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政治力對金融體系的干預:台灣本土型金融風暴與重建
Domestic Financial Crisis and Financial Restructuring: Political Intervention in Financial Institutions
吳親恩(Chin-En Wu)
47卷4期(2008/12/01)

民主化後金融體系受到執政黨與地方派系及內需財團的選舉結盟影響,使得特權貸款氾濫以及金檢無法落實,是本土金融風暴發生的重要背景之一,危機發生後的重建過程也同樣受到政治力的干預,拖延了重建法案的提出、通過與執行。金融重建包括處理問題金融機構與壞帳、強化銀行競爭力以及強化金融監理與公司治理。從台灣金融重建的經驗中得知,政府推動經濟改革的決心與能力受到了幾項政治因素的制約。首先是政黨與地方派系與內需財團之間的關係,兩者在政治獻金、選舉動員與政策優惠上的互賴,使得前後任的執政黨不敢落實金融監理與即時推動金改。國民黨執政時期,地方派系與財團甚至參與政府中央層級的決策,使得金融監理強化更受到抑制,也讓金融危機發生後的重建工程無法推展。2000年政黨輪替之後,雖然地方派系沒有再盤據中央政府的決策層級,但是因為民進黨政府是少數政 府,與地方派系親近的在野黨仍可封鎖改革基層金融機構的法案。政治限制使得前後任執政黨都持續對問題企業進行紓困,並拖延問題銀行的處理,等到銀行壞帳與虧損金額不斷升高,才迫使政府開始推動打銷呆帳與加緊清算問題銀行。反過來,金融體系的變化也對民主政治參與者產生影響,金融危機與金融重建的結果讓許多企業金融機構退出舞台,也使許多地方派系與內需財團背景政治人物的生存空間受到壓縮。經過金融風暴與重建,近年來逾放比已經大為改善,各種特權貸款也已經減少,但隨著銀行的合併造成了集中化的大型金融機構,產生金融監理新的難題。

 

The political intervention in financial institutions after democratic transitions induces the prevalence of privileged loans and damages banking regulations. This is an important cause of the local financial crises between 1998 and 1999. The process of financial restructuring is also subject to political interference. The packages include liquidating financial institutions, privatizing public banks, and strengthening financial regulations and corporate governance. The experience of financial restructuring demonstrates that the resolution and capacity of governments to implement reforms are constrained by several political conditions. First, the cooperation of parties, local factions, and inward-oriented conglomerates in campaign contributions, mobilizations, and policy favors render the incumbents unable to enforce financial regulations and implement reforms. Local factions and inward- oriented conglomerates even participate in the decision-making of the KMT governments, rendering financial regulations and financial restructuring even more difficult. Local factions stop to dominate government decision-making after year 2000. Since DPP was a minority government, oppositions that back local factions were able to block reform proposals. It is until rising non- performing loan ratio and bank losses force governments to liquidate bad loans and bad banks. On the other hand, the local financial crises and financial restructuring also affect political players. Many financial institutions has gone bankrupt, rendering politicians relying on these institutions unable to survive. The slow progress of financial restructuring postpones the improvement of banking regulations and also damages the competitiveness of financial institutions. After several years of financial restructuring, the nonperforming loan ratio has reduced and the privileged loans are also curbed. The merging of banks, resulting in a few dominant banks, however, creates new regulatory problems.

 

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