後金融海嘯主要國家振興經濟措施退場策略的探討

An Examination of the Economic Stimulus Exit Strategies of Major Countries in the Wake of the 2008 Global Financial Crisis

全球金融海嘯時期，主要國家紛紛採取措施以振興經濟，這些措施應視為暫時性作法。隨著全球經濟逐步邁向復甦，相關措施的副作用，如主權債務危機、資產泡沫等，紛紛浮上檯面，各國乃又審慎研議退場策略。退場策略的重點在於時機、方式及相關配套措施，各國如何衡酌自身經濟體質及經濟復甦情況，研議符合國情的後續策略及配套措施，慎選退場時機，相關作法值得參考借鏡。我國政府應：強化對消費者的保護，並督促金融業者做好風險管理；善用選擇性信用管制等政策工具，抑制資產泡沫化現象；積極運用租稅政策，改善所得分配，並建立財政預警指標，強化各級政府財政體質；強化與區域周邊國家的政策協調，提升政策的有效性。

During the period of the 2008 global financial crisis, major countries around the world took various actions that should be regarded as temporary measures to revitalize their economies. As the world economy has moved into recovery, these stimulus measures have contributed toward the emergence of several adverse side-effects, such as sovereign debt crises and asset bubbles, and countries have had to think carefully about formulating exit strategies. The key focuses of exit strategies include timing, methods and ancillary measures. Each country needs to take account of its own economic constitution and the state of its economic recovery in carefully selecting the right time for exit, and formulate exit strategies and ancillary measures to match its particular circumstances. In the wake of the global financial crisis, Taiwan’s government should shape its financial policy to place emphasis on strengthening consumer protection and overseeing financial institutions to ensure that they properly conduct risk management. In monetary policy, the central bank should make good use of selective credit control tools to suppress the emergence of asset bubbles, and guide the development of private investment into sustainable production activities. In fiscal policy, the government should actively employ tax policy to improve income distribution, and establish fiscal early warning indicators, with the aim of strengthening public finances at all levels of government. In terms of international policy coordination, Taiwan should enhance cooperation with neighboring countries to raise the effectiveness of policies.