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.
2007-08 年爆發全球金融危機後，美聯準會(Fed)實施三輪的量化寬鬆貨幣(QE)政策以支持金融穩定與刺激經濟成長。Fed 的 QE 政策導致美元貶值，這意味持有過半美國債券作為儲備貨幣之外國官方機構(Foreign Official Institutions, FOIs)，其國債部位將產生巨大之資本損失。強調新自由主義世界秩序重要性之國際政治經濟學文獻，在論述金融全球化時指出， Fed 的銀行紓困計畫對其他經濟體形成非意圖性之資本流動的外溢效果。藉由 ..
In the wake of the global financial crisis that struck the world in 2007- 08, the U.S. Federal Reserve(the Fed)has undertaken three rounds of quantitative easing(QE)in an effort to sustain financial stability and stimulate economic growth. However, the Fed’s QE policy inevitably resulted in dollar depreciation, which means a huge capital loss for foreign official institutions ( FOIs ) since FOIs hold more than half of the outstanding stock of U.S. Treasury securities as official reserve holdings. Existing International ..
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