ቹៜǶځϐߞҔᆅၰࢂցӸӧϷڋΨёаவঁᡏᢀᗺٰ௖૸೤ჾࡹ฼໺ሀᐒ 3. ኳࠠᆶၗ਑ᇥܴ ۓኳࠠ೛ 3.1 БݤǶ੝Յزࣴޑᕴᡏीໆኳࠠޑගр΋ঁཥ܌ (଑ᘜ (Vector Autoregressions, VAR) ࣁ Sims (1980ךӛໆԾ εࠠᕴᡏᏊໆኳࠠύޑᜢ߯ǶSims ᇡࣁၸѐޑᕴᡏ࿶ᔮᡂኧϐ໔ڋԖᡂኧ೿ຎࣁϣғᡂኧǴаᗉխҺཀज़܌ࢂஒ ࣁѦғᡂኧǴԶ VAR ёаࡐӳӦᗉխԜ௃׎Ƕۓӵஒࢌ٤ᡂኧ೛ٯǴڋज़ޑԖϼӭόёߞ ϩЎᕴᡏሌՉቫय़аϷঁձሌՉቫय़Ǵᕴᡏ೽ϩ٬Ҕᕭ෧Ԅ VAR ຾Չ଑ᘜϩ݋Ƕᕭ෧Ԅ VARزჴ᛾ࣴޑҁЎ ୏ᄊՉࣁયΕԵቾǶVA R(p ) ኳࠠаޑϣၠᡂኧسӧ฻ԄѓᜐǴஒᡏܫပࡕ໨ޑдᡂኧځပࡕ໨аϷޑيஒᡂኧҁ ତ׎ԄёаቪԋǺં (1) 3.2 ၗ਑ᇥܴ ೽ϩᡂኧᒧ᏷ᆶϣ৒Ƕٿϩࣁᕴᡏቫय़ᆶঁᡏቫय़ǴаΠᇥܴزॊǴҁЎϐჴ᛾ࣴ܌ӵ߻ 3.2.1 ᕴᡏቫय़ၗ਑ ሽࡰኧǵ୯ϣғౢЛᚐѳ෧ࡰኧаϷѨނޣǹ୯ϣғౢЛᚐǵ੃຤ڀճ౗ਂਆ೤ჾࡹ฼πීܨڹаߎᑼ཰႖ ၗک࿶ᔮࢲ୏ޑ࡭ԖਂਆሌՉچǵᕴӸීаϷԖሽ᛾ීܫሽǵ൩཰฻ᕴᡏ࿶ᔮࢲ୏ǹሌՉᕴނ཰౗ϩձਂਆౢрǵ ک٬ҔᕴӸීᡂኧǴҁЎ੝ձஒᕴӸීϩှԋᔈගྗഢϐӸී (Bernanke and Bliner (1992 ܭݩǴԖձރౢॄ໸߄ ၗځቹៜǴΨёаև౜౜ж୘཰ሌՉӢᔈޑᆅၰჹሌՉॄ໸य़ීܫ೸ၸڀ೽ϩǴନΑᔠຎ೤ჾࡹ฼πٿ໸ॄ܄ᆅ౛ ཥว৖ǴаΠ૟၁ॊၗ਑ϣ৒ᆶٰྍǶޑ؃ߎሡ ࿶ᔮޑȋۑ΋ޣ܈୯ϣғౢЛᚐ (Gross Domestic Product, GDP)Ǻࢂࡰ΋ঁ୔ୱӧࢌ΋ࢤਔයϣȋ೯தࢂ΋ԃ ٬Ҕϐύ๮҇୯୯҇ғౢЛᚐၗ܌ख़ाࡰ኱ǶҁЎޑ΋Ӧϐ࿶ᔮᆶว৖܈ѱ൑ሽॶǴࣁᑽໆ΋୯ޑԖౢр܌ࢲ୏ϐ ሽࡰኧаϷ୯ϣғౢЛᚐѳ෧ࡰނޣၗ਑࿶᏾౛ࣁДၗ਑Ǵ٠ϩձа੃຤ۈԾЬीೀϐᕴᡏ಍ीၗ਑৤ Ǵচڗ਑ ኧ଺ѳ෧ǴҗԜᙯඤࣁჴ፦୯ϣғౢЛᚐၗ਑Ƕ кйлк ሽᆶ೯೤ނ࣬ᜢሽ਱Ǵࢂᑽໆޑሽࡰኧ (Consumer Price Index, CPI)Ǻࣁ಍ी΋Ӧۚ҇ϐғࢲᆶമ୍ނޣ੃຤ Ծฅჹኧ٬ҔϐǶڗ࿯ፓ᏾ࡕӆۑԾᕴᡏၗ਑৤ϐДၗ਑Ǵ࿶ڗሽࡰኧၗ਑ࣁނޣख़ाࡰ኱ϐ΋ǶҁЎϐ੃຤ޑᑩ๞ ୯ϣғౢЛᚐѳ෧ࡰኧ (Gross Domestic Product Deflator, GDP Deflator)Ǻࣁ΋ᅿނሽࡰኧǴҔаᑽໆ΋ঁ࿶ᔮ ሽीᆉނࢂаࢌ΋୷යϐޣѳ֡ሽ਱ǶѬஒӜҞ୯ϣғౢЛᚐѳ෧ԋࣁჴॶ୯ϣғౢЛᚐǴԶࡕޑϐനಖౢрسᡏ Ծฅڗ࿯ፓ᏾ࡕӆۑԾᕴᡏၗ਑৤Ǵ࿶ፓ᏾ԋࣁДၗ਑Ǵ٠࿶ڗ୯ϣғౢЛᚐǶҁЎϐ୯ϣғౢЛᚐѳ෧ࡰኧၗ਑ ჹኧ٬ҔϐǶ ௃ݩǴ൩೏ᇡ㵝ࢂޑπբډפൔၿԶπբǴՠۘ҂ڗѨ཰౗ (Unemployment)Ǻཀࡰ΋ঁΓᜫཀ٠ԖૈΚࣁᕇ дᕴᡏ࿶ᔮᡂኧԖஏϪᜢ߯ǶҁЎϐѨ཰ځکǶѨ཰౗ٯКޑ՞܌ޣѨ཰ǶѨ཰౗ࢂമ୏Γα္಄ӝȨѨ཰చҹȩ ԃΜΒД 2014 ډԾᕴᡏၗ਑৤ϐДၗ਑Ǵኬҁය໔ࣁ 1991 ԃ΋Дڗ౗ၗ਑ࣁ ճ౗Ƕߎᑼ཰ӧᔼၮޑճ౗ (Overnight Interbank Call-Loan Rate, OICLR)Ǻࢂࡰߎᑼᐒᄬ໔ॷສၗߎීܨڹ႖ ഢྗۓᙯߎϷᆢ࡭ݤڬၗߎࢬΕᆶࢬрǴࣁӢᔈВதᔼၮڋᆶ׫ၗᒿਔӧᡂ୏Ǵதคݤྗዴ௓ීܫၸำύǴӸීǵ д཮঩ፓҔځਔǴӛ؃Ϧљǵߞૼ׫ၗϦљǵແ༊ֽ฻ԖၗߎሡچύЈ཮঩ȐхࡴሌՉǵ౻ීܨሡाǴߎᑼ཰ޑߎ ීܨӆፓӣϐߎᑼ཰ڹճ౗ࣁ႖ීܨڹϐǴ႖ق۶Ԝၗߎᑼ೯ȑǴඤޣཀջሌՉ཰ීܨፓ࿯ၗߎȐීܨ೯தаӕ཰ ճ౗у៾ීܨڹճ౗ࣁߎᑼ཰႖ීܨڹ႖ޑॷීճ౗Ǵࣁ೤ჾѱ൑อයճ౗ࡰ኱ϐ΋ǶҁЎ٬Ҕڹ႖ޑύЈ཮঩໔ ၗ਑ٰྍٰԾύѧሌՉ಍ीၗ਑ޑу៾ѳ֡ճ౗ǴԜᡂኧීܨڹ႖ޑԋҬߎᚐࣁ៾ኧीᆉීܨڹѳ֡Ǵࢂа྽В႖ ԃΜΒДǶ 2014 ډߎᑼ಍ीДൔǴኬҁය໔ࣁ 1991 ԃ΋Дޑ৤ύ р୧Ԗ܈୘཰ሌՉёаᙖҗวՉϦљ໸ܭሌՉၗౢॄ໸߄Ѱ߄ၗౢ೽ϩǴҗܭ࡭Ԗ (Securities)ǺឦچԖሽ᛾ य़ቹៜǶࣁਂਆሌՉԜ΋ၗౢǴҁЎ᏾౛ॄޑ஥ٰ܌ᝢ௛ၗߎǴӢԜёаԖਏӦӢᔈ೤ჾࡹ฼٠ೕᗉࡹ฼ٰچሽ᛾ ሽࡰኧჴނޣᡂኧǴ၀ၗ਑ճҔ੃຤چ׫ၗ໨Ҟ่ӝԋࣁԖሽ᛾چ᛾ޑҁ୯ሌՉၗౢॄ໸߄ύჹߎᑼᆶߚߎᑼᐒᄬ 2014 ډߎᑼ಍ीДൔǴኬҁය໔ࣁ 1991 ԃ΋ДޑԾύѧሌՉ಍ीၗ਑৤ύڗԾฅჹኧࡕ٬ҔϐǶၗ਑ڗ፦ϯǴ٠ ԃΜΒДǶ Ьाճዎٰྍߡࢂаၨځ཰୍Ǵීܫک཰୍Ьा໣ύӧ࿶ᔼӸීޑ୘཰ሌՉޑtotal loans)Ǻ໺಍) ීܫሌՉᕴ ቹៜሌՉڀ೤ჾࡹ฼πزࢂࣴޑճৡǶҁЎҞޑϐ໔ීܫӸීᆶڗрສීǴᖺܫճ౗ޑճ౗ॷΕӸීǵаၨଯޑե Ծฅჹኧࡕ٬ҔϐǶၗڗሽࡰኧჴ፦ϯǴ٠ނޣՉࣁǴ၀ၗ਑ճҔ੃຤ීܫᡂኧਂਆሌՉීܫՉࣁǴӢԜаᕴීܫ ԃΜΒДǶ 2014 ډߎᑼ಍ीДൔǴኬҁය໔ࣁ 1991 ԃ΋Дޑ਑ԾύѧሌՉ಍ीၗ਑৤ύ ޑК౗ۓ໸ගӸ΋ॄځߎᑼᐒᄬǴჹ؃ࡋࣁύѧሌՉ٩ݤाڋᔈගྗഢϐӸී (reservable deposits)Ǻྗഢߎ ሌՉǶਥᏵύޑԖ֎ԏӸීᆶബ೷೤ჾߞҔфૈڀߎᑼᐒᄬЬाࢂࡰޑࡋǶӧԜࡰᆀڋޑ؃ഢߎǴаӢᔈЍбሡྗ යӸී฻ۓѧሌՉݤǴߎᑼᐒᄬᔈගӸྗഢߎϐӸීጄൎԖЍ౻ӸීǵࢲයӸීǵᓯᆽӸීǵ᏾Ӹ᏾бᓯᆽӸаϷ ໨ҞǶҁЎஒҁ୯ሌՉӸී໨Ҟύޑ೭Ѥ໨уᕴԶளᔈගྗഢϐӸීᡂኧǴаԜਂਆྗഢߎࡹ฼ჹሌՉӸܫීՉࣁ ԃΜΒДǶ 2014 ډߎᑼ಍ीДൔǴኬҁය໔ࣁ 1991 ԃ΋Дޑၗ਑ٰྍٰԾύѧሌՉ಍ीၗ਑৤ύޑቹៜǶԜᡂኧޑ Ծฅჹኧࡕ٬ҔϐǶڗሽࡰኧჴ፦ϯǴ٠ނޣ၀ၗ਑ճҔ੃຤ ܈යӸൂۓӵёᙯᡣٯਔǴЬ୏ᑈཱུӦаวՉॄ໸Ǵ؃໸ (managed