國家建立對中央銀行制度演進之影響：德國與日本之比較分析

Abstract

本篇論文採取歷史制度分析法，比較德國與日本在國家建立的過程中，為何在相似的富強關係及轉折的歷史經驗裡，發展出現行南轅北轍的中央銀行制度，並且試圖解釋為何第二次世界大戰後德國與日本採行不同中央銀行制度，卻同時達致耀眼政治經濟成就的原因。\n 本研究採用的富強關係架構共有富強並進、搾富求強、外國勢力干政、以富致強等四種組合。至於這四種組合中的哪一種組合出線，又是取決於國家建立過程推移、大型戰爭成敗以及戰敗後外國勢力干政是否解散政權等三個因素。另外，富強的詮釋也會隨著富強關係組合出現順序的改變而改變。然而啟動富強組合轉變的內部因素是啟發戰端，外部因素則是國家在大型戰爭中失利後，外國勢力干政的態度。\n結論發現中央銀行制度的起源具有高度國家工具性質，所謂中央銀行政治獨立性是逐漸發展而來，而非制度設計之初衷。而真正造成今日德國與日本中央銀行獨立性差異的關鍵因素是第二次世界大戰後美國對於兩國政權存廢態度不同。最後第二次世界大戰不僅是德國與日本富強關係轉折的媒介由戰爭變為美國霸權維持的國際政經架構的分水嶺，同時也造成德國與日本在國家、區域與自由世界在整合層次上有所差別，進一步使得日後兩國面對金融全球化的步調不同。

Based on the historical institutional approach, this paper tries to compare the German and Japanese central banks. The author attempts to specify the inter-wining causes and effects of central banking and nation building. German and Japanese central banks had evolved from different bases, despite of the fact that both countries appear to have experienced the remarkable achievements in political and economic arenas after the Second World War.\n\n The author has discovered that a plenty-power theme weaving through the institutionalization of both central banks. There are four combinations between the pursuits of plenty and power. They are the simultaneous pursuit of plenty and power, the pursuit of power at the cost of plenty, foreign intervention and leverage plenty to power. Three factors are crucial to the formation and transition of the four combinations: the process of nation-building, the outcome of large-scale war, and the victor foreign states’ attitudes towards the continuance of the legitimacy of the defeated states. Each plenty-power combination has its unique historical goal.\n Several conclusions can be made from my analysis. First, the central-banking independence is rather the product of historical evolution than the intention of deliberate central-banking institutional design. Second, war has an enormous impact on the central-banking systems in Germany and Japan. The key factor that generated the difference of the central-banking independence between the two countries came largely from America’s different attitudes towards the continuance of the legitimacy of the defeated states. And finally, the Second World War turned out to be the inflection point that changed the plenty-power combination－both Germany and Japan went into the orbit of American hegemony. The post-Second World War world order further gravitated both Germany and Japan towards economic integration into a world economic order.