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Fiscal and Monetary Policies in Reaction to the Financial Tsunami by the Taiwanese Government

  • Hsiao-Yin Chen

    ()

    (Department of Business and Entrepreneurial Management, Kainan University, No. 1, Kainan Road, Luzhu, Taoyuan County 33857, Taiwan)

  • Cheng-Few Lee

    ()

    (Rutgers Business School, Piscataway, NJ 08854-8054, USA)

  • Tzu Tai

    ()

    (Department of Finance, Rutgers University, Janice H. Levin Building, Piscataway, NJ 08854-8054, USA)

  • Kehluh Wang

    ()

    (National Chiao Tung University, 1001 University Road Hsinchu 30010, Taiwan)

Registered author(s):

    The main purpose of this paper is to investigate the impact of the 2007 financial tsunami on the Taiwanese financial market. We find that, although significant for banks, security firms, and insurance companies, the effect was relatively lower if compared with that in Europe and the United States. In addition, we present fiscal and monetary policies issued by the Taiwanese government in reaction to the global financial crisis. These policy measures focused on stabilizing the financial market, reducing the level of unemployment, and creating more lending opportunities in support of Taiwanese companies. We also discuss the policy measures of the US government and other Asian countries in relation to the global financial crisis. Finally, we provide some suggestions to improve financial supervision and enhance financial reforms in Taiwan.

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    Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Review of Pacific Basin Financial Markets and Policies.

    Volume (Year): 14 (2011)
    Issue (Month): 01 ()
    Pages: 153-169

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    Handle: RePEc:wsi:rpbfmp:v:14:y:2011:i:01:p:153-169
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