liability)Ǻ྽୘཰ሌՉԖၗߎሡॄ܄ᆅ౛ ǴԜՉࣁӧሌՉᆅ౛΢ᆀࣁॄ؃ၗߎሡىளεໆЪեԋҁϐၗߎǴаᅈڗдߎᑼӕ཰ᆶύѧሌՉᑼ೯ॷීǴаځӛ ǴаϷߎᑼӕ཰ϐ໔ᐟڋ୘཰ሌՉࣁӢᔈ೤ჾ྽ֽჹሌՉ֎ԏӸීϐᝄ਱ᆅޑ໸ᆅ౛ (liability management)Ƕऍ୯ යӸൂаϷ֎ۓၗߎٰྍǴЬा଺ݤϩձࣁǴӧ೤ჾѱ൑΢р୧ёᙯᡣޑཥᑉ؃཰୍ᝡݾǴၱᑈཱུӛѦ൨ޑਗ਼О዗ ǵவᖄٖ୷ߎѱ൑ (Federalچ໸ǵவߎᑼѱ൑΢วՉߎᑼ໸ॄ܄дߚ໺಍ӸීځයӸී฻ۓԏճ౗ၨեϐεᚐ ᝼ (Repurchase agreement, Repos)Ǵ฻Ѧ೽ٰڐࢂճҔߕວӣ܈Funds) ǵኻࢪऍϡ (Eurodollar)ǵவ୯ѦϩЍᐒᄬǵ ຾Չॄ໸ᆅ౛Ƕࣁٰچ୘཰ሌՉΨԖԜว৖ᖿ༈ǴӚሌՉ೸ၸวՉёᙯᡣӸൂаϷӚᅿߎᑼ໸ޑྍॷΕၗߎǶѠ᡼ ǵӛߎᑼӕ཰ॷΕǵӛύچයӸൂǵߎᑼ໸ۓΑਂਆॄ໸ᆅ౛Ԝ࿶ᔮࢲ୏ǴҁЎ่ӝ୘཰ሌՉၗౢॄ໸߄΢ёᙯᡣ ہԾߎᑼᆅ౛ڗ໸ᡂኧǶҁ୯ሌՉᕴᡏၗ਑аϷঁձሌՉၗ਑ࣣࣁॄ܄ѧሌՉᑼ೯аϷ୯Ѧॄ໸฻໨ҞǴԋࣁᆅ౛ Ծฅჹኧࡕ٬ڗሽࡰኧჴ፦ϯǴ٠ނޣДၗ਑Ǵኬҁය໔ࣁ 2006 ԃ΋ДԿ 2014 ԃΜΒДǶ၀ၗ਑ճҔ੃຤ޑ঩཮ ҔϐǶ кйлл 3.2.2 ঁձቫय़ၗ਑ ҁ୯ሌՉӅीԖѤΜৎǺᆵ᡼ሌՉ Bank of Taiwanǵᆵ᡼βܭ঩཮ϐߎᑼᐒᄬӈ߄ǴہҗύѧሌՉᆶߎᑼᆅ౛ ӦሌՉ Land Bank of Taiwanǵӝբߎ৤୘཰ሌՉ Taiwan Cooperative Bankǵಃ΋୘཰ሌՉ First Commercial Bankˣ๮ࠄ ୘཰ሌՉ Hua Nan Commercial Bankǵᄆϯ୘཰ሌՉ Chang Hwa Commercial Bankǵ΢ੇ୘཰ᓯᆽሌՉ The Shanghai Commercial and Savings BankǵѠч൤ٖ୘཰ሌՉ Taipei Fubon Commercial Bank Co., Ltd.ǵ୯ੀШ๮୘཰ሌՉ Cathay United Bankǵύ୯ᒡрΕሌՉ The Export-Import Bank of the Republic of Chinaǵଯ໢ሌՉ Bank of Kaohsiungǵӂᙦ୯ሞ ୘཰ሌՉ Mega International Commercial Bank Co., Ltd.ǵӄ୯ၭ཰ߎ৤ Agricultural Bank of Taiwanǵ޸ᄡ(Ѡ᡼)୘཰ሌ Չ Citibank Taiwan Ltd.ǵᐞ౰(Ѡ᡼)୘཰ሌՉ ANZ (Taiwan) Bank Ltd.ǵύ๮໒วπ཰ሌՉ China Development Industrial Bank Inc.