直接金融與間接金融成長決定因素之研究

Abstract

自1980年代開始，金融自由化與國際化迅速逐漸成為金融發展的潮流，各國金融當局相繼採取金融自由化的措施，再加上金融商品持續推陳出新，帶動直接金融興起，促使以銀行放款為主的間接金融成長率呈現趨緩遞減現象，從而削減銀行體系扮演的金融中介功能。 本文主要目的除藉由說明金融市場逆中介的現象，分析影響台灣直接金融與間接金融成長的決定因素，同時也將針對央行執行貨幣政策以及政府採取發行公債融通赤字預算政策，探討對台灣私部門的直接金融與間接金融成長所造成的影響。 實證結果顯示：央行執行貨幣政策將有助於提升直接金融與間接金融的成長率，而公債融通赤字預算將對兩者產生嚴重的金融排擠效果。

Since the 1980s, liberalization and internationalization have gradually become a trend in financial development. Financial authorities concerned around the globe have subsequently taken measures to improve financial liberalization, coupled with the continuous appearance of new financial commodies, and this could result in the impetus of direct finance, a decreases in the amount of bank loans and weaken the financial intermediation function of the banking system. The main purpose of this paper is to state the phenomenon of financial disintermediation and analyze the determinants in growth of direct finance / indirect finance. In addition, the thesis also focus on the financial crowding-out effects to private sector caused by CBC’s monetary policy or financial policy after financial liberalization. The empirical evidences show that CBC’s monetary policy would help to promote the growth rate of the direct finance / indirect finance；however, financial policy would result in serious financial crowding-out effects to direct finance / indirect finance.