小國的國家自主性與金融開放：新加坡金融中心的形成與演變

10.7039/TJSAST.200403.0045

吳鯤魯

新加坡 ； 金融中心 ； 小國 ； 國家機關自主性 ； 金融開放 ； Singapore ； financial center ； small states ； state autonomy ； financial openness

台灣東南亞學刊

1卷1期（2004 / 03 / 01）

45 - 78

繁體中文

新加坡是亞洲重要的國際金融中心，卻也享有成功的工業化經驗，與其他發展中國家的經驗迴異。本文描繪合乎歷史實情的新加坡金融中心形成期間的建立與演變軌跡，以掌握其對國際體系所具有的特殊意涵。在當代國際社會，小國建立國際金融中心反而可藉由金融開放，引進主要經濟強權的金融機構，增加本身的依違空間，甚至轉化為國家機關自主性擴大的基礎。新加坡的金融中心政策目標，自創設之初即在於確保國際政治經濟支持，協助工業化與城邦小國的生存發展，而非一逕以開放為目的。國家機關藉掌握的資源為後盾，在境外市場吸引外商金融機構進駐，取得利基；同時盡力維護內部金融市場不為外商業者大舉侵蝕，保持境內境外隔離的金融中心發展模式。

Being one of the most important international financial centers in Asia, Singapore, a small country, maintains its own industrialized status intentionally, distinguishes it from the other ones of the developing world. This essay tries to describe and to explore the trajectory of financial development of Singapore. Furthermore, by way of analyzing a small-industrialized country’s ascending experience, this essay discovers a new explanation of the development of international financial center. For the Singapore State, the opening of financial system has never been the policy goal per Se. Inventing the Asian dollar market, the Singapore State segregates the domestic market with the offshore system, and serves the surviving goal very suitably. From the very beginning, the strategic consideration and industrialized plan underlines and even contends the project of the making of the international financial market in Singapore.

