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題名:亞洲金融危機的政治經濟分析
作者:呂秋遠
作者(外文):Chiou-yuan Lu
校院名稱:國立臺灣大學
系所名稱:政治學研究所
指導教授:吳玉山
學位類別:博士
出版日期:2004
主題關鍵詞:亞洲金融危機政治經濟學新制度論
原始連結:連回原系統網址new window
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目前全球景氣雖已逐漸復甦,然而從1997年之後,全球卻陷入長達六年的高度經濟衰退。要理解全球經濟衰退的原因,我們必須從亞洲金融危機開始。本論文因此從1997年的金融危機前亞洲政治經濟發展的情形爲出發點,釐清金融危機發生的原因。在論文中我們首先提出假設,開發中國家的制度變遷主導者(財團或政府)與制度變遷模式(誘導性制度變遷或強制性制度變遷)有密切的相關程度;該制度變遷模式導致制度(金融自由化)改變,制度則使行為模式改變(資金鉅額進出),最後引發事件(金融危機)的出現。其次,我們認為鉅額短期資金進出是導致亞洲金融危機的原因,而亞洲的金融自由化則是讓短期資金得以自由進出的原因。因此,我們如果要找出亞洲金融危機的真正原因,我們就必須印證前述假設,並且探討亞洲的金融自由化屬於何種制度變遷模式,最後則是說明該種制度變遷模式的原因何在。為了證明本文的假設正確,我們在第二章分析四個亞洲金融危機受創最嚴重的國家:馬來西亞、印尼、南韓與泰國;並且提供兩個受創輕微的對照組:中國與台灣。透過這幾個案例,我們可以藉由比較的方式將較重要的因素抽離出來,以建立一個理論性的解釋架構。我們不只要回答亞洲金融危機的成因,本文最終想要回答的問題是:對於新興工業化國家而言,何種制度選擇(institutional choice)會帶來經濟衰退?為什麼該種制度選擇會帶來衰退?
本論文的假設變數有下列幾項:制度變遷主導者、制度變遷模式、制度模式與行為模式等。在新制度論的假設中,制度變遷的主導者有國家(state)與組織(organization)兩種角色,前者可由政府(官僚)代表,後者則可由財團代表;制度變遷模式可以則可將其分為強制性制度變遷(imposed institutional change)與誘導性制度變遷(induced institutional change)。前者會讓制度保持公共財的性質;後者則會讓原屬公共財性質的制度變成私有財。其三則是制度模式,東亞國家的金融制度可分為金融自由化體系與金融封閉體系。前者採取開放金融體制的發展策略,包括馬來西亞(1998年9月以前)、印尼、泰國與南韓都是採取這種策略的國家;後者則是金融封閉模式,包括中國與台灣都是成員。如果我們從現今流行的全球化來看,金融自由化似乎比金融封閉體系符合所謂的經濟效率;然而誘導性制度變遷卻使得出現截然不同的結果,由於誘導性制度變遷會讓金融制度從公共財轉變為私有財,原本希望矯正市場失靈的公共制度不但沒解決問題,反而導致政府失靈。金融自由化成為少數人取得資金進行再投資的工具,而當經濟指標稍微落後,這些原本就不穩定的資金隨即出脫,造成經濟衰退。
在文獻分析中,我們提出制度與非制度因素。所謂制度解釋,是以政治與經濟制度來說明,為什麼不同的新興工業化國家會有不同的經濟表現。非制度性的解釋則是以政經制度之外的因素作為主要的自變項。制度性的解釋包含了金融體制、政權模式與全球化(金融自由化與資本流動)等三大面向。非制度性的解釋則集中於文化條件(族閥資本主義)、總生產力要素與危機前的總體經濟條件等三大範疇。非制度性因素無法解釋金融危機的發生;在制度性因素中,我們也指出危機前的金融體制與政權型態等都不能解釋這些問題。政權能力與金融自由化才是重心所在,也是本論文的主要解釋框架。因此我們以新制度論之中的財產權途徑,探討亞洲各國政府如何與企業互動,以及金融自由化的措施與大量短期資金進出市場的相關性。
我們在第二章分別深入分析馬來西亞、印尼、南韓與泰國四個國家。透過這四個案例,我們發現儘管發展的策略多有不同,但是這幾個國家的誘導性制度變遷卻相當一致,反映出來的制度表現就是金融自由化。以馬來西亞為例,透過新經濟政策,該國從1981年馬哈迪(Mohamad Mahathir)執政之後,經濟成長就逐漸穩定,並且成為東南亞其他國家仿效的新模式。但在此同時,馬來西亞也出現一批新富階級,這些新富階級主要以馬來人為主,到了安華(Anwar Ibrahim)上台以後,依附在安華身邊,爭取產業與金融政策的改變。印尼的情形相當類似,在蘇哈托(Thojib Suharto)前總統的新秩序時期,包括印尼人與華人企業都直接為蘇哈托所用,也從當中取得超額利潤。從1990年之後,兩個國家的誘導性制度變遷更加明顯,金融環境也在國際壓力與利益團體的要求下開放,最後兩個國家先後被金融危機擊垮。馬來西亞在經濟重挫之後,由安華繼續試圖穩住局面;但1年後由於與馬哈迪政策南轅北轍,遭到撤換並下獄。馬哈迪在重新財政大權後,宣布金融鎖國,經濟逐漸恢復正成長。從馬來西亞的情形來看,其完全與國際貨幣基金的要求背道而馳,但採取金融管制卻使經濟體質有機會進行整理。從本文的假設來看,其恰恰取回金融制度與產業政策的主導權。
印尼的情況卻不盡相同,其在遭遇金融危機之後,蘇哈托抵擋不住社會壓力,將權力移交給副總統哈比比;但經濟與種族衝突卻未見起色。此後由瓦希德(Abdurrahman Wahid)繼任總統,但僅僅兩年又由副總統梅嘉瓦蒂(Megawati Sukarnoputri)取而代之。印尼的政治情勢始終不穩定,經濟成長率也停留在低檔。在所有的東南亞國家中,復原的速度最慢。印尼雖然接受國際貨幣基金的要求,但是並沒有積極的針對財團主導產業政策的情形進行改革,在總體經濟環境未改善、金融疆界又持續開放的情形下,經濟狀況始終無法起色。
