This investigation examines the correlations of oil prices, gold prices and the NT dollar versus U.S. dollar
exchange rate during 2007/09/03–2011/12/28. Johansen co-integration test, VAR model, Granger
causality test, impulse response analysis, and variance decomposition method were used to clarify the
interactive relationships among the three variables. These tests and models show that the oil price, gold
price and exchange rate remain considerably independent from one another, which implies policymakers
should consider the separation of energy and financial policies.
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