ǵᆵ᡼π཰ሌՉ Industrial Bank of Taiwanǵᆵ᡼ύλҾ཰ሌՉ Taiwan Business Bankǵ෦Ѻ୯ሞ୘཰ሌՉ Standard Chartered Bank (Taiwan) Ltd.ǵѠύ୘཰ሌՉ Taichung Commercial Bankǵ٧ࠤ୘཰ሌՉ King’s Town Bankǵ㺍 ᙦ(Ѡ᡼)୘཰ሌՉ The HSBC Bank (Taiwan) Limitedǵྷᑫ୘཰ሌՉ Bank of Taipeiǵ๮ੀ୘཰ሌՉ Hwatai Bankǵᆵ᡼ ཥӀ୘཰ሌՉ Shin Kong Commercial Bankǵ໚ߞ୘཰ሌՉ Sunny Bankǵ݈ߞ୘཰ሌՉ Bank of Pan ShinǵΟߞ୘཰ሌ Չ Cota Commercial Bankǵᖄٖ୘཰ሌՉ Union Bank of Taiwanǵᇻܿ୯ሞ୘཰ሌՉ Far Eastern International Bankǵϡ ε୘཰ሌՉ Yuanta Commercial Bankǵ҉ᙦ୘཰ሌՉ Bank SinoPac Company Limitedǵҏξ୘཰ሌՉ E. Sun Commercial Bankǵഩ୷୘཰ሌՉ KGI Bankǵࢃ৖(Ѡ᡼)୘཰ሌՉ DBS Bank(Taiwan) Ltd.ǵѠཥ୯ሞ୘཰ሌՉ Taishin International Bankǵε౲୘཰ሌՉ Ta Chong Bank Ltd.ǵВ౰୯ሞ୘཰ሌՉ Jih Sun International BankǵӼੀ୘཰ሌՉ EnTie Commercial Bank Ϸύ୯ߞૼ୘཰ሌՉ Chinatrust Commercial BankǶ ௖૸ϐख़ाᡂኧ΢Ԗ܌ਔ໔ׇӈၗ਑ǴӧҁЎޑӄ୯ၭ཰ߎ৤аϷύ୯ᒡрΕሌՉܭ΢ॊѤΜৎሌՉύǴҗ Ӝࣁഩ୷୘཰ሌՉǴӢԜഩ׳ύǴ2015 ԃ΋ДǴ࿤ੀሌՉ҅ԄځલЮǴӢԜϒаকନǴӅ௦ीΟΜΖৎሌՉǹ܌ όֹ᏾Ǵᐞ౰ǵ༊ᙦǵྷᑫǵࢃ৖฻ѤৎሌՉޑਔ໔ׇӈၗ਑ܭਔ໔ׇӈჴࣁ࿤ੀሌՉϐၗ਑ǶԜѦǴҗޑ୷ሌՉ ϐǴҁЎӅࢂ٬ҔΟΜѤৎҁ୯ሌՉ 2006 ԃ΋ДԿ 2014 ԃΜΒДϐѳᑽଓᙫၗ਑Ǵќقࣁ҂ѳᑽϐଓᙫၗ਑ǹඤ ಍Ƕس಍ीၗ਑৤୏ᄊࢗ၌ޑ঩཮ሌՉֽہԖၗ਑᏾౛Ծߎᑼᅱ࿎ᆅ౛܌ԖѤৎҁ୯ሌՉࣁ҂ѳᑽၗ਑Ƕ ձሌՉঁܭՉࣁǴීܫݩаϷރၗౢॄ໸߄ޑॺ٬ҔΎঁᡂኧǺࣁਂਆঁձሌՉך຾Չଓᙫၗ਑ VA R ਔǴ යӸൂۓӸී (transaction deposits)ǵёᙯᡣ܄࡭Ԗ (Securities)ǵҬܰچloans)ǵԖሽ᛾) ීܫᡂኧᒧ᏷ࣁᕴޑ ளѳ෧ࡰ܌ݩǴᕴᡏᡂኧᒧ᏷ࣁ୯҇ރаϷᕴᡏ࿶ᔮڀNegotiable Certificates of Deposit, NCD)ǹࣁਂਆ೤ჾࡹ฼π) Ծฅჹኧڗளѳ෧ࡰኧჴ፦ϯǴ٠܌ၗౢॄ໸߄ᡂኧ೿а୯҇ޑύǴሌՉځճ౗аϷѨ཰౗Ƕීܨڹኧǵߎᑼ཰႖ ٬ҔϐǶ 4.
