公司治理、金融發展程度與2007-2009次級房貸風暴

Abstract

2007-09年的次級房貸風暴造成了自1929 年以來最大規模的全球性衰退，本文發現次貸期間，金融發展程度高，特別是私人信用較高的國家，股市表現顯著較差；公司治理指標的效果則分歧。同時，次貸風暴對於經濟合作暨發展組織成員國(OECD)、東歐與社會主義法系的影響較深，並深入探究這段期間內，接受國際貨幣基金(IMF)援助計畫的國家，來佐證本文的研究發現。

The Subprime Crisis during 2007-09 caused an unprecedented recession since 1929 Great Depression. This paper shows that higher degree of indicator of financial development, private credit, brought out a weaker performance in stock market. However, corporate governance presents a divergent result. Meanwhile, OECD and Eastern European and Socialistic countries suffered seriously during this financial shock. Besides, this paper re-confirms this result by digging into IMF bailout countries.