Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/49260
|
| Title: | 儲貸危機與次貸危機處理模式之比較研究
A comparison of financial crisis management between savings and loan crisis and subprime mortgage crisis |
| Authors: | 陳美后 |
| Contributors: | 王耀興
陳美后 |
| Keywords: | 金融危機
儲貸危機
次貸危機 |
| Date: | 2009 |
| Issue Date: | 2010-12-08 02:03:05 (UTC+8) |
| Abstract: | 本研究以1980年代儲貸危機及2007年次貸危機兩次金融危機為主體，兩次金融危機均發生於金融體系最完善的美國。本研究經由文獻回顧、次級資料之分析及歸納，探討兩次金融危機形成原因及背景並分析其異同處，並就兩次金融危機中通過金融重要法案作個介紹。針對兩次金融危機，政府因應措施與對策及金融監理得當與否均為本研究探討重點。
本研究發現兩次金融危機的爆發，皆由貨幣政策的緊縮、房地產價格開始修正、市場關注通貨膨脹揭開序幕，配合金融機構高財務槓桿及內部風險管理失當，加上金融市場寛鬆的監理制度，及在金融危機爆發後，政府未在第一時間防範，而造成危機擴大，兩次金融危機在不同時代卻上演相同戲碼，不同的是，危機的蔓延效果隨著全球化及自由化傳染的更快速、更兇猛。而在金融危機的處理模式中，依美國政府歷次金融危機留下的教訓，通常為了挽救一次危機，又製造了另一次危機。同樣的，次貸危機各國史無前例的大手筆救市，若未輔以結構面、制度面的深層改革，金融危機恐將很快捲土重來，二次衰退也就難以避免。
本研究的建議，為實現金融穩定和金融自由化，各國政府要完善現有金融監管機構的協調機制，加強綜合監管，不同監管部門要實現資訊共享、形成監管合力、無縫監管。並進一步強化銀行等金融機構的自律機制，加強對金融機構的內部風險控制機制和內部控制制度的引導，以促進整個金融系統的穩定，也藉此期能作為我國未來改善金融制度之參考。
This study considers the two financial crises, the savings and loan crisis in the 1980s and the subprime mortgage crisis of 2007, which both occurred in the United States, with the most comprehensive financial system. Through literature review and analysis and summarization of secondary sources, this study explores the reasons and backgrounds of the two financial crises, and analyzes their similarities and differences. Furthermore, the significant financial acts that passed during the two financial crises are introduced. The central point of exploration in this study is whether the government’s coping measures and financial supervision were appropriate.
This study finds that both financial crises began with tightening of currency policy, adjustment of real estate prices, and market focus on inflation. Then, with high financial leveraging of financial institutions and failure to internally manage risk, loose supervisory systems for the financial markets, as well as the inability of governments to deal with the financial crisis immediately after its occurrence, effects of the crises expanded. The two financial crises occurred similarly in different times; the difference was that the spread of the crisis was faster with globalization and liberalization. In terms of the model for dealing with financial crises, as shown by the American government in managing financial crises, often attempts to resolve one crisis would create another. Similarly, in the subprime mortgage crisis, many nations devoted unprecedented resources to saving the markets; without structural and systematic reform, another financial crisis may soon arise, and a second recession would be difficult to avoid.