Load more

Recommended publications
  • Execution Copy the EXPORT-IMPORT BANK OF
    Execution Copy THE EXPORT-IMPORT BANK OF KOREA as Issuer and DEUTSCHE BANK AG, TAIPEI BRANCH as Lead Manager BANK OF TAIWAN FUBON SECURITIES CO., LTD. KGI BANK PRESIDENT SECURITIES CORP. SHANGHAI COMMERCIAL & SAVINGS BANK, LTD. SINOPAC SECURITIES CORP. TAIPEI FUBON COMMERCIAL BANK CO., LTD. TAISHIN INTERNATIONAL BANK as Co-managers SUBSCRIPTION AGREEMENT in respect of US$400,000,000 Floating Rate Notes due 2023 THE EXPORT-IMPORT BANK OF KOREA US$25,000,000,000 Global Medium Term Note Programme [SEOUL 13211_2] THIS AGREEMENT is made on 12 March 2018 AMONG: (1) THE EXPORT-IMPORT BANK OF KOREA (the “Issuer”); (2) DEUTSCHE BANK AG, TAIPEI BRANCH (the “Lead Manager”); and (3) BANK OF TAIWAN, FUBON SECURITIES CO., LTD., KGI BANK, PRESIDENT SECURITIES CORP., SHANGHAI COMMERCIAL & SAVINGS BANK, LTD., SINOPAC SECURITIES CORP., TAIPEI FUBON COMMERCIAL BANK CO., LTD. and TAISHIN INTERNATIONAL BANK. (the “Co-managers” and, together with the Lead Manager, the “Managers”). WHEREAS (A) The Issuer has entered into an amended and restated dealer agreement dated 13 May 2016 (the “Dealer Agreement”) with the Dealers named therein respect of the Issuer’s US$25,000,000,000 Global Medium Term Note Programme (the “Programme”). All terms with initial capitals used herein without definition have the meanings given to them in the Dealer Agreement. (B) The Issuer proposes to issue US$400,000,000 aggregate principal amount of its floating rate notes due 2023 (the “Notes”), which expression, where the context so admits, shall include the Global Notes to be delivered in respect thereof, and the Managers wish to subscribe such Notes, on a firm commitment basis, at the Subscription Price (as defined in clause 3.1 of this Agreement).
    [Show full text]
  • 2019Annualreport 2019
    CONTENTS Letter to Shareholders 4 Operations Review 10 Company Introduction 32 Supervisors' Report 38 Internal Control Statement 39 Independent Auditors' Report (Consolidated) 42 Consolidated Balance Sheets 46 Consolidated Statements of 48 Comprehensive Income Independent Auditors' Report 50 Balance Sheets 54 Statements of Comprehensive Income 56 Schedule for Appropriation of Earnings 58 2019 ANNUAL REPORT TAIWAN DEPOSITORY & CLEARING CORPORATION 5 Letter to Dear shareholders: Shareholders The world's politics and economics are increasingly interconnected. Within this, the capital market plays the role of an economic window. Looking back on 2019, because global trade disputes and geopolitical frictions brought many uncertainties to the global economy, the momentum of economic growth slowed down. In terms of Taiwan's economy, external demand declined at the beginning of the year. Fortunately, after the middle of the year, the negative effects of the trade war gradually weakened, bringing about the effect of order transfers and additional investment for Taiwan, as well as some momentum toward growth. Although the performance of the capital market was not as good as in 2018, there was still a certain level of performance. Challenges from uncertainty risks due to changes in the political and economic environments also brought different opportunities to capital market participants. In the face of market challenges and customer needs, new Fintech applications and digital transformation have played leading roles. However, application in new technology is not the only factor creating competitive advantages. The key to successful transformation lies in whether enterprises can adapt to market trends, select appropriate system architectures, use professional talent to integrate cross-border resources, and realize the value of accumulated big data through innovative applications.
