近年來，金傲自由化的漲潮席捲全球，儼然成為國際問金融改革不可it.逆的一個鐵則。本文將從a.t近經濟社會學的觀點出發，以金灣金融體系動員儲蓄的能力為例，檢討新古典金融發展理論對於金融壓抑的批評與其所提出的金融臼由化的主張，並嘗試提供一個審視全灣金融發展的新取徑。作者將論証，臺灣的金融壓抑與其所衍生的金融焚元性等現象，並不能光從價格機制去解釋。臺灣尋土會的高儲蓄率與這勃的氏間借貸體系，是與低度發展的社會保險體系、中小企業的創業、子女的教育等等社會、文化因索有密切的關f系。在這個意義下，本文最後指出，臺灣的金融體系是否能有效地動員儲蓄並加以分配，並不只是取決於價格機制或是自由化程度的多寡。支重要的是，如何去建立制度性的安排以克服臺灣經濟發展所面臨的結構性難題。

This pasper deals with the mobilization of savings in Taiwan. The neoc1as· sical an，alysis of financial repression in developing countries will be critically examined here. I will argue that the unique nature of Taiwan's financial repression， as ·embodied in the accumulation of savings ，cannotbe corn pre司 hended simply through the price mechanism. Rather， the key to understanding Taiwan's high level of savings and the existence of a vigorous informal curb market is to treat the financial system not only as an ，intermediary between savers and borrowers in the conventional sense， but also as a particular set of institutional arrangements to finance Taiwan's industrialization and people's livelihood. In this sense， it is not only the price mechanism that matters. Itis the structural possibilities created by these institutional arrangements that will determine whether or not the financial system can efficiently mobilize savings and channel those funds into productive investment.