亞洲金融危機與國際貨幣基金的角色

The Asian Financial Crisis and the Roles of the International Monetary Fund

黃仁德(Jen-Te Hwang) ； 林進煌(Jinn-Hwang Lin)

《問題與研究》 46卷1期 (2007/01) Pp. 101-145

https://doi.org/10.30390/ISC.200701_46(1).0004

摘要

亞洲金融危機始自1997年7月泰銖的崩潰，以印尼、南韓、泰國、菲律賓及馬來西亞等5國受害最深，其他鄰國也紛紛遭受波及，各國根據所處主、客觀環境，採取不同的因應方法。泰國、印尼、南韓等國由於外匯短缺，只有聽任本國貨幣貶值，進行經濟上的對外調整，而其後遺症則為倚賴外債過深的企業連鎖倒閉，帶來金融機構逾期放款大幅增加，以及經濟成長率下滑、失業率上升等問題。新加坡、香港、日本、中國及台灣，整體而言受影響較小。自1997年亞洲爆發金融危機，迄2006年將近10年，本文旨在回顧亞洲金融危機的發生經過、造成危機的一般性原因、以及所呈現的問題作一探討，並分析國際貨幣基金與亞洲金融危機的關係，以及亞洲金融危機所帶給吾人的啟示。

關鍵字

金融危機 ； 固定匯率 ； 貨幣政策 ； 國際收支 ； 國際貨幣基金

並列摘要

The Asian financial crisis started with the collapse of the Thai baht in July 1997. Indonesia, South Korea, Thailand, Philippines and Malaysia were the countries most affected by the crisis. The other neighboring countries were also hit by the slump. Those countries took different strategies to cope with their crises according to their own subjective and objective environment. Because of the shortage of foreign exchange reserves, Thailand, Indonesia and South Korea had to let local currencies devaluated substantially to adjust to their external economies. As a result, many enterprises that rely on foreign debt collapsed; financial institution had its bad loans increased tremendously; the economic growth rate declined, accompanied by massive job losses. As for Singapore, Hong Kong, Japan, China and Taiwan, the influence was relatively smaller. 10 years have passed since the Asian financial crisis; in the year of 2006, this paper attempts to explore the history and general causes of the crisis, to interpret the problems involved in the crisis as well as the connections between the International Monetary Fund and the crisis, and more importantly, to draw lessons from the experience.

並列關鍵字

Financial Crisis ； Fixed Exchange Rate ； Monetary Policy ； Balance of Payments ； International Monetary Fund

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