    [Show full text]
  • Bloomberg-Taiwan-Capital-Market-Preliminary-League-Tables-Q1-2020-ENG.Pdf
    TAIWAN CAPITAL MARKETS LEAGUE TABLES Q1 2020 Preliminary As of 25 March 2020 Q1 2020 PRELIMINARY AS OF 25 MARCH 2020 MANAGER RANKINGS TAIWAN CAPITAL MARKETS The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans, bonds, equity and M&A transactions; according to Bloomberg standards. LEAG<GO> for a full range of league tables MA<GO> for a full range of merger & acquisition tables NI LEAG CRL<GO> or http://www.bloomberg.com/ for a full range of market-specific league table publications Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone Email Equities Siying He +86 21 6055 3524 [email protected] Fixed Income Sheng Chiu +886 2 7719 1467 [email protected] Loans Jewel Ho +852 2293 1498 [email protected] © 2020 Bloomberg Finance L.P. All rights reserved. Bloomberg Preliminary Taiwan Capital Markets | Q1 2020 Taiwan Bonds: Industry Breakdown Taiwan Bonds 20% Q1 2020 Q1 2019 Mkt Volume (TWD Deal Prev Prev Mkt Mkt Share 58% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 21% Yuanta Securities 1 25.973 30,100 12 2 16.612 9.361 KGI Securities 2 21.745 25,200 9 4 7.309 14.436 Masterlink Securities 3 11.735 13,600 7 3 8.107 3.628 SinoPac Financial Holdings 4 8.888 10,300 8 8 4.588 4.300 Hua Nan Securities 5 6.903 8,000 6 17 2.358 4.545 Financials 58% HSBC 6 3.797 4,400 2 - - 3.797 Communications
    [Show full text]
  • China Development Financial
    Stock Code：2883 China Development Financial 2015 Annual Report Notice to readers This English-version annual report is a summary of the Chinese version and is not an official document of the share holders’ meeting. If there is any discrepancy between the English and Chinese versions, the Chinese version shall prevail. Annual Report is available at: http://www.cdibh.com Printed on February 29, 2016 Spokesperson Deputy Spokesperson Name： Eddy Chang Name： Beatrice Chou Title ： Executive Vice President Title： Executive Vice President Tel ： (02)2763-8800 Tel： (02)2763-8800 Web： www.cdibh.com Web： www.cdibh.com Headquarters, Branches and Plant China Development Financial Address： No. 125, Sec. 5, Nanjing E. Rd., Taipei 10504, Taiwan Tel： (02)2753-2201 Web： www.cdibh.com Subsidiaries China Development Industrial Bank Address： 11 &12F, No. 125, Sec. 5, Nanjing E. Rd., Taipei 10504, Taiwan Tel： (02)2763-8800 Web： www.cdibank.com KGI Bank Address： No. 125, Sec. 5, Nanjing E. Rd., Taipei 10504, Taiwan Tel： (02)2171-1088 Web： www.kgibank.com KGI Securities Address： No. 700, Mingshui Rd., Taipei 10462, Taiwan Tel： (02)2181-8888 Web： www.kgi.com Stock Transfer Agent Name： The Transfer Agency Department of KGI Securities Address： 5F, No. 2, Sec. 1, ChongqingSouth Rd., Taipei 10044, Taiwan Tel： (02)2389-2999 Web： www.kgi.com Credit Rating Agency Name： Taiwan Ratings Address： 49F, No. 7, Sec. 5, XingYi Rd., Taipei 11049, Taiwan Tel： (02)8722-5800 Web： www.taiwanratings.com Auditors Auditors： Yi-Chun Wu, Cheng-Hung Kuo Accounting Firm： Deloitte & Touche Address： 12F, No. 156, Sec.
    [Show full text]
  • Consolidated Financial Statements 2019
    KGI Bank Co., Ltd. and Subsidiaries Consolidated Financial Statements for the Years Ended December 31, 2019 and 2018 and Independent Auditors’ Report DECLARATION OF CONSOLIDATION OF FINANCIAL STATEMENTS OF AFFILIATES The Bank required to be included in the consolidated financial statements of affiliates in accordance with the “Criteria Governing Preparation of Affiliation Reports, Consolidated Business Reports and Consolidated Financial Statements of Affiliated Enterprises” for the year ended December 31, 2019 are all the same as the companies required to be included in the consolidated financial statements of parent and subsidiary companies as provided in International Financial Reporting Standard 10 “Consolidated Financial Statements”. Relevant information that should be disclosed in the consolidated financial statements of affiliates has all been disclosed in the consolidated financial statements of parent and subsidiary companies. Hence, we have not prepared a separate set of consolidated financial statements of affiliates. Very truly yours, KGI BANK CO., LTD. March 26, 2020 - 1 - KGI BANK CO., LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2019 AND 2018 (In Thousands of New Taiwan Dollars) 2019 2018 ASSETS Amount % Amount % CASH AND CASH EQUIVALENTS (Notes 4, 6 and 41) $ 8,152,200 1 $ 7,034,362 1 DUE FROM THE CENTRAL BANK AND CALL LOANS TO BANKS (Note 7) 28,303,064 4 26,431,383 4 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Notes 4, 8, 41 and 42) 78,108,576 12 81,922,752 12 FINANCIAL ASSETS AT FAIR VALUE
    [Show full text]
  • Financial Statements 2006
    Cosmos Bank, Taiwan Financial Statements for the Years Ended December 31, 2006 and 2005 and Independent Auditors’ Report INDEPENDENT AUDITORS’ REPORT The Board of Directors and Stockholders Cosmos Bank, Taiwan We have audited the accompanying balance sheets of Cosmos Bank, Taiwan as of December 31, 2006 and 2005, and the related statements of income, changes in stockholders’ equity and cash flows for the years then ended. These financial statements are the responsibility of the Bank’s management. Our responsibility is to express an opinion on these financial statements based on our audits. Except as stated in the next paragraph, we conducted our audits in accordance with the Rules Governing the Audit of Financial Statements of Financial Institutions by Certified Public Accountants and auditing standards generally accepted in the Republic of China. Those rules and standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As stated in Note 15 to the financial statements, the Bank signed individual contracts with asset management companies between 2002 and 2006 to sell nonperforming loans. Based on the Law Governing Mergers of Financial Institutions, the losses on these sales were amortized using the straight-line method over 60 months.
