本研究以臺灣戰後典當交易發展爲例，從其制度環境的歷史考察， 來說明非正式交易存在的機制，以及其與國家法律體制互動所衍生的變 形。國家長期以來以「防止銷贓」的政策，嚴格管制典當交易。當今臺 灣典當交易具有「正式經濟」與「非正式金融」的雙元特性，是在這種 防禦性的政策環境中形塑而成。本文將典當交易區分爲「以物爲信」 (合法）、「以法爲信」（合理化非法）、「以暴力爲憑」（非法）三 種交易形態。屬於正式經濟的「以物爲信」借貸，其交易基礎是建立在 物的交換價値，這一類傳統交易正被政府嚴格地監控。「以法爲信」與 「以暴力爲憑」屬於非正式交易。遊走在法律邊緣的「以法爲信」的借 貸，業者以非正式交易架接在合法的法律體系，讓交易同時處在臺灣民 間舊慣習以及國家法律之中，以合理化這一非正式交易。「以暴力爲 憑」的借貸，背後是一套逐漸系統化的懲罰系統，並且讓法律邊緣化。 本文將典當交易類型的考察，放在金融雙元論、非正式經濟以及非正式 金融的文獻脈絡中討論，進一步探討如果市場機制無法處理非正式金融 的問題，國家扮演的角色以及限制。

The author uses post-World War II pawn transactions in Taiwan, plus results from an historical investigation of their policy environments, to illustrate informal transaction mechanisms and transformations derived from interactions between them and Taiwan’s legal system. For many decades officials adhered to a policy aimed at preventing the sale of stolen goods in tightly controlled pawn transactions, but today they have characteristics of a formal economy as well as an informal finance system. I present evidence indicating the existence of three transaction types: those based on objects (licitness), those based on laws (Legitimatizing illicitness), and those based on violence (illicitness). The first can be analyzed as a system of lending within a formal economic domain, with transactions conducted according to the exchange values of objects, and strictly monitored by the government. The second and third are within the informal transactions domain. Transactions based on laws occupy a legal grey area in which companies link informal transactions to legal systems, thus positioning the transactions somewhere between past private sector customs and Taiwan’s current legal code in order to legitimatize informal transactions. The logic behind transactions based on violence is a penalized system that is gradually systematized, thereby marginalizing laws in the process. In this paper I discuss pawn transaction types in terms of financial dualism, informal economy as well as informal finance, in an effort to determine the current roles being played by the State and their limitations.