台灣利率自由化歷程與成效——美日台三國利率自由化比較

The Comparison on the Process and Impacts of Interest Rate Liberalization in Taiwan, the US and Japan

本研究主要目的有二，首先，將台灣利率自由化經驗與成效，與美國及日本做相關比較；第二，探討利率自由化後利差縮窄的可能原因。本研究的主要貢獻在於，填補現存文獻對美日台三國利率自由化相關比較上的疏漏；以及透過不同視角探究台灣利率自由化後利差縮小的原因。本文結論如下:一、美日台皆在國內經濟情勢穩定下，透過放寬管制或金融創新，以緩慢漸進地推動；且為金融穩定，過程中政府仍對金融市場進行監管；二、美日台政策推動的動機不同，對金融機構的保護程度亦有所差異；而三國利率自由化後，金融脫媒與銀行業集中程度亦不同。最後，本文認為台灣銀行業利差縮小，非僅因利率自由化造成，可能與預期通膨、國內投資不足、寬鬆貨幣政策等原因有所關聯。本研究對今後判斷其他國家利率自由化之影響，如直至1990年代後期，才開始強調生產要素價格的合理化與市場化，並將利率市場化明確定為「十二五」規劃重要推動措施之中國大陸，可帶來若干啟示。

This study discusses the following two goals. First, we compare the experience and impact of interest rate liberalization in Taiwan with those in the US and Japan. Next, we explore the possible causes of the narrowed interest rate spread in Taiwan after interest rate liberalization. We achieve four conclusions. Firstly, interest rate liberalizations in Taiwan, US, and Japan were similarly implemented under economic stability and the supervision of the governments. Secondly, the motivations of interest rate reform and the degree of the government protection during the reform periods are different among these three countries. Thirdly, the consequences of interest rate reform, including the degree of the bank concentration and financial disintermediation, vary across three countries. Finally, various possible causes of the decline in the interest rate spread in Taiwan have been extensively analyzed. It is found that the narrowed interest rate spread in Taiwan is not only related to the interest rate reform but also bound up with inflation expectation, shortage of domestic investment and easing monetary policy. Moreover, this study may contribute to the gauge of the impacts of interest rate liberalization in other countries, like China.