- 期刊
市場主導式vs.銀行主導式金融體制：其相對競爭優勢、不同資本主義與國家角色
Market-based vs. Bank-based Financial Institutions: Their Competitive Advantages, Varieties of Capitalism, and the Role of the State
摘要
金融體制乃資本主義國家的重要基礎之一。不同資本主義國家往往會採行不同的金融體制，並搭配各種其他相關政策體制。本文的主要目的乃由微觀的政治經濟原理來探討金融體制的兩種基本型態（市場主導式vs.銀行主導式金融體制）到底有何基本差異，再進而檢視在這種差異之下，國家總體的政經結構如何安排、管理這種差異所導致的問題。本文認為不同金融體制背後意味著不同現代工業國家所各自採行不同的經濟冒險與風險管理方式，而市場主導式與銀行主導式金融體制各有其相對優點與缺點。然而，要回答不同金融體制如何形成、其行為、表現特質如何，則必須深入查考國家的角色、發展策略與整體的發展政策－亦即不同資本主義的角度－方能得出充分而完整的理解。同樣的，政府在考慮金融政策應如何制訂時，也應該建立在這樣整體理解的基礎上。
並列摘要
Financial institutions are one of the most important bases of capitalist economies. Different capitalist countries tend to adopt different financial institutions, supported by a spectrum of other related policies. This paper aims at, first of all, exploring the micro-based rationale of the political economy of the two types of financial institutions, i.e. market-based and bank-based financial institutions. Then, the political and economic arrangements at the state level will also be examined. This paper proposes that underlying the varieties of financial institutions are different approaches to venture and how the tremendous number of risks involved in the development process of modern industrial economies are managed. This paper argues further that market-based financial institutions and bank-based financial institutions have their relative advantages respectively. However, to answer the question of how different financial institutions in different countries develop their structural, behavioral, and performance features, it is unavoidable that the roles of the state, their development strategies, and the overall development policies, i.e. basic features of the 'varieties of capitalism,' will have to be thoroughly investigated. Likewise, when formulating policies related to financial institutions, governments should also base their considerations on foundations with such an integral view.