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題 名 | 經濟安全與道德風險--亞洲金融風暴的啟示=Economic Security and Moral Hazard--Lessons from the Asian Financial Crisis |
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作 者 | 李西成; 沈道震; | 書刊名 | 遠景季刊 |
卷 期 | 1:2 2000.04[民89.04] |
頁 次 | 頁105-141 |
分類號 | 562.193 |
關鍵詞 | 經濟安全; 道德風險; 亞洲金融風暴; |
語 文 | 中文(Chinese) |
中文摘要 | 亞洲金融風暴不只是一個國際經濟危機,也反映出許多國家的政治及社會問題。 從經濟的角度來看,觸發這個風暴的原因固然很多,但貨幣市場的過早自由化及道德風險的 存在是其中兩個不可忽略的主因。在亞洲資本市場的運作未趨健全之前,就讓國際游資鄉固 定匯率的制度下自由往來,給予歐美游資投機套利的機會,也養成當地商家以短期資金來取 代長期資本的惡習。一旦投資及借貸過度的弊端開始顯現,游資立即抽離,金融風暴於焉產 生。 亞洲商家對短期資金的依賴與道德風險的存在不無關係。亞洲的投資人和金融機構往往 忽略下述諸因素:系統風險、流動性風險、財務風險、匯兌風險、財務市場風險及國家信用 風險。 在許多亞洲國家,政治制度與社會環境對道德風險的增長,均有關係。任用親信、貪污 腐化、袒護大型企業等風氣和政策,都鼓勵商人及金融機構忽略投資風險。此外,金融檢查 機構未能克盡厥職也是道德風險提高的主要原因。 要減少國際金融風暴的施虐,固然要考慮加強國際貨幣基金的資金與功能,然而政治改 革與道德重建,仍屬預防金融風暴的良方。唯有健全的政治及社會制度,才能澈底降低道德 風險。此外,藉國際合作來建立特種資訊傳播標準以增進市場運作的透明度以及透過創設國 際破產法庭來保護投資人權益,也是避免道德風險的有效途徑。 |
英文摘要 | The Asian financial crisis reflected the malfunction of relevant countries' socio-political systems. From the economic perspective, money markets and the existence of moral hazard. Freedom of moving funds at fixed exchange rates between countries prior to the establishment of sound capital markets resulted in international speculation and replacement of long-term capital by short-term funds in some of these Asian countries. Consequently, over-investment and high debt-equity ratio led to capital flight and financial crisis. Heavy reliance on short-term capital by Asian businesses could be explained by the existence of moral hazard. Specifically, lenders and investors in certain Asian countries tended to overlook the following factors: system risk, liquidity risk, financial risk, foreign exchange risk, financial market risk and national credit risk. Socio-political environment in many Asian countries fostered the growth of moral hazard. Political cronyism, corruption and the policy of preventing "too-big-to-fall" encouraged financial institutions to ignore risk management procedures in lending. Furthermore, the malpractice of lending institutions was not closely monitored and corrected by supervising government agencies. Reform of socio-political systems is critical to the prevention of the recurrence of financial crisis. In addition, international cooperation in establishing the "Special Data Dissemination Standard" and creation of an international bankruptcy court may facilitate the elimination of moral hazard. This article also suggests that a more significant role should be assigned to the International Monetary Fund for the prevention of international financial crises. |
本系統中英文摘要資訊取自各篇刊載內容。