臺幣改革（1945-1952年） : 以人物及其政策為中心之探討

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Title:	臺幣改革（1945-1952年） : 以人物及其政策為中心之探討
Other Titles:	An investigation into the people and policies involved in the reform of the Taiwan dollar (1945-1952) 台幣改革（1945-1952年） : 以人物及其政策為中心之探討
Authors:	王漣漪;Wang, Lien-yi
Contributors:	淡江大學歷史學系碩士在職專班周宗賢;Chou, Tsung Hsien
Keywords:	通貨膨脹;貨幣改革;舊臺幣;新臺幣;陳儀;魏道明;陳誠;吳國楨;嚴家淦;任顯群;Inflation;currency reform;Old Taiwan Dollar;New Taiwan Dollar;Yi Chen;Tao-Ming Wei;Cheng Chen;K.C. Wu;C.K. Yen;Hsien-Chun Je
Date:	2009
Issue Date:	2010-01-11 05:05:45 (UTC+8)
Abstract:	從1945年到1952年，臺幣歷經過一段動盪，先後經歷過舊臺幣改革與新臺幣改革二次重大的變革，中間還經歷過金圓券幣改小幅度的變動。陳儀時期的舊臺幣改革是延續其貨幣金融特殊化的政策，外在目的為以臺幣建立防波堤，阻隔法幣通貨膨脹影響到臺灣，內在目的是發展其熱衷的國家經濟主義，但因為中央財金單位的摯肘，造成臺法匯率難以調整，防波堤難以建立，臺灣銀行法幣頭寸短缺，兩岸民間商業貿易難以開展。再加上臺灣銀行以發行通貨方式對軍政機關與公營事業的融通，這使得舊臺幣如同法幣一樣處於通貨膨脹之中，而對公營事業的融通則隱含中央對臺灣資源的掠奪。魏道明接任後利用與中央和善的關係，解決了中央的摯肘，臺幣與國幣的匯率得以機動調整，雖然有調整不足現象，臺幣防波堤總算是建立起來，但這防波堤卻在金圓券幣改臺金固定匯率下被摧毀。魏道明雖然解決了匯率問題，但臺灣銀行以發行通貨方式對軍政機關與公營事業的融通依舊沒有改善，臺灣仍處與惡性通貨膨脹之中。陳誠上任之時，國民政府在中國大陸失敗已無法挽回，嚴家淦主導的新臺幣改革使得臺灣脫離的中國經濟圈，國民政府的經濟政策轉換成以臺灣本位為核心，新臺幣改革中成立了臺灣省生產事業管理委員會，全面掌控在臺公營事業，使得公營事業掠奪臺灣資源情形獲得改善，但陳誠與嚴家淦還是無法解決大量軍政機關與軍民撤退來臺所產生龐大的財政赤字，即使進行新臺幣改革，臺灣通貨膨脹依舊無法緩解。吳國楨就任後，與任顯群進行一連串金融與財政政策，用以改善財政赤字，致使新臺幣通貨發行額不致無限擴大。韓戰爆發美軍協防與美援入臺，臺灣的安全與財政赤字獲得解決，新臺幣方趨於穩定，直到1952年惡性通貨膨脹方完全消彌。 Between 1945 and 1952, the Taiwan dollar experienced a period of turbulence with two major reforms of the currency, creating the New Taiwan Dollar, as well as efforts to reduce fluctuations in the value of the old currency , the jinyuanquan. Under Chief Executive Yi Chen, who extended the specialization of monetary and financial policies. Ostensibly this was to prevent the inflation of the mainland fiat currency from impacting Taiwan, but Chen also had an agenda of developing his much-desired economic nationalism. The resulting restriction of the central financial authorities, however, led to difficulties in adjusting the exchange rate of Taiwan dollar and the mainland fiat currency and made inflation difficult to prevent. The Bank of Taiwan experienced a shortage in their money supplies, and cross-strait business efforts were stymied. This was further exacerbated by the Bank of Taiwan issuing currency in the military and political sectors, leading the Old Taiwan Dollar to experience inflation similar to that of the mainland’s fiat currency, while the circulation of currency through the political sector implicitly led to the exploitation of Taiwan’s resources. After the dismissal of Chen, new appointee Tao-Ming Wei used his good relations with the authorities to loosen restrictions on those authorities, leading to adjustments of the exchange rate between the Old Taiwan Dollar and the mainland currency. While these adjustments proved to be inadequate, a breakwater was nonetheless established, but was later destroyed when the jinyuanquan was set to a fixed exchange rate. While Wei was able to solve the exchange rate issue, Taiwan continued to experience crippling inflation because the currency issuing methods of the Bank of Taiwan remained unchanged. During the tenure of Wei’s successor as governor Cheng Chen, the Nationalist government lost their battle on the mainland, and under the leadership of then finance minister C.K. Yen, the move to the New Taiwan Dollar helped Taiwan escape from the economic orbit of China, ushering in a new Nationalist focus on Taiwan-based economic development. During the shift to the New Taiwan Dollar, the Taiwan Province Production Industry Management Commission was established, exercising total control over the public sector in Taiwan and helping rectify the exploitation of Taiwan’s resources by the public sector. However, Chen and Yen were unable to solve the problem of the massive debt accumulated by the public sector and the costly retreat of Nationalist forces to Taiwan, and so despite the move to the New Taiwan Dollar, Taiwan’s inflation problems continued unabated. Under K.C. Wu and Hsien-Chun Jen, a series of financial reforms were put in place to improve the fiscal deficit, with the result that the issuing amount of currency had been under control. With the outbreak of the Korean War, US troops and USAID were stationed in Taiwan, creating greater security in Taiwan, providing a solution to the debt problem, resulting in the stabilization of the New Taiwan Dollar, and leading to the final cessation of hyperinflation in 1952.
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