1. SICC (Singapore International Chamber of Commerce).
2. Block, Fred(1987).Revising State Theory: Essays in Politics and Postindustrialism.Phildelphia:Temple University Press.
3. Block, Fred(1980).Economic Instability and Military Strength: the Paradoxes of the 1950 Rearmament Decision.Politics and Society,14(1),53-70.
4. Block, Fred(1978).The Origins of International Economic Disorder: A Study of United States International Monetary Policy from World War II to the Present.Berkeley:University of California Press.
5. Bryant, Ralph C.,Kernial Singh,Paul Wheatley, (eds.)(1989).Management of Success: the Moulding of Modern Singapore.Singapore:Institute of Southeast Asian Studies.
6. Carruthers, Bruce G.,Arthur L. Stinchcombe(1999).The Social Structure of Liquidity: Flexibility, Markets, and States.Theory and Society,28,353-382.
7. Chalmers, Ian(1992).Working Paper no.13.Asia Research Centre of Murdoch University.
8. Chan, Kwok Bun,Ng Beoy Kui,Edmund Terence Gomez,Hsin-Huang Michael Hsiao (eds.)(2001).Chinese Business in South-East Asia: Contesting Cultural Explanations, Researching Entrepreneurship.Richmond, Surrey: Curzon.
9. Chiu, Stephen W.K.,K. C. Ho,Tai-Lok Lui(1997).City-states in the Global Economy: Industrial Restructuring in Hong Kong and Singapore.Oxford:Westview Press.
10. Chua, Amy(1997).A Picture History of Singapore.Singapore:Federal.
11. Cohen, Benjamin J.(1998).The Geography of Money.Ithaca and London:Cornell University Press.
12. Corbridge, Stuart,Nigel Thrift,Ron Martin. (eds.)(1994).Money, Power and Space.Cambridge:Basil Blackwell.
13. Cumings, Bruce(1990).The Origins of the Korean War.Princeton:Princeton University Press.
14. Cumings, Bruce(1999).Parallax Visions: Making Sense of American-East Asian Relations at the End of the Century.Durham and London:Duke University Press.
15. Dam, Kenneth W.(1982).The Rules of the Game: Reform and Evolution in the International Monetary System.Chicago:University of Chicago Press.
16. Deyo, Frederic C. (ed.)(1987).The Political Economy of the New Asian Industrialism.Ithaca and London:Cornell University Press.
17. Dezalay, Yves,Bryant Garth(1995).Merchants of Law as Moral Entrepreneurs: Constructing International Justice from the Competition for Transnational Business Disputes.Law & Society Reviews,29(1),27-64.
18. Evans, Peter(1997).The Eclipse of the State? Reflections on Staleness in an Era of Globalization.World Politics,50,62-87.
19. Gaddis, John Lewis(1982).Strategies of Containment: a Critical Appraisal of Postwar American National Security Policy.New York:Oxford University Press.
20. Gaddis, John Lewis(1997).We Now Know: Rethinking Cold War History.New York:Oxford University Press.
21. Galenson, Walter、王慶輝譯(1992)。Foreign Trade and Investment Economic Development in Newly Industrializing Asian Country＝亞洲新與工業國家的外貿與投資。臺北:正中書局。
22. Garry Rodan,Kevin Hewison,Richard Robison, (eds.)(1997).The Political Economy of South-East Asia.Oxford:Oxford University Press.
23. Gilpin, Robert(2000).The Challenge of Global Capitalism: the World Economy in the 21st Century.Princeton:Princeton University Press.
24. Gilpin, Robert(1987).The Political Economy of International Relations.Princeton:Princeton University Press.
25. Gilpin, Robert(1996).Economic Evolution of National Systems.International Studies Quarterly,40,411-431.
26. Goh, Keng Swee(1995).Wealth of East Asian Nations.Singapore:Federal.
27. Gomez, Edmund Terence(1999).Chinese Business in Malaysia: Accumulation, Accommodation and Ascendance.Richmond:Curzon.
28. Gomez, Edmund Terence,Hsin-Huang Michael Hsiao (eds.)(2001).Chinese Business in South-East Asia: Contesting Cultural Explanations, Researching Entrepreneurship.Richmond, Surrey:Curzon.