其三是南韓。其在金泳三(Kim Young Sam)總統任期快結束之時爆發金融危機,取而代之的是金大中(Kim Dae Jung)總統。金大中長年擔任反對派領袖,其與南韓的大財團素無瓜葛,因而有決心與能力進行大刀闊斧的改革。在金大中的改革策略之下,南韓財團被迫分割的例子相當多,對於個別企業,金大中也一改前幾任總統的作法,任其裁員或倒閉。由於南韓嚴厲的改革政策,總體經濟環境已經有起色。從本文的假設來看,南韓的改革方式恰是取回強制性制度變遷的主導權,因而在經濟發展有所建樹。最後是泰國。泰國的情形與其他國家都不相同,其完全遵照國際貨幣基金的藥方改革經濟,但卻也達成分割財團的效果,其經濟的快速復甦,在回應本論文的假設上有相當正面的意義。
第三章我們介紹金融危機受災最輕的兩個國家:中國與台灣。中國在1978年以後採取改革開放政策,但其經濟命脈主要還是以國營企業為主,大規模的財閥還沒有出現的跡象,少數的資本家也還不能掌握國家機器以改變政策。大致上來說,中國未來的經濟走向還是掌握在中國共產黨與官僚的手中;此外,中國的金融環境還是處於封閉的情形。台灣是另外一種情形,在1949年以後,國民黨政府主導的經濟策略並沒有造就一批規模大至足以影響政治的財閥,反而是打造了以中小企業為主的經濟體質。在1990年代之後,在李登輝前總統為維護國民黨政權的策略性考量之下,地方派系與黑金政治才快速滋生;至於金融環境於其他國家來說仍屬相對封閉。我們在第四章針對這兩個國家作案例分析,以作為對照組。從本論文的假設出發,我們可以輕易的理解金融危機為何輕輕掃過這兩個國家,而沒有帶來重大傷害。第四章將亞洲這六個案例過去數十年來發展的軌跡與財團逐漸茁壯的概況進行整體論述,回顧亞洲整體的產業政策與財團發展的關係,並進行跨國性的比較。我們認為亞洲過去的產業政策固然造就了燦爛的經濟成長,卻也造就了一批經濟新貴;其次我們介紹這些新貴如何與政治權貴互動,最後則是探討這些國家的財團如何操縱金融自由化。最後我們會在結論提出金融危機對於亞洲國家經濟發展的教訓與啟示。最後我們會在結論提出金融危機對於亞洲國家經濟發展的教訓與啟示。
The Global business cycle has been recovery gradually. However, the global economy was in depression since 1997. For understanding the reason, we have to trace back Asian Financial Crisis. We assume that the institutional change initiators (interest group or government) and the institutional change patterns (induced institutional change and imposed institutional change) are highly related. The patterns of institutional change lead to institutional changes while the institutions change behavior patterns and finally cause the event. We argue that huge amount of short-term capital flows is the main reason of the crisis. In this dissertation, we examine six empirical cases to illustrate what type of institutional change pattern the Asian financial liberalization is and why the Asian governments adopted the pattern. To prove the hypothesis is correct, we analyze four serious-damaged countries during Asian financial crisis: Malaysia, Indonesia, South Korea and Thailand; while we also discuss two slight- damaged countries: Taiwan and China as comparison. From these cases, we may extract the most important factor by comparative methodology and organize a theoretical framework. The dissertation would like to answer the following questions: For New- Industrialized Countries (NICs), what kind of institutional choice will bring the economic recession and why it brings the depression?
