金融消費者保護法制與監理的法律經濟分析觀點──以行為經濟學的應用為中心

The Law and Economics Perspective of Financial Consumer Protection Laws and Regulations: Focusing on the Application of Behavioral Economics

金融消費者保護為金融海嘯後受到全球高度關注的金融監理議題，近年於我國亦受到高度重視。但金融監理如過度強調金融消費者保護，可能與普惠金融乃至金融穩定產生衝突，因此如何設計妥適的法制以有效篩選適合與不適合特定金融商品的消費者，成為金融消費者保護法制的核心議題。本文由法律經濟分析觀點出發，回顧新古典經濟學提出的市場失靈理論與行為經濟學提出的行為偏誤理論，對金融消費者保護法制的可能啟發，以具體化金融消費者具體需要受保護的可能原因，並特別著重行為經濟學提出的輕推理論，以提出金融消費者保護可考慮的監管手段。本文期待透過上述理論的回顧，建立金融消費者保護問題與解決手段的分析架構，以供立法者與主管機關細緻化我國的金融消費者保護法制。

Financial consumer protection is a regulatory issue that attracts significant attention after the Global Financial Crisis. It also received high attention in Taiwan in the recent years. That said, financial regulation that excessively attends to financial consumer protection may compromise financial inclusion and even financial stability. Therefore, how to design proper laws to effectively screen between consumers that suit or do not suit specific financial products becomes the core issue of financial consumer protection laws.
This paper adopts the law and economics perspective, reviewing how market failure theory put forward by neo-classical economics and behavioral bias theory put forward by behavioral economics may identify the possible cause that financial consumers need protection and thus inform financial consumer protection laws. It specifically focuses on the nudge theory put forward by behavioral economics and propose potential regulatory tools for financial consumer protection. It is anticipated that, through the review of related law and economics theories, this paper may formulate a framework for analyzing the financial consumer protection issues and solutions that facilitates Taiwan’s legislators and regulators to refine Taiwan’s financial consumer protection laws.