29. Gomez, Edmund Terence,Jomo K.S.(1997).Malaysia`s Political Economy: Politics, Patronage and Profits.Cambridge:Cambridge University Press.
30. Goodman, John B.,Louis W. Pauly(1993).The Obsolescence of Capital Controls? Economic Management in an Age of Global Markets.World Politics,46,50-82.
31. Gorostiaga, Xabier(1984).The Role of the International Financial Centers in Underdeveloped Countries.London and Sydney:Croom Helm.
32. Haggard, Stephan,Linda Low, (ed.)(1999).Singapore: Towards a Developed Status.Oxford:Oxford University Press.
33. Haggard, Stephan,Sylvia Maxfield(1996).The Political Economy of Financial Internationalization in the Developing World.International Organization,50(1),35-68.
34. Hanrieder, Wolfram F.,Graeme P. Auton(1980).The Foreign Policies of West Germany, France, and Britain.Englewood Cliffs, N.J.:Prentice-Hall.
35. Helleiner, Eric(1999).Historicizing Territorial Currencies: Monetary Space and the Nation-State in North America.Political Geography,18,309-339.
36. Heyzer, Noeleen、行政院經濟委員會經濟研究處編印(1990)。新加坡發展政策與趨勢。台北:行政院經濟委員會經濟研究處。
37. Ho, K. C.,Alvin So.(1997).Semi-periphery and Borderland Integration: Sinapore and Hong Kong Experiences.Political Geography,16(3),241-259.
38. Hobsbawm, Eric J.(1968).The Pelican Economic History of Britain.London:Penguin.
39. Hobsbawm, Eric J.、鄭明萱譯(1996)。Age of Extremes: The Short Twentieth Century, 1914-1941/《極端的年代》。台北:麥田。
40. Huff, W. G.(1994).The Economic Growth of Singapore: Trade and Development in the Twentieth Century.New York:Cambridge University Press.
41. Jao, Y. C.,饒餘慶(1998).East Asian Institute Occasional Paper No.2..Singapore:Singapore University Press.
42. Joffe, Josef(1997).How America Does it.Foreign Affairs,76(5),13-27.
43. Kahin, Audrey R.,George McT. Kahin(1995).Subversion as Foreign Policy: the Secret Eisenhower and Dulles Debacle in Indonesia.New York:the New Press.
44. Katzenstein, Peter J.(1985).Small States in World Markets: Industrial Policy in Europe.Ithaca, NY:Cornell University Press.
45. Keohane, Robert O.,Helen V. Mimer (eds.)(1996).Internationalization and Domestic Politics.Cambridge:Cambridge University Press.
46. Keylor, William R.(2000).The Twentieth-Century World: An International History.Princeton:Princeton University Press.
47. Kindleberger, Charles Poor(1981).Dominance and Leadership in the International Economy: Exploitation, Public Goods, and Free Rides.International Studies Quarterly,25(2),242-254.
48. Kindleberger, Charles Poor(1985).Essays in International Finance, no.157.NJ:Princeton University Press.
49. Kindleberger, Charles Poor(1974).Princeton Studies in International Finance, no. 36.NJ:Princeton University Press.
50. Kurtzman, Joel、呂錦珍譯(1995)。The Death of Money: How the Electronic Economy has Destabilized the World`s Markets and Created Financial Chao./《金錢之死》。台北:時報。
51. Lau, Teik Soon、行政院經濟委員會經漳研究處編印(1990)。新加坡發展政策與趨勢。台北:行政院經濟委員會經濟研究處。
52. Lee, Sheng-Yi＝李繩毅(1990).The Monetary and Banking Development of Singapore and Malaysia.Singapore:Singapore University Press.
53. Lee, Yong Leng(1982).Southeast Asia: Essays in Political Geography.Singapore:Singapore University Press.
54. Leifer, Michael(1978).Malacca, Singapore, and Indonesia.Alphen and Rijn:Sijthoff and Noordhoff.
55. Leyshon, Andrew,Nigel Thrift(1997).Money/Space: Geographies of Monetary Transformation.London and New York:Routledge.
56. Linda, Seah、行政院經濟委員會經濟研究處編印(1990)。新加坡發展政策與趨勢。台北:行政院經濟委員會經濟研究處。
57. Low, Linda(1998).The Political Economy of a City-State: Government-made Singapore.Oxford:Oxford University Press.