There are several variables in our assumption: the institutional change initiator, the patterns of institutional change, the modes of institution and the behavioral patterns. In the assumption of Neo-institutionalism, the main initiators of institutional change are state and organizations. The former could be government (bureaucrats) and the later may be organizations (interest groups). The patterns of institutional change are imposed institutional change and induced institutional change。The former pattern keeps the institutions remain public while the later transfers institutions into private goods. The following definition is the modes of institution: the financial institutions in East Asia countries could be financial liberalized system and financial regulated system. Malaysia (before September 1998), Indonesia, Thailand and South Korea adopted the developmental strategy and opened the financial boundary; while China and Taiwan adopted the restricted financial openness system. From the view of globalization, the financial liberalization is more efficient than the financial regulated system; however, the way the system changed makes the results different. The induced institutional change will transfer the public good into private one, and the market failure will exist in the market. The financial liberalization becomes the private goods of some specific people to obtain foreign capital. When the economic index became weak, the unstable capital fled and caused economic depression.
We demonstrate the institutional and non-institutional factors to explain Asian Financial Crisis in literature review. The institutional factors illustrate the relationship among political, economic institutions and economic performance in new industrial countries, while the non-institutional factors exclude the political and economic institutional variables. We use financial institutionalism, regime type, globalization (financial liberalization and capital flow)(institutional approach), cultural condition (crony capitalism), total productivity factors and the macroeconomic condition before the crisis (non-institutional approach). In our literature review, we find that the regime capacity and the financial liberalization are the active evidences to explain why the Asian Financial Crisis might happen. The property rights concept of the institutional approach is used to explain how the Asian governments interact with the enterprises and the relationship between the financial liberalization and the short-term capital flows.
