根據中央銀行公佈之資料, 2011年臺灣央行盈餘繳庫佔總政府歲入達7.87%,同期美國 Fed 的比例僅3.19%。和亞洲鄰近國家, 例如日本、韓國的0.46%與0.65%相比,更凸顯出臺灣中央銀行之盈餘繳庫佔歲入之比重異常之高。經濟學上以鑄幣稅(seignorage)代表中央銀行擁有貨幣發行權,所能產生的盈餘。但是,臺灣2002--2011年間的高繳庫盈餘,並非來自於鑄幣稅的概念,而是在央行在持有大量外匯存底下,施行匯率干預和低利率政策所致。本文分析臺灣央行高繳庫盈餘之原因,退場策略(Exit strategy),以及長短期之影響。
According to the announcement of Taiwan Central Bank, the amount of remittances to Treasury from central bank as the percentage of government revenue in 2011 is 7.87\%. Compared with the numbers in America, Japan and Korea, Taiwan provides an unbalanced and unusual situation.Traditionally, seignorage is the term to explain the benefit that the central bank can reap under the right of issuing the currency. However, the high remittances to Treasury from central bank in Taiwan during 2002--2011 didn't derive from seignorage, but from the large foreign reserve accumulating and monetary policy.The first-half of this paper will analyze the cause of high remittances to Treasury from central bank in Taiwan. The second-half of this paper will disscuss the idea of Exit strategy, and how it will affect the economy of Taiwan.