台灣金融改革的政治分析：ACTA模型的檢驗

The Politics of Financial Reform in Taiwan: ACTA Model

陳尚懋(Shang-Mao Chen)

《東吳政治學報》 25卷1期 (2007/03) Pp. 115-160

https://doi.org/10.6418/SJPS.200703.0115

摘要

1998年台灣爆發了本土型的金融危機，當時的國民黨政府採取了相關的改革政策，希望可以幫助台灣走出金融風暴的陰影，但卻是透過國民黨的黨營事業針對政商關係良好的企業進行抒困，如此親信資本主義(crony capitalism)式的危機處理政策反而加大了危機的廣度與深度。新上台的民進黨總統陳水扁於是宣布2001年為金融改革元年，在「二五八」金改政策的努力之下，台灣的金融體系總算是達到了初步的穩定。但是台灣金融改革是否已經成功？後續金融改革成功的關鍵到底為何？本文觀察政黨輪替前後金融改革成效的差異，認為金改最主要的關鍵因素在於治理結構(governance structure)與監理架構(regulatory framework)的ACTA。所謂的ACTA係指：自主性(autonomy)、職能(capacity)、透明化(transparency)與問責(accountability)。本文最主要的論點在於：治理結構的ACTA會由上而下影響監理架構的ACTA，而後這兩者的互動會更進一步影響金融體系(financial system)的表現。因此台灣往後金融改革成功的關鍵就在於如何維持與提升治理結構與監理架構的ACTA。

關鍵字

台灣金融改革 ； 透明化 ； 問責

並列摘要

This paper explores the domestic institutional arrangements and relationships among key political and financial actors in the process of Taiwan’s financial reform. Affected by the 1997 Asian financial crisis, many Taiwanese enterprises have reported serious problems in their financial structures since 1998. The previous KMT government adopted bail-out policies to stabilize the financial system, but these measures only deepened the severity of the looming crisis in Taiwan’s financial markets. In 2000, the DDP candidate Chen Shui-bian won the presidential election, and not long after taking office announced that the year 2001 would usher in a new era of financial reform. What are the key factors needed for the success of financial reform in Taiwan? In order to answer this question, I have developed a model, called the ”ACTA Model”. I have used four institutional variables, namely: autonomy, capacity, transparency, and accountability (ACTA), and three analytical levels: governance structure, regulatory framework, and financial system to analyze the financial reform dynamics in Taiwan. In conclusion, this study shows that the ACTA of a governance structure will influence the ACTA of a regulatory framework from the top, and the institutional relationships between the governance structure and regulatory framework will influence the financial system jointly. Therefore the ACTA of a governance structure and regulatory framework are critical for financial reform.

並列關鍵字

Taiwan financial reform ； transparency ； accountability

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