58. Low, Linda (ed.)(1999).Singapore: Towards a Developed Status.Oxford:Oxford University Press.
59. Low, Linda,Eric D. Ramstetter,Henry,Wai-Chung Yeung(1996).Accounting for Outward Direct Investment from Hong Kong and Singapore: Who Controls What.NBER Working Paper 5858.
60. Magdoff, Harry、伍忍刃、福蜀濤譯(1993)。The Age of Imperialism: the Economics of U.S. Foreign Policy＝帝國主義的時代：美國對外政策的經濟學。台北:海峽評論。
61. Maxfield, Sylvia(1998).Understanding the Political Implications of Financial Internationalization in Emerging Market Countries.World Development,26(7),1201-1219.
62. Murfett, Malcolm H.,John N. Miksic,Brian P. Farrell,Chiang Ming Shun(1999).Between Two Oceans: a Military History of Singapore from First Settlement to Final British Withdrawal.Oxford:Oxford University Press.
63. Nyaw Mee-Kau,Chang Chak-Yan. (eds.)(1989).Chinese Banking in Asia`s Market Economies.Hong Kong:The Chinese University of Hong Kong.
64. Palan, Ronen(1998).Trying to Have Your Cake and Eating it: How and Why the State System Has Created Offshore.International Studies Quarterly,42,625-644.
65. Palan, Ronen,Jason Abbott,Phil Deans(1996).State Strategies in the Global Political Economy.London and New York:Pinter.
66. Pang, Eng Fong、Tan Chwee Huat、行政院經濟委員會經濟研究處編印(1990)。新加坡發展政策與趨勢。台北:行政院經濟委員會經濟研究處。
67. Park, Yoon S.,Yoon S. Park,Musa Essayyad, (eds.)(1989).International Banking and Financial Centers.Boston/Dordrecht/London:Kluwer Academic.
68. Pauly, Louis W.(1988).Opening Financial Markets: Banking Politics on the Pacific Rim.Ithaca and London:Cornell University Press.
69. Pauly, Louis W.(1994).National Financial Structures, Capital Mobility, and International Economic Rules: The Normative Consequences of East Asia, European, and American Distinctiveness.Policy Sciences,27(4),343-363.
70. Philip G. Cerny (ed.)(1993).Finance and World Politics: Markets, Regimes and States in the Post-hegemonic Era.Aldershot: Edward Elgar.
71. Philip G. Cerny (ed.)(1997).Paradoxes of the Competition State: the Dynamics of Political Globalization.Government and Opposition,32(2),251-274.
72. Polanyi, Karl.、博蘭尼、黃樹民、石佳音、廖立文譯(1989)。The Great Transformation: The Political and Economic Origins of Our Time＝鉅變：當代政治、經濟的起源。臺北:遠流。
73. Regnier, Philippe(1990).Singapore: City-State in South-East Asia.Kuala Lumpur:S. Abdul Majeed & Co.
74. Roberts, Richard (ed.)(1994).International Financial Centers 3, An Elgar Reference Collection.Aldershot:Edward Elgar Publishing Limited.
75. Roberts, Richard (ed.)(1994).International Financial Centers 2, An Elgar Reference Collection.Aldershot:Edward Elgar Publishing Limited.
76. Rodan, Garry(1996).The Politics of Election in Southeast Asia.Cambridge:Cambridge University Press.
77. Rose, Nikolas(1996).The Death of the Social? Re-figuring the Territory of Government.Economy and Society,25(3),327-356.
78. Ruggie, John Gerard(1992).Multilateralism: the Anatomy of an Institution.International Organization,46(3),561-598.
79. Ruggie, John Gerard(1996).Winning the Peace: America and World Order in the New Era.N.Y.:Columbia University Press.
80. Ruggie, John Gerard(1982).International Regimes, Transactions and Change: Embedded Liberalism in the Postwar Economic Order.International Organization,36(2),195-231.
81. Sassen, Saskia(1999).Global Financial Centers.Foreign Affairs,78(1),75-87.
82. Sassen, Saskia(1995).The State and the Global City: Notes Towards a Conception of Place-Centered Governance.Competition & Change,1(1),31-50.
83. Sassen, Saskia(1994).Cities in a World Economy.Thousand Oaks:Pine Forge Press.
84. Sassen, Saskia(1991).The Global City: New York, London, Tokyo.Princeton:Princeton University Press.