This study suggests that in order to realize financial stability and financial liberalization, governments should improve the coordination mechanisms of existing financial supervisory institutions; different supervisory departments should implement information sharing to achieve seamless supervision and management. Furthermore, there should be a strengthening of internal risk control of financial institutions and guidance for such internal control systems to promote stability of the entire financial system. It is hoped that this can be used as a reference for Taiwan in the future improvement of financial systems. |
| Reference: | 于政長 (2008)，〈美國之房貨市場〉，《台灣經濟金融月刊》，44:12，頁54-59。
王連常福 (1998)，〈金融風暴與台灣產業發展〉，台北大學經濟學系專題研究。
王耀興 (2008)，〈次貸風暴的效應－加強金融管制〉，《財稅研究》，40:5，頁1-10。
王耀興 (2009)，〈銀行業風險管理實務探討〉，金融制度與管理課程，台北：政治大學社會科學院。
王鶴松 (2009)，〈當前國際經濟金融問題與挑戰〉，《台灣經濟金融月刊》，45:3，頁49-68。
中央存款保險公司編譯 (1999)，《美國聯邦存款保險公司與清理信託公司處理金融危機之經驗與啟示（上）》。台北：中央存款保險公司。
中央存款保險公司編譯 (1999)，《美國聯邦存款保險公司與清理信託公司處理金融危機之經驗與啟示（下）》。台北：中央存款保險公司。
汪利娜 (1999)，〈美國儲貸機構危機的教訓與啓示〉，《財貿經濟》，7，頁58-63。
李國榮 (2007)，〈從比較法觀點探討我國問題銀行之退場機制〉，東吳大學法學院法律系碩士論文。
何艷 (2000)，〈從美國解決儲貸危機中得到的經驗教訓〉，《南方經濟》，4，頁75-77。
林金賢 (2007)，〈從次級房貸談票據貼現〉，中興大學企業管理系。http://beaver.dlc.ncnu.edu.tw/projects/emag/article/200710/從次級房貸談票據貼現.pdf。
徐梁心漪 (2000)，《美國聯邦存款保險公司處理問題金融機構相關法規之研究》。台北：中央存款保險公司。
高士傑 (1998)，《美國金融機構對不良資產之管理及聯邦存款保險公司對其要保機構之資金援助》。台北：中央存款保險公司。
陳志英 (2001)，〈美國處理儲貸機構危機的經驗教訓及借鑒〉，《國際金融》，4，頁45-48。
陳美菊 (2008)，〈次級房貸風暴對全球經濟之影響〉，《經濟研究》，31:8，頁249-271。
陳俊堅 (2007)，〈美國次級房貸問題〉，《存款保險資訊季刊》，20:4，頁174-181。
陳龍騰 (2009)，〈從金融自由化析金融脆弱性〉，《台灣經濟金融月刊》，45:8，頁1-18。
郭秋榮 (2001)，〈金融危機因應機制之研究-強化銀行業金融危機防護網之探討〉，《經濟研究》，24:1，頁1-30。
郭秋榮 (2004)，《美國、日本、南韓與我國問題金融機構處理模式之探討》。台北：行政院經濟建設委員會經濟研究處。
葛洛斯 (2009)，〈經濟回溫解藥：力保特定資產價格〉，《商業周刊》，1108，頁24-27。
黃仁德、林進煌 (2007)，《國際金融危機的經驗與啟示》。台北：聯經出版事業股份有限公司。
黃仁德、陸珊珊 (2009)，〈金融危機與信用風險〉，世紀初金融風暴學術研討會，5月16日，國立政治大學經濟學系。
黃仁德、陸珊珊 (2009)，《銀行作業風險的管理與監理》。台北：財團法人金融聯合徵信中心。
曾令寧 (2009)，〈美國金融監理改革的藍圖及國際金融監理發展趨勢〉，世紀初金融風暴學術研討會，5月16日，國立政治大學經濟學系。
單小懿、楊少強 (2009)，〈G20高峰會直擊〉，《商業周刊》，1115，頁80-83。
游淑雅等7人 (2008)，〈近期主要國家之振興經濟方案〉，《國際金融參考資料》，56，頁67-79。
楊靜嫻、林英英 (2007)，《美國聯邦存款保險公司之賠付及清理作業研究》。台北：中央存款保險公司。
鄒朋飛 (2008)，〈從銀行監管的視角看美國的次級債危機〉，《國際經濟觀察》，10，頁92-93。
劉彥詮 (2003)，〈處理問題存款機構及處置資產之研究-以美國法為中心〉，國立台灣大學法教分處法律學研究所碩士論文。
劉棟賢 (2008)，《美國次級房貸風暴的成因與影響》。台北：中央銀行。
鄭煥昇 (2008)，〈後次貸時代中的金融市場變貌〉，《商業周刊》，1070，頁208-210。
鄭慶寰 (2008)，〈美國儲貸危機和次貸危機的對比分析〉，《經濟問題探索》，6，頁9-13。
樊志剛等17人 (2008)，《次貸風波啓示錄》。北京：中國金融出版社。
謝易宏 (2009)，〈潰敗金融與管制迷思-簡評美國2008年金融改革〉，《月旦法學雜誌》，164，頁186-225。
蕭明峰 (2008)，〈美國次級房貸風暴成因、影響、對策及對我國金融業之啓示〉，《存款保險資訊季刊》，21:2，頁104-144。
蘇財源等7人譯 (2006)，《銀行倒閉處理國際準則》。台北：中央存款保險公司。
Demirgüc-Kunt, A. and E. Detragiache (1998), Monitoring Banking Sector Fra- gility: A Multivariate Logit Approach with an Application to the 1996-97 Banking Crises. Washington, D.C.：World Bank.
