摘 要 1967 年即己成立的東南亞國協在歷經五次的會員國擴張後，目前已是擁 有十個會員國的重要區域合作組織。然而在東協各國與其夥伴國進行區域經 濟整合時，對於組織內貨幣政策的訂定與執行，常會因各國中央銀行的運作 機制與財務體質的差異性，而面臨相當大的困難。而一國貨幣政策運作機制 與財務結構的良窳更與其央行獨立性的高低有密不可分的關係。因此，在關 注東協未來的發展對於整體亞洲經濟的影響的同時，對於各會員國中央銀行 貨幣政策決策與運作機制的瞭解及其獨立性的探討，實為一項極為重要的議 題。然而，國內相關文獻對於此部分的介紹與探討，卻有如鳳毛麟角。因此， 本文將簡略介紹各國央行對於貨幣政策擬定與執行上的運作機制，同時透過 目前文獻上廣被用以測度央行獨立性的LVAU(LVAW)指標、GMT 指標以及 TOR 指標三項指標，對於各國央行獨立性加以衡量，以便對於東協各國的央 行獨立性有更深一層的認識。

Abstract Experiencing five-time expansions since 1967, ASEAN has become the important regional cooperative organization which has ten members now. These co-operations in the economics and politics make the ASEAN quite influential in the economic arena of the world. However, because the members have different monetary policy operation mechanisms and financial conditions, each regional cooperative organization will meet the great difficulties on how to deicide and implement their internal monetary policies. Nevertheless, the performances and effectiveness of the monetary policy operational mechanisms and financial conditions of each central bank will depend heavily on its own level of independence. Thus, when we focus on what influences would be made on the Asian economy by the development of ASEAN, we need to have a broad viewpoints on the issues about monetary policy operational mechanisms and central bank independence in each member of the ASEAN. But to our best knowledge, there are few studies on this issue, so we will give a simple summary on the monetary policyoperational mechanisms and use the three popular indices to measure the central bank independence in all members of the ASEAN. Through the discussions of this article, we will know the advantages and disadvantages of the operational mechanisms of each central bank of the ASEAN members.