85. SICC(2000).The Investor`s Guide to Singapore: 2000 Edition.Singapore:Singapore International Chamber of Commerce.
86. Singapore 1000: 1999/2000(1999).The Ranking Directory of Singapore`s Most Poweiful Corporations: Based on Their Financial Peiformance: "Into the Millennium," a Quintessential Annual Reference for Singapore Economic Observers.Singapore:DP Information network Pte Ltd.
87. Singapore Department of Statistics(2000).Yearbook of Statistics Singapore 2000.Singapore:Singapore Department of Statistics, Ministry of Trade and Industry.
88. Strange, Susan(1998).Mad Money: When Markets Outgrow Governments.Ann Arbor:The University of Michigan Press.
89. Strange, Susan(1987).The Persistent Myth of Lost Hegemony.International Organization,41(4),552-574.
90. Strange, Susan(1986).Casino Capitalism.Manchester and NY:Manchester University Press.
91. Stubbs, Richard(1999).War and Economic Development: Export-Oriented Industrialization in East and Southeast Asia.Comparative Politics.
92. Tan Chwee Huat(1997).Financial Markets and Institutions in Singapore.Singapore:Singapore University Press.
93. Tan Kliee Giap.、陳企業、Lee Wee Keong＝李維強、張清溪編(1999)。Estimation of Singapore`s Potential Growth and Evaluation of Growth Strategies and Constraints。《東亞經濟發展之回顧展望》，紀念梁國樹教授第三屆國際學術研討會論文集，台北:
94. The Economist(1998).Capitals of Capital: A Survey of Financial Centers.
95. Thrift, Nigel,Andrew Leyshon(1994).A Phantom State? The De-traditionalization of Money, the International Financial System and International Financial Centers.Political Geography,13(4),299-327.
96. Tilly, Charles(1990).Corercion, Capital, and European States, AD 990-1990.Cambridge:Basil Blackwell.
97. Tremewan, Christopher(1994).The Political Economy of Social Control in Singapore.Oxford:St.Martins Press.
98. Vennewald, Werner(1994).Working Paper no.32.Asia Research Centre of Murdoch University.
99. Winters, Jefferey A.(1994).Power and the Control of Capital.World Politics,46,419-452.
100. Wood, Robert(1986).From Marshall Plan to Debt Crisis: Foreign Aid and Development Choices in the World Economy.Berkeley and L.A.:University of California Press.
101. Yeo, Hwee Joo(1997).The History of Malaya and Southeast Asia.Singapore:Oxford University Press.
102. 王國璋(1997)。馬來西亞的族群政黨政治（1955-1995）。台北:唐山。
103. 行政院經濟委員會經濟研究處編印、Peter S.J.Chen編、李子繼、李顯立譯、陳鴻瑜審校(1990)。經濟發展政策及制度叢書，新加坡系列之三。台北:行政院經濟委員會經濟研究處。
104. 吳鯤魯(2001)。博士論文(博士論文)。台北，台灣大學政治學研究所。
105. 李永熾監修、薛化元主編(1990)。台灣歷史年表：終戰篇。臺北:國家政策研究中心。
106. 李光耀(2000)。李光耀回憶錄（1965-2000）。臺北:世界書局。
107. 李光耀(1998)。李光耀回憶錄（1923-1965）。臺北:世界書局。
108. 李勝彥(1995)。淺談台北區域金融中心的發展：日本金融空洞化的啓示。中央銀行季刊，17(4)，36-53。
109. 李繩毅、饒美蛟、鄭赤琰主編(1991)。香港與亞太區華人銀行業。香港:香港中文大學。
110. 林若雩(1995)。博士論文(博士論文)。台北，台灣大學政治學研究所。
111. 洪鐮德(1994)。新加坡學。臺北:揚智文化。
112. 胡俊凱(1992)。新加坡金融制度與管理。產業金融，72，26-38。
113. 馬加力編(1995)。東南亞國家市場經濟。北京:時事出版社。
114. 崔貴強(1994)。新加坡華人：從開埠到建國。新加坡:新加坡宗鄉會館聯合總會。
115. 張清溪編(1999)。東亞經濟發展之回顧與展望。紀念梁國樹教授第三屆國際學術研討會，臺北:
116. 許介鱗(1988)。英國史綱。臺北:三民。
117. 陳博志編(1998)。貨幣與金融政策研討會論文集。紀念梁國樹教授第二屆學術研討會，臺北:
118. 覃怡輝(1998)。Occasional Paper16。台北:中央研究院東南亞區域研究計畫。
119. 賀聖達(1996)。東南亞文化發展史。昆明:雲南人民出版社。
120. 辜瑞榮編著(1999)。內安法令（ISA）四十年：Forty Years under ISA。吉隆坡:朝花企業。
121. 黃仁德、蔡文雄(1997)。國際金融：匯率理論與實務。臺北:三民。
122. 黃天麟、盂敏享、高鴻興、劉邦海(1990)。國際金融。臺北:黎明文化。
123. 新加坡年鑑(1998)。新加坡年鑒1998：1997年回顧。新加坡:新加坡新聞與藝術部、聯合早報。
124. 楊雅惠編著(1998)。貨幣銀行學。臺北:三民。
125. 葉秋南、麥朝成(1998)。貨幣銀行學。臺北:五南。
126. 歐陽勛、黃仁德編著(1997)。國際金融理論與制度。臺北:三民。
127. 鄭明杉(1996)。新加坡：國際金融中樞。新加坡:玲子大眾傳播中心。
128. 濱下武志著、馬宋芝譯(1997)。香港大視野。臺北:牛頓。
129. 饒餘慶(1997)。香港：國際金融中心。臺北:臺灣商務印書館。
130. 龔宜君(1997)。東南亞研究論文系列no.6。台北:中央研究院東南亞區域研究計劃。

1. 吳鯤魯(2008)。全球化前瞻策略：新加坡淡馬錫經驗。臺灣東南亞學刊，5(2)，35-64。
2. (2007)。區域金融中心－新加坡、香港、上海、台北及首爾之評比研究。合作經濟，95，48-56。