    [Show full text]
  • 1 / 16 香港分行 Hong Kong Branch 幣別 存匯銀行 Swift
    香港分行 HONG KONG BRANCH 幣別 存匯銀行 SWIFT CODE AUD ANZ Banking Group Ltd, Melbourne AU ANZBAU3M CAD FCB Vancouver Br. FCBKCA8V CNY FCB Hong Kong FCBKHKHH CNY BOC,HK-CNY Clearing Center BKCHHKHH838 CNY INDUSTRIAL AND COMMERCIAL BOC, SHENZHEN BR ICBKCNBJSZN CNY SHANGHAI PUDONG DVLP. BANK SHENZHEN SPDBCNSH030 CNY CHINA MERCHANTS BANK -SHENZHEN BR CMBCCNBSRMB EUR FIRST COMMERCIAL BANK LTD, TPE H.O. FCBKTWTP EUR FCB London FCBKGB2L EUR DEUTSCHE BANK, FRANKFURT DEUTDEFF EUR Commerzbank AG H.O. COBADEFF GBP FCB London (FCBKGB2L) FCBKGB2L GBP DEUTSCHE BANK, LONDON DEUTGB2L HKD FCB Hong Kong FCBKHKHH JPY Bank of Tokyo-Mitsubishi UFJ BOTKJPJT JPY Sumitomo Mitsui Banking Corporation SMBCJPJT JPY Wells Fargo Bank N.A. Tokyo Branch PNBPJPJX JPY FCB Tokyo FCBKJPJT NZD ANZ National Bank Ltd. New Zealand ANZBNZ22058 SGD FCB Singapore FCBKSGSG USD J.P. Morgan Chase Bank,N.Y. H.O. CHASUS33 USD BANK OF CHINA (HONG KONG) LTD BKCHHKHH USD FIRST COMMERCIAL BANK LTD, TPE H.O. FCBKTWTP USD FCB Los Angeles FCBKUS66 USD FCB New York FCBKUS33 USD FCB (USA) Alhambra FCBCUS6L USD BANK OF AMERICA, N.A. BOFAUS3N USD The Bank of New York Mellon IRVTUS3N USD Deutsche Bank Trust Co N.Y. US BKTRUS33 USD Wells Fargo Bank NY PNBPUS3NNYC ZAR Standard Bank of South Africa Ltd,Johannesburg ZA SBZAZAJJ 1 / 16 香港分行 HONG KONG BRANCH 通匯銀行 SWIFT CODE ABN AMRO BANK N.V. HONG KONG BRANCH ABNAHKAA THE ROYAL BANK OF SCOTLAND PLC, HONG KONG BRANCH ABNAHKHH (FORMERLY KNOWN AS RBS NV) ABN AMRO BANK N.V. ABNANL2A ABN AMRO BANK N.V. ABNANL2R NEW YORK COMMERCIAL BANK ABNYUS33 AGRICULTURAL BANK OF CHINA, THE ABOCCNBJ AGRICULTURAL BANK OF CHINA LIMITED HONG KONG BRANCH ABOCHKHH CREDIT AGRICOLE SA AGRIFRPP AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED ANZBAU3M AUSTRALIA AND NEW ZEALAND BANK (CHINA) COMPANY ANZBCNSH LIMITED AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD ANZBHKHX BANK ANZ INDONESIA, P.T.
    [Show full text]
  • Important Notice
    JOBNAME: HCR1905004_E_PWoori_ PAGE: 1 SESS: 18 OUTPUT: Wed May 8 14:38:39 2019 //English/HCR/HCR1905004e_Project_Woori_Bank/00important IMPORTANT NOTICE THIS DOCUMENT IS AVAILABLE ONLY TO INVESTORS WHO ARE NON-U.S. PERSONS WITH ADDRESSES OUTSIDE OF THE U.S. IMPORTANT: You must read the following before continuing. If you are not the intended recipient of this message, please do not distribute or copy the information contained in this e-mail, but instead, delete and destroy all copies of this e-mail including all attachments. The following applies to the offering circular as supplemented by the pricing supplement (the “Offering Circular”) following this page, and you are therefore advised to read this carefully before reading, accessing or making any other use of the Offering Circular. In accessing the Offering Circular, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE U.S. OR OTHER JURISDICTION AND THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE U.S. OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS.
