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題 名 | 當前金融改革問題之探討--金融結構互補性之分析=An Exploration of Current Financial Reform Problems: Analysis of Financial Structure Complementarity |
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作 者 | 許振明; 林樹明; 邱瀞玉; | 書刊名 | 理論與政策 |
卷 期 | 16:4=64 2003.01[民92.01] |
頁 次 | 頁45-64 |
分類號 | 562.2 |
關鍵詞 | 金融結構; 金融改革; 直接金融; 間接金融; 貨幣政策; Financial structure; Financial reform; Direct finance; Indirect finance; Monetary policy; |
語 文 | 中文(Chinese) |
中文摘要 | 本文主要目的在於探討我國當前金融改革之問題,以及對於金融結構問題進行分析,並嘗試探討當前引起爭議性之金融問題的本質,如直接金融與間接金融為替代或互補關係、貨幣供給與國民所得的因果關係以及金融逾放增加和銀行對民營企業放款減少的關係,以做為金融政策之參考,避免政策制定方向錯誤。本文實證發現,近年來直接金融的盛行並未將間接金融替代,反而有互補的關係,而且過去七年來的貨幣政策過於被動(passive),貨幣政策當局並未主動利用貨幣政策工具來提升我國國民所得。反而是因經濟的成長與國民所得的增加使貨幣需求增加,才被動的增加貨幣供給,顯示銀行體系在金融發展的過程漸漸扮演主動的角色。 |
英文摘要 | The main purpose of this paper is to explore the current financial reform problems in Taiwan. We analyze the financial structure and analyze the essence of the controversial financial debate, such as whether the relationship between direct finance and indirect finance is substitute or complement; the causality between money supply and national income; the relationship between the increase of nonperforming-loans (NPLs) and the decrease of loans of domestic banks to private enterprises. Our results have strong policy implications. The empirical results show that the prevalence of direct finance in recent years does not substitute for indirect finance. Instead, they are complement. Moreover, we show that the monetary policy over the past seven years was too passive. The monetary authority did not actively perform monetary instrument to enhance Taiwan's national income. In other words, the increase of money supply is passively driven by the increase of money demand, which caused by the augmentation of economic growth and national income. This reveals that the banking system as well as the stock market has gradually played an active role in the financial development process. |
本系統中英文摘要資訊取自各篇刊載內容。