美、日金融改革比較及對我國之啟示

A Comparison between the Financial Reform in the U.S. and Japan and its Implications for Taiwan

美國在1980年代曾發生金融機構大量倒閉之金融危機，惟在美國政府以強化金融監理功能，及推動金融自由化措施，使美國金融體系日趨健全。而日本在1990年代泡沫經濟破滅後，拖延處理不良債權，缺乏配套之處理不良債權機制，以及有效之金融監理，使日本至今仍深受其害。美日兩國政府不同的處理方式，使這兩大經濟體在隨後的十年中有截然不同的經濟表現，其作法與經驗值得我國今後在推動金融改革工作之借鏡。

In the 1980’s, the U.S. went through a critical banking crisis that brought down thousands of banks and thrift institutions. In response, the U.S. government undertook financial reform and strengthened financial supervision, which helped bring about a recovery in its financial system. Japan also encountered the same problems in the 1990’s, but because of its inadequate disposal mechanism for systemic non-performing loans and deficiencies in its supervisory system, it has since remained in a state of persistent depression. The stark contrast between these two countries’ economic performance in the decade following the crisis can be attributed to their different approaches to dealing with their respective crises. In this respect, their contrasting experiences offer lessons for Taiwan’s pursuit of financial reform.