2008年全球金融危機爆發後，美國透過調降基準利率與實施寬鬆貨幣政策，讓國內經濟與股票市場擺脫金融危機的困境不過種種挽救方案卻也影響美元匯率的波動。由於另兩大成熟市場經濟體歐盟區、日本，目前還是維持低利率以及寬鬆貨幣政來刺激景氣，本研究以歐盟區為主要研究對象，探討實施貨幣寬鬆政策對於歐元匯率的影響。本文以股價波動率、利率、VIX波動率為解釋變數，藉以探討歐元匯率變動率表現並透過模型結果探討美國與歐盟區執行寬鬆貨幣政策期間對於歐元匯率的影響程度為何。研究結果顯示，寬鬆貨幣政策的實行，也會因為其他的外在因素而讓歐元匯率變動率表現有所不同；而歐盟調降基準利率降低，確實對歐元匯率變動率有明顯顯著的影響。;After the outbreak of the global financial crisis in 2008, the United States lowered the interest rate and implemented quantitative easing monetary policy. Although the US has stopped the implementation of QE, the European Union (EU) and Japan are still maintaining lower interest rate and QE policy to stimulate the economy. This thesis focuses on the EU region to study the impact for Euro exchange rate by QE policy. We use stock price volatility, interest rate and VIX volatility as explanatory variables to study Euro exchange rate volatility, and explore the impact of QE policies in the US and EU on Euro exchange rate volatility, The results show that other external factors still affect Euro exchange rate volatility under the implementation of QE policies. The reduction of EU interest rate is found to be a significant impact for Euro exchange rate.