    [Show full text]
  • League Tables Q1 2020 Q1 2020
    TAIWAN CAPITAL MARKETS LEAGUE TABLES Q1 2020 Q1 2020 MANAGER RANKINGS TAIWAN CAPITAL MARKETS The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans, bonds, equity and M&A transactions; according to Bloomberg standards. LEAG<GO> for a full range of league tables MA<GO> for a full range of merger & acquisition tables NI LEAG CRL<GO> or http://www.bloomberg.com/ for a full range of market-specific league table publications Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone Email Equities Siying He +86 21 6055 3524 [email protected] Fixed Income Sheng Chiu +886 2 7719 1467 [email protected] Loans Jewel Ho +852 2293 1498 [email protected] © 2020 Bloomberg Finance L.P. All rights reserved. Bloomberg Taiwan Capital Markets | Q1 2020 Taiwan Bonds: Industry Breakdown Taiwan Bonds 20% Q1 2020 Q1 2019 Mkt Volume (TWD Deal Prev Prev Mkt Mkt Share 58% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 21% Yuanta Securities 1 22.781 26,400 13 2 15.295 7.486 KGI Securities 2 21.745 25,200 9 4 6.729 15.016 Masterlink Securities 3 11.735 13,600 7 3 7.464 4.271 SinoPac Financial Holdings 4 8.888 10,300 8 10 4.224 4.664 Hua Nan Securities 5 6.903 8,000 6 18 2.171 4.732 Financials 58% HSBC 6 3.797 4,400 2 - - 3.797 Communications 21% KGI Bank 7 3.710 4,300 1 - - 3.710 Technology 20% Mega Financial Holding
    [Show full text]
  • Cosmos Bank, Taiwan
    Cosmos Bank, Taiwan Financial Statements for the Years Ended December 31, 2007 and 2006 and Independent Auditors’ Report INDEPENDENT AUDITORS’ REPORT The Board of Directors and Stockholders Cosmos Bank, Taiwan We have audited the accompanying balance sheets of Cosmos Bank, Taiwan as of December 31, 2007 and 2006, and the related statements of income, changes in stockholders’ equity and cash flows for the years then ended. These financial statements are the responsibility of the Bank’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with the Rules Governing the Audit of Financial Statements of Financial Institutions by Certified Public Accountants and auditing standards generally accepted in the Republic of China. Those rules and standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As stated in Note 15 to the financial statements, the Bank signed individual contracts with asset management companies between 2002 and 2006 to sell nonperforming loans. Based on the Law Governing Mergers of Financial Institutions, the losses on these sales were amortized using the straight-line method over 60 months. The unamortized balance was recorded as deferred loss on the sale of nonperforming loans.
    [Show full text]
  • Cost Efficiency Affects Sustainable Operations
    International Journal of Economics and Financial Issues ISSN: 2146-4138 available at http: www.econjournals.com International Journal of Economics and Financial Issues, 2018, 8(1), 90-92. Cost Efficiency Affects Sustainable Operations Chun-Ying Chen1*, Chun-Hung Chen2, Ai-Chi Hsu3 1School of Accounting and Finance, Xiamen University Tan Kah Kee College, Zhangzhou, Taiwan, 2Department of Finance, National Yunlin University of Science and Technology, Yunlin, Taiwan, 3Department of Finance, National Yunlin University of Science and Technology, Yunlin, Taiwan. *Email: [email protected] ABSTRACT This study adopted a cost efficiency model to assess the operational efficiency of the banking industry in Taiwan. Empirical results show that the Bank of Taiwan, Taiwan Cooperative Bank, and First Commercial Bank have higher operational efficiency than the other banks. Banks with relatively low operational efficiency include Taipei Star Bank, the Enterprise Bank of Hualien, which was merged into the CTBC Bank, and the ABN AMRO- acquired Taitung Business Bank, which together with ABN AMRO’s other business in Taiwan, was later acquired by the Australia and New Zealand Banking Group (ANZ) and renamed ANZ Bank (Taiwan). These findings show that banks with low operational efficiency are unable to maintain sustainable operations. Keywords: Operational Efficiency, Cost Efficiency, Data Envelopment Analysis JEL Classifications: C1, G1, J3 1. INTRODUCTION that the banking industry plays an important role as a financial intermediary. However, the efficiency values between business Although financial indicators can be used to measure operational units are notoriously difficult to obtain and the majority of DEA efficiency objectively, they are unable to reflect comprehensively analysis only provides approximate values, making it difficult to the differences between business units.
    [Show full text]
  • China Life KGI Bank KGI Securities CDIB Capital Group Content
    China Life KGI Bank KGI Securities CDIB Capital Group Content Letter to Shareholders 4 About Us 6 Professional Services 20 Operating Performance 62 Office Locations 72 Letter to Shareholders Venture Capital ⁄ Private Equity Investment Business Industry changes and U.S.-China trade disputes affected the valuations of certain investment positions and funds under management of CDIB Capital Group in 2019. The company completed the establishment and fund-raising of Renminbi- denominated CDIB Yida Healthcare Fund and closed the second tranche of USD-denominated Global Opportunities In 2019, even if U.S. economy performed relatively well among the world’s major economies, the Fed cut interest rates to Fund in 2019. Ten funds denominated in New Taiwan dollars, US dollars and Renminbi, are currently under management, boost liquidity into the market in view of U.S.-China trade uncertainty. The eurozone’s economic performance has been with investment mainly in the US and Greater China. These funds totaled NT$39.8bn as of the end of 2019, of which relatively lackluster despite a quantitative easing policy adopted by the European Central Bank. China was under pressure NT$25.8bn has been drawn down for investment and proceeds of around NT$4bn have been received. CDIB Capital to transform its industrial and economic structures in addition to facing the continued impact of trade wars. Driven by Group plans to raise new funds denominated in New Taiwan dollars and US dollars in 2020 to further expand the scale of the repatriation of China-based Taiwanese companies and the trade diversion, Taiwan’s economy grew 2.71% in 2019, on a assets under management.
    [Show full text]