In chapter 2, we analyze four cases: Malaysia, Indonesia, South Korea and Thailand. Despite the developmental strategies of these countries are different, they are induced to adopt the same way to ‘liberalize’ the financial boundary. The first example is Malaysia. After Dr. Mohamad Mahathir became the premier in 1981, the government adopted the New Economic Policy (NEP) to stabilize and stimulate economic growth. This new developmental model was imitated by other Southeast Asia countries. Meanwhile, the economic growth creates a new class which is formed by mainly rich Malaysians. After Anwar Ibrahim stepped on the political stage, these people are adherent to Anwar for changing the industrial and financial policies. In 1997, the economic growth was shutdown by the huge amount of capital outflow. In the beginning, the economic power was still controlled by Anwar, but he was not trusted by Mahathir after 1 year because of his agreement with IMF. Mahathir grasped the power again and imposed strict financial regulations. It symbolizes the initiative power for institutional change was switched swiftly from the interest group to the bureaucrats.
The condition in Indonesia is quite similar to Malaysia. Under the period of Thojib Suharto’s ‘New Order’, the Indonesian and Chinese enterprisers are allies of Suharto. After 1990s, the induced institutional changes became significant and the financial boundaries were opened under the pressure of interest groups and international powers. When the economic situation was seriously damaged, Suharto moved his power to the vice president and stepped down. However, the economic, political and racial situations are still in chaos. After B. J. Habibie stepped down, the political succession was still unstable. The opposition party candidate: Abdurrahman Wahid took the presidential position but soon (2 years later) replaced by Megawati Sukarnoputri. The political situation in Indonesia is always disarrayed and the economic growth is low. The Indonesian government accepted the rescue package but it failed to reform the crony structure. Because the interest groups in Indonesia are still in the power to control the institutional change, the economy is still in depression.
The third case is South Korea which was in crisis in the term of Kim Young Sam. After Kim, Kim Dae Jung won the presidential position. He was the leader of the opposition party for the past years before he became the president and has little relationship with the chaebols. Under the determination and action of Kim’s government, the chaebols are divided into small enterprises or shaped into a less scale. He didn’t spend the government budget to save the large individual enterprise. The way South Korea reform is taking back the initial power of institutional change thus improves the economic growth. The last example is Thailand; it reformed the financial structure according to the IMF remedies. The IMF rescue package saved the economic depression and crackdown the crony banking groups. The four examples were positive in response the assumption of the dissertation.
We introduce two slightly damaged countries (Taiwan and China) during the Asian financial crisis in the third chapter. Chinese government started the economic reform after 1978 but the state enterprises are still the main actors in the economic system. There are only few capitalists in China and they can’t influence the state machine to change the government policies. Generally speaking, the future of Chinese economy is still in the control of Chinese communists’ party and the bureaucrats. In other words, the initial power of institutional change remains in the state. The Taiwanese government didn’t create the conglomerates but
While the conglomerates enlarge because of the state’s economic policies, they start to centralize the power into few units (usually families). When the conglomerates gather enough power, they start to share and grasp the economic power from the government. No matter in authoritarian or democratic regimes, they need the support from the centralized conglomerates. Throughout the politicians, they control the decision- making process.
In other words, the Asian developing countries were losing the state autonomy gradually. The financial policies should be the public goods in all countries, while in these countries; they are private goods, only beneficial to few interest groups.
Therefore, the financial liberalization is premature for these countries. If the state autonomy is strong enough, the regimes will close the financial boundary for the reason of state (such as China). However, the financial liberalization is advantageous to the conglomerates for attracting foreign capital. Finally, the banker is on the conglomerates’ side. In Taiwan, the KMT government’s earlier developmental strategies didn’t create conglomerates which could influence politics. The main composition of Taiwanese economy is mid-small scale enterprises. After 1990s, the local fictions and the ‘black- gold’ politics spread speedily while the financial regulations were still strict. We analyze the two cases for understanding why the financial crisis could be controlled under bureaucratic institutional change. The Chapter four will integrate the six cases into the framework. We trace back the Asian industrial policies and the linkage with the development of the conglomerates. The conclusion is that the crony institutional change caused the financial liberalization which leaded the huge amount of capital flows. In developing countries, the institutional change should be under the bureaucratic control .
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