亞洲金融危機始自 1997 年 7 月泰銖的崩潰,以印尼、南韓、泰國、菲律賓及馬來西亞等 5 國受害最深,其他鄰國也紛紛遭受波及,各國根據所處主、客觀環境,採取不同的因應方法。泰國、印尼、南韓等國由於外匯短缺,只有聽任本國貨幣貶值,進行經濟上的對外調整,而其後遺症則為倚賴外債過深的企業連鎖倒閉,帶來金融機構逾期放款大幅增加,以及經濟成長率下滑、失業率上升等問題。新加坡、香港、日本、中國及台灣,整體而言受影響較小。自 1997 年亞洲爆發金融危機,迄 2006 年將近 10 年,本文旨在回顧亞洲金融危機的發生經過、造成危機的一般性原因、以及所呈現的問題作一探討,並分析國際貨幣基金與亞洲金融危機的關係,以及亞洲金融危機所帶給吾人的啟示。
The Asian financial crisis started with the collapse of the Thai baht in July 1997. Indonesia, South Korea, Thailand, Philippines and Malaysia were the countries most affected by the crisis. The other neighboring countries were also hit by the slump. Those countries took different strategies to cope with their crises according to their own subjective and objective environment. Because of the shortage of foreign exchange reserves, Thailand, Indonesia and South Korea had to let local currencies devaluated substantially to adjust to their external economies. As a result, many enterprises that rely on foreign debt collapsed; financial institution had its bad loans increased tremendously; the economic growth rate declined, accompanied by massive job losses. As for Singapore, Hong Kong, Japan, China and Taiwan, the influence was relatively smaller. 10 years have passed since the Asian financial crisis; in the year of 2006, this paper attempts to explore the history and general causes of the crisis, to interpret the problems involved in the crisis as well as the connections between the International Monetary Fund and the crisis, and more importantly,to draw lessons from the experience.
本文觀察台灣與韓國發展過程的差異,對兩地金融危機形態以及金融重建進展的影響。兩國金融重建過程的差異受到危機形態的制約,這又受到之前發展形態的影響,亦即是否出現雙元經濟:同時存在一個面對軟預算的內需部門與一個面對硬預算的出口部門。韓國的金融危機,除了一開始的壞帳率較高之外,更包含外匯危機,另外出口重心的財閥負債淨值比高,而且很多是國際的借貸,產生急迫的壓力要採取結構性的改革措施以挽回市場的信心,不同面向改革工程在短時間內次第開展。雙元經濟的存在使台灣的金融危機..
This paper explores how patterns of development affect types of financial crises and financial restructuring by comparing the experiences of Taiwan and South Korea. With or without the presence of dual economy determines the nature of the financial crises, eventually affecting the scopes and paces of restructuring packages in the two countries. Dual economy in this context denotes the coexistence of an efficient exporting sector and an inefficient domestic sector. The financial crisis in South Korea involved high initial non-..
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