Demirgüc-Kunt, A. and H. Huizinga (1999), “Market Discipline and Financial Safety Net Design,” World Bank Policy Research Working paper, Washington, D. C.
Diamond, D. and P. Dybvig (1983), “Bank Runs, Deposit Insurance, and Liqu- idily,” Jounal of Development Economics, 19, pp. 401-409.
Fair Isaac Corporation (2005), Understanding Your FICO Score. Minneapolis： Fair Isaac Corporation.
Farcaster, J. (2008), “Subprime Crisis Diagram,” available at http://upload. Wikimedia.org/Wikipedia/en/archive/1/13/20081010053059%21Subprim-e_Crisis _Diagram_-_X1.png/.
Federal Deposit Insurance Corporation (1998), Managing The Crisis: The FDIC and RTC Experience 1980-1994. Arlington：FDIC.
Federal Deposit Insurance Corporation (2008), Quarterly Banking Profile Q4 20 08. Arlington：FDIC.
Federal Reserve System (2008), “Term Auction Facility Questions and Answers,” available at http://www.federalreserve.gov/monetarypolicy/files/TAFqa.pdf.
Financial Stability Forum (2009), “Re-establishment of the FSF as the Financial Stability Board,” available at http://www.fsf orum.org/pub lications/r_09040 2.pdf/.
Ganley, J. (2001), “Financial Crises:View from a Central Bank,” Presentation to the Central Bank of China at Taipei, July 30.
Goldstein, M. and P. Turner (1996), “Banking Crisis in Emerging Economies: Origins and Policy Options,” BIS Economic No. 46, BIS, Basle, available at http://www.bis.o rg/publ/econ46.pdf?noframes=1/.
G20 (2009), “The Global Plan for Recovery and Reform,” available at http://ww w.g20.org/.
International Monetary Fund (1998), “Financial Crises：Characteristics and In- dicators of Vulnerability,” available at http://www.imf.org/.
International Monetary Fund (2009), “Global Economic Outlook,” available at http: //www.imf.org/.
Kaminsky, G. L. and C. M. Reinhart (1996), “The Twin Crises: The Causes of Banking and Balance-of-Payments Problems,” International Finance Discussion Papers, No. 544, Board of Governors of the Federal Reserve, Washington, D. C.
Kane, J. (1989), The S&L Insurance Mess：How did it Happen. Washington, D.C.：Urban Institute Press.
Kane, J. (1997), Famous First Facts: A Record of First Happenings, Discover- ies, and Inventions in American History. Portland：Book News.
Kindelberger, C. P. (1978), Manias, Panics, and Crashes. New York：Basic Books.
Krugman, P. (1997), “A Model of Balance of Payments Crises,” Journal of Mon- ey, Credit, and Banking , 11:1, pp. 311-325.
Krugman, P. (1997), “Whatever Happened to the Asian Miracle,” Fortune, 136:1, pp. 26-28.
Krugman, P. (1998), “Asia：What Went Wrong,” Fortune, 137, pp. 48-49.
Krugman, P. (2009), “Making Banking Boring,” available at http://www.nytim- es.com/2009/04/10/opinion/10krugman.html.
Obstfeld, M. (1986), “Rational and Self-fulfillinf Balance of Payment Crises,” American Economic Review, 76:1, pp. 676-681.
Roubini, N. (2009), “Warning: More Doom Ahead,” available at http://www.forei- gnpolicy.com/story/cms.php?story_id=4591/.
Sachs, J. and S. Radelet (1998), “The Onset of the East Asian Financial Crises,” NBER Working Paper, No. 6680.
Shannon, D. H. and A. Moses (2008), “Credit Swap Disclosure Obscures True Financial Risk,” available at http://www.bloomberg.com/apps/news?pid=20 601109&sid=aKKRHZsxRvWs&refer=home/.
Shiller, R. (2008), “Infectious Exuberance,” available at http://www.theatlantic. com/doc/200807/housing/.
Stiglitz, J. (2008), “Nobel Laureate：How to Get Out of the Financial Crisis,” available at http://www.time.com/time/printout/0,8816,1851739,00.html.
Taleb, N. (2007), The Black Swan: The Impact of the Highly Improbable. New York：Random House. |
| Description: | 碩士
國立政治大學
行政管理碩士學程
96921011
98 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0096921011 |
| Data Type: | thesis |
| Appears in Collections: | [行政管理碩士學程(MEPA)] 學位論文
|
Files in This Item:
| File |
Size | Format | |
|---|
| index.html | 0Kb | HTML2 | 469 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
