試探臺灣貨幣相關措施之落遲效果－日治時期為例

本文的目的是透過相關文獻與統計資料，觀察臺灣在金融與貨幣政策上，是否存在政策落差的現象。其主要是藉由日治時期做為實証觀察的對象，提出準備貨幣本位體系的演變過程、日治時期臺灣各地的借貸利率與臺灣各地區日本人與臺灣人之間的借貸利率、一元銀幣公定市價的改訂、臺灣銀行鈔券發行額與流通額、經官方蓋印一元銀幣，加上正貨準備與保證準備，總計六項做為政策落差的例證。該結果指出，日治時期的臺灣在金融與貨幣政策上存有政策的時間落差效果。

關鍵字

時間落差；日治時期；貨幣；金融

並列摘要

The purpose of this thesis is to investigate the lagged effects of financial and monetary policies in Taiwan using relevant literatures and statistic data. Working throughout the Japanese governing period, there are six types of evidence on lagged policy effects that we would like to provide. First of all, we observe the process that Taiwan had evolved from silver standard system to gold standard one. Second, we investigate the intra-regional difference of lending rates and the difference of these rates between Taiwanese and Japanese, respectively. Third, we attend to the setups of the official price of silver coin per unit. Fourth, we compare issuances with circulation of paper bills by Bank of Taiwan. Fifth, we explore the usage of silver coins which has branded by the government. Finally, we discuss both legal-tender reserves and reserves of margin. The above-mentioned results imply that financial and monetary policies had time lags in Taiwan during the Japanese governing period.