本文檢視台灣中央銀行自1998-2010年間的匯率贬值政策，目的在 於釐淸台灣央行是否執行匯率贬值政策，並進一步檢討匯率贬值政 策與經濟成長，產業發展，利率政策，房屋價格以及財政收支結構之 關係。整體而言，我們說明了台灣央行自1998-2010年間的匯率贬 值政策對於台灣經濟可能造成諸多的負面影響。我們建議，央行的 貨幣政策必須改弦易張，揚棄匯率贬值政策，並且應減少外匯市場 干預與增加匯率政策的透明度與可究責性。

This paper investigates the exchange rate undervaluation policy in Taiwan since 1998. We examine how currency undervaluation affects economic growth, industrial upgrading, monetarypolicy, house prices, and fiscal structure. Overall, we argue that the undervaluation policy adopted by the Central Bank of Taiwan has several negative impacts on Taiwan's economy. It is suggested that the Central Bank of Taiwan should discard the undervaluation policy. The authorities should move towards a more fully market-determined exchange rate, reduce foreign exchange interventions, and increase the transparency and accountability of exchange rate policy.