全球金融風暴之成因、對我國影響及因應對策之探討

An Examination of the Causes of the Global Financial Storm, Its Impact on Taiwan, and Taiwan’s Policy Response

2008年下半年起，美國本土的金融危機已經擴散成為全球性的金融風暴。造成全球金融風暴原因有：美國房市惡化並擴散至金融機構、金融監理疏失與規範不足、銀行風暴擴大演變成流動性危機，以及全球資金竄流、抽身而擴大金融市場波動與危機等。一般認為，國內金融市場國際化的程度不深。近幾年來我國金融機構或個人積極從事海外投資，導致對外投資金融相關商品產生虧損，包括雷曼兄弟與冰島相關金融機構發行之金融商品，其損失尚在可控制範圍內。但我國股市明顯受挫，進而衝擊國內消費與投資；加上全球景氣趨緩，我國出口及外銷訂單，乃至整體經濟皆受到影響。美歐等國家所提紓困案，尚待時間考驗，短期內市場信心亦待重振，而全球經濟正面臨下修之風險。對我國政府而言，當從中記取教訓（如對衍生性金融商品之監理、資訊揭露等），截長補短，並掌握契機，建置長治久安之機制，包括：落實擴大內需為主的財政政策；徹底落實資訊透明化；以及De-regulation與Regulation同時併行等。

Since the second half of 2008, America’s domestic financial crisis has developed into a global financial storm. This study examines the causes of the crisis and its spread, its impact on Taiwan, the bailout measures adopted by various countries, and the likely impact of those measures on the future effects and alleviation of the storm. The study concludes by drawing lessons for Taiwan on how best to respond to the threats and seize the opportunities presented by the storm with a view to bolstering its financial markets and restoring the vitality of its economy.