碩士 / 國立成功大學 / 政治經濟研究所 / 87 / Using Singapore''s Asian Dollar Market as a blueprint, Taiwan established it''s offshore financial center in 1984. In the end of 1998, the total asset of Taiwan''s offshore financial market was around 40 billion US dollars. The scale was not only a far cry from Singapore''s US$5,000 billion, but also much lower than the government''s original expectation. A comparative analysis of the causes based on the two distinguishing features of the Asian Dollar Market indicate that there are both political and economic problems facing the development of Taiwan''s offshore financial market.
In respect of politics, Singapore has only one authority, MAS, to govern all the financial policies and affairs. This ensures integrated policy and efficient administration. By contrast, Taiwan''s financial administration is under the charge of the Ministry of Finance while financial affairs are under the authority of the Central Bank. The conflict and inconsistency between the two departments have caused the weakness of state capacity and makes policy goals difficult to achieve. In respect of economics, Singapore did set a boundary between domestic and offshore market when it established Asian Dollar Market in 1968, but all foreign exchange controls were removed within ten years. It has been already fifteen years since the establishment of Taiwan''s offshore market, but foreign control has not been totally removed yet. The integration between domestic and offshore market of Taiwan is apparently lower than that of Singapore.
In terms of political economy, on the one hand Singapore''s state plays the director of the market, but fully respects the market mechanism. On the other, smooth interaction between state and market creates an environment for market to grow. By contrast, the low integration between government departments weakens Taiwan''s state capacity, slows down policy decision, and makes the state unable to manage market development well. Furthermore, continuous intervention reduces market efficiency. Lacking an appropriate mix of state guidance and market orientation is the reason for poor market development.
| Identifer | oai:union.ndltd.org:TW/087NCKU0635013 |
| Date | January 1999 |
| Creators | LUAN, YU-CHIA, 欒玉佳 |
| Contributors | Wang, Ching-Fei, 王慶輝 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 191 |
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