小國的國家自主性與金融開放：新加坡金融中心的形成與演變

新加坡是亞洲重要的國際金融中心，卻也享有成功的工業化經驗，與其他發展中國家的經驗迥異。本文描繪合乎歷史實情的新加坡金融中心形成期間的建立與演變軌跡，以掌握其對國際體系所具有的特殊意涵。 在當代國際社會，小國建立國際金融中心反而可藉由金融開放，引進主要經濟強權的金融機構，增加本身的依違空間，甚至轉化為國家機關自主性擴大的基礎。新加坡的金融中心政策目標，自創設之初即在於確保國際政治經濟支持，協助工業化與城邦小國的生存發展，而非一逕以開放為目的。國家機關藉掌握的資源為後盾，在境外市場吸引外商金融機構進駐，取得利基；同時盡力維護內部金融市場不為外商業者大舉侵蝕，保持境內境外隔離的金融中心發展模式。

Being one of the most important international financial centers in Asia, Singapore, a small country, maintains its own industrialized status intentionally, distinguishes it from the other ones of the developing world. This essay tries to describe and to explore the trajectory of financial development of Singapore. Furthermore, by way of analyzing a small-industrialized country's ascending experience, this essay discovers a new explanation of the development of international financial center. For the Singapore State, the opening of financial system has never been the policy goal per se. Inventing the Asian dollar market, the Singapore State segregates the domestic market with the offshore system, and serves the surviving goal very suitably. From the very beginning, the strategic consideration and industrialized plan underlines and even contends the project of the making of the international financial market in Singapore.