台灣金融監理的政治邏輯

The Political Logic of Financial Supervision in Taiwan

本篇文章探究台灣的金融監理規範如何在全球層次與國家層次的互動中改革，以及改革進程如何受舊有威權體制的遺緒影響。在台灣的故事中，金融監理改革受金融全球化壓力而啟動，不過這個壓力並非由外而內輸進台灣，而是國家主觀理解到全球化對台灣可能帶來的衝擊，先發制人地進行改革，以宣示台灣加入國際金融社群的決心。不過，雖然監理改革由政治菁英有意識的發動，但實際執行者都是國家官僚。由於台灣的金融產業長期受國家掌控，國家官僚主觀上並不認為需要改革監理體系來增進監理效率，導致金融監理改革缺乏所需政治動能，最後雖在樣貌上出現一個類似合併監理的單一組織，但必沒有實質上的改變。 This paper explores the financial supervisory reform in Taiwan and how it was as an outcome of both international and domestic level factors, including the influence of authoritarian legacy. In Taiwan’s story, the initiation of the financial supervisory reform was indeed influenced by the pressure of financial globalization; however, the pressure was not transited through an outside-in route. Rather, the state began the reform in the knowledge of the shocks that globalization might bring. The move represented the states determination to show that it was well-prepared to join the international financial community. Although the reform was initiated by political elites, the legislative process was led by the state bureaucracy. Since the financial industry has been under the control of the state for a long time, the state has always prevailed over the market. Therefore, for bureaucrats, there was no need to reform the supervisory system since the system itself was efficient, resulting in a lack of political momentum during the reform process. Consequently, the financial supervisor y reform was eventually passed due to electoral considerations. In appearance, a new single organization emerged out of the reform. However, little has changed in essence.