本研究主要探討亞洲四小龍---台灣、南韓、香港及新加坡在次級房貸風暴前、後其匯率波動及其他相關變數對美出口的影響。研究期間為2000年1月至2009年3月之月資料。在研究方法上，以多元迴歸方法探討匯率波動及其他相關變數在次級房貸風暴影響前、後是否有所差異。
實證結果顯示：所得水準方面，不論在次級房貸風暴前、後，台灣、南韓、香港及新加坡四個國家所得變數對美出口值都是顯著影響。匯率方面，在次級房貸風暴前、後，台灣、南韓、香港及新加坡四個國家的匯率變數對美出口之影響並無顯著影響。

This paper aims to analyze the impact of exchange rate volatility and other related variables on the export value of four Asian countries, including Taiwan, South Korea, Hong Kong and Singapore during the period of pre- and post- subprime mortgage crisis. Methodologically, we use a multi-regression model to estimate whether the impact of exchange rate volatility and other related variables on the export value of Asian countries is different in the period of pre- and post- subprime mortgage crisis. The monthly data used in this study was collected from January 2000 to March 2009. The study shows that regardless of pre- or post- subprime mortgage crisis, the country we investigated is found to have significantly positive effects between the income and export value, whereas no significantly positive effects are observed between the exchange rate and export value.

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