行政院國家科學委員會專題研究計畫成果報告:金融服務業與專業實務社群：台北金融中心個案研究
Date Issued
2005
Date
2005
Author(s)
DOI
932415H002068SSS
Abstract
This research aims to tackle the issue of
development of the futures trading industry
in Taiwan. In spite of being praised as a
model of the developmental state, the
Taiwanese government was very
conservative in its financial policy, and
usually put a high priority on stabile growth
in its decision making. As a result, it took an
ambivalent attitude toward the opening of the
futures market, which was believed to be
highly speculative and subversive to the
financial system. However, an underground
futures market came into de facto existence
and caused social concerns, and the state was
forced to legalize the new industry. Even so,
instead of following a big push model, the
state adopted a gradualist approach and
opened the trading market step by step. This
led to creation of a market dominated by
individual investors and little foreign capital
participation. The market was characterized
as decentralized and price sensitive to service
charges, and at the same time, required
brokers to bridge the knowledge gap for
individual investors, rather than institutional
ones, in complex financial transactions.
Under such circumstances, it was the extent
of social networks, rather than the
sophistication of trading skills, that was
critical in the business. In other words,
reluctant state policies led to a decentralized
market structure, which further shaped an
under-developing professional community in
Taiwan’s futures trading industry.
Subjects
financial geography
financial services
futures trading
globalization
developmental state
information and communications technology (ICT)
Taiwan
Publisher
臺北市：國立臺灣大學地理環境資源學系暨研究所
Type
report
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