发展经济体中的合会金融:台湾的经验

Roscas in Developing Economies: Experience of Taiwan

金融二元性与金融压抑是发展经济体中常见的问题。经济起飞时代的台湾,包括合会在内的民间金融拉动消费需求,促进私人及中小企业投资,有助于经济在长期保持高速增长的同时避免了严重的两极分化。本文回顾了台湾合会的历史沿革、主要类型、资金规模与民众参与程度,分析了合会对台湾经济的贡献,介绍了政府监管情况,并讨论了对大陆的借鉴意义。文章认为,应重新认识和评价民间金融的作用,改变一味取缔、打压的政策,区别对待,依法管理,充分利用民间金融,促进经济发展,增进公平分配。

Financial dualism and financial depression are often found in developing economies. The informal finance, including Roscas, helped Taiwan to achieve a high growth rate and avoid serious income polarization by pulling consumption demands and motivating private investments. This article reviews Taiwan Roscas’ evolution history, main types, monetary size, and household participation, analyzes their contributions to Taiwan’s development, introduces governmental regulations, and outlines helpful lessons for China's Mainland. The author then suggests that the government should reexamine the role and importance of informal finance, transform the present policy of forbidding to that of legal regulation, and achieve faster economic growth and more equal distribution with the help of informal finance.