在經濟上，銀行部門已經被認為是經濟發展的主要角色之一。本論文利用9個亞洲新興市場國家的縱橫資料（panel data）分析來檢定銀行績效與經濟自由指標之間的關係。實證結果顯示貨幣自由度、商業自由度和金融自由度與銀行績效之間有正向的關係，而投資自由度對銀行績效則是有負向的影響。這結果表示新興市場國家的政府和政策制定者需要著重在管制的操作與效能以及改善經濟的自由度。

In economy, banking sector has been considered as the main issue for development. Using panel data analyzing to test the relationship between banks performance and economic freedom indexes for 9 emerging market countries in Asia, the paper’s result shows that there is the positive effect between monetary freedom, business freedom, financial freedom and banks performance while investment freedom has a negative impact. It suggests that emerging market countries’ government and the policy maker need to focus deeply on the operation, the efficiency of regulation and improving the economic freedom.

Table of Contents
Thesis Approval Sheet……………………………………………………………….. i
Acknowledgement …………………………………………………………………. ii
Abstract ...………….....…………………………………………….……………… iii
Chapter I: Introduction 1
Chapter II: Literature Review 7
Chapter III: Emerging market countries and banking system 15
Chapter IV: Empirical result and data specification 24
4.1. The model 24
4.2. Data specification 25
Chapter V: Empirical Result 32
Chapter VI: Concluding remarks 43
References 46
Appendix 52
List of Figures
Figure 1 : Ten countries with highest annual growth in GDP 18
Figure 2: Bank deposits as a percentage of GDP 22
List of table
Table 1: GDP growth at market exchange rates 16
Table 2: Definition and sources of the variables 28
Table 3. Countries name and number of bank observations 29
Table 4: Descriptive Statistics 31
Table 5 : The regression between economic freedom index variables and banking performance in Taiwan and South Korea. The dependence variable is the Net Interest Margin (NIM). The model is estimated using the OLS method 36
Table 6: The regression between economic freedom index variables and banking performance in Countries Group 2, including India, Indonesia, Malaysia, Thailand and The Philippines. The dependence variable is the ROAA. The model is estimated using the OLS method 39
Table 7: The regression between economic freedom index variables and banking performance in Countries Group 3, including Vietnam and China. The dependence variable is the ROAA. The model is estimated using the OLS method 42
Table 5a : The regression between economic freedom index variables and banking performance in Taiwan and South Korea. The dependence variable is ROAA. The model is estimated using the OLS method 52
Table 5b : The regression between economic freedom index variables and banking performance in Taiwan and South Korea. The dependence variable is ROAE. The model is estimated using the OLS method 53
Table 6a: The regression between economic freedom index variables and banking performance in Countries Group 2, including India, Indonesia, Malaysia, Thailand and The Philippines. The dependence variable is the NIM. The model is estimated using the OLS method 54
Table 6b: The regression between economic freedom index variables and banking performance in Countries Group 2, including India, Indonesia, Malaysia, Thailand and The Philippines. The dependence variable is the NIM. The model is estimated using the OLS method 39
Table 7a: The regression between economic freedom index variables and banking performance in Countries Group 3, including Vietnam and China. The dependence variable is the NIM. The model is estimated using the OLS method 42
Table 7b: The regression between economic freedom index variables and banking performance in Countries Group 3, including Vietnam and China. The dependence variable is the ROAE. The model is estimated using the OLS method 57
Table A1 : Correlations between variables when NIM is dependent variable, country group 1 58
Table A2: Correlations between variables when ROAA is dependent variable, country group 1 58
Table A3: Correlations between variables when ROAE is dependent variable, country group 1 58
Table A4: country group 1, Descriptive Statistics 59
Table B1: country group 2, Descriptive Statistics 59
Table B2: Correlations between variables when NIM is dependent variable, country group 2 59
Table B3: Correlations between variables when ROAA is dependent variable, country group 2 60
Table B4: Correlations between variables when ROAE is dependent variable, country group 2 60
Table C1: country group 3, Descriptive Statistics 61
Table C2: Correlations between variables when NIM is dependent variable, country group 3 61
Table C3: Correlations between variables when ROAA is dependent variable, country group 3 62
Table C4: Correlations between variables when ROAE is dependent variable, country group 3 62

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