貨幣理論之研究，學者多採用資產選擇法（Portfolio Choice Approach），此種分析的缺點在於未深入考慮銀行的行為（Bank Behavior）。由個體貨幣學（Micro Foundation of Monetary Theory）觀點來看，此種分析對於最適行為及貨幣均衡之討論都太狹義且有些瞹昧，而與總體貨幣學（Macro Foundation of Monetary Theory）之分析又完全脫節。在此種情況下引申出來之所謂「最適貨幣供給法則」（Optimal Money Supply Rule）或「最適現金餘額」（Optimal Cash Balance）更顯得相當脆弱。T.R. Saving教授〔1977〕針對此種情況，在貨幣供給分析時提出所謂「總體貨幣供給模型（Macro Money 5upply Model）來強化貨幣理論之分析。本文乃廣泛應用Saving之總體分析於70年代最適貨幣存量之爭論中，綜合個體貨幣學行為及市場均衡情況之分析，以及總體貨幣學多市場之考慮來研究最適貨幣存量問題，主要論點如下：
第一、Gramm由福利分析之觀點，強調傳統貨幣理論齊次性之假設可使邊際社會成本等
於邊際私人成本，因此，存在有一個最適貨幣存量。然而，Granmm只考慮供給
面，吾人引入貨幣需求面及總體模型，對於最適貨幣存量的問題，得到更令人滿
意之結果。
第二、由數理上嚴格的「尤勒氏定理」（Euler's Theorem）之強調，吾人發現Saving教授
批評古典齊次性模型導致最適價格水準無法由模型內決定之說法值得商榷。其
實，只要在模型內引入一模擬之「遣失方程式」（Missing equation）則仍可在齊次
性模型內決定最適價格水準及最適貨幣存量，而Saving之模型可能會有
overdeterminancy之現象。
第三、考慮福利分析之外在性效果（external effect），即使僅由供給面分析貨幣性產業，
對Gramm之看法亦須加以修正。在一般模型中唯有外在性不存在時Gramm之分
析才能成立；或者銀行產業內各部門外在性大小正好相抵消時，亦可能存在「最
適貨幣存量」。然而，Gramm之模型分析乃隱含外在性不存在。
第四、鑒於我國貨幣市場不發達，公開市場操作未能充分運行，而利率水準完全由中央
銀行直接決定之特殊情況，吾人設定總體政策模型，及總體外在性政策模型，可
以分析中央銀行存款利率政策之操作效果。尤其當外在性存在時，各種政策效果
有強化之現象。
第五、政策涵義上，吾人發現自由放任體制下，若無貨幣幻覺存在（absence of money
illusion），則可達成福利最適貨幣存量。自由放任可達最適之效率，而銀行獨占之
經營並無法增加效率。在此準則下，政府對商業銀行宜適度開放民營。
第六、Hayek〔1976〕提出「自由通貨制度」（Free Currency System）強調自由選擇最適
通貨，自由生產最適通貨及通貨自由流通，以消除政府之獨占力（monopoly power）
或鑄幣權（Seigniorage）。本文支持自由放任之效率，可強化Hayek之看法。
第七、Friedman強調由於貨幣政策長期且不安定之內、外在時間落後（time lag），權衡
性的貨幣政策(Discretionary monetary policy）不能信賴，而提出「最適貨幣供給法
則」來代替權衡措施。我國之利率政策不必透過公開市場操作，乃由中央銀行直
接控制，此種直接政策操作可縮減時間落後的長度，因此在我國貨幣政策之權衡
措施更優於法則，Friedman法則在我國較不適用。
第八、多變數逐步廻歸分析（Step-wise Regression Analysis）代表性銀行之實證研究，時
間數列資料支持金融性外部不經濟性及技術外部經濟性之存在。另外，仿照
R.E. Bond〔1971〕模型橫斷面資料從事銀行邊際報酬率之研究，所得的結果並不
理想，這主要是由於我國銀行數目過少，使自由度（Degree of Freedom）偏低的
緣故。實證研究所得的政策涵義大致符合理論分析之結果，唯一的差異在於：理
論上存款利率與放款利率之正向關係，在實證上呈現反向關係，原因可能有二，
其一變數考慮不夠周詳，如貿易因素即未考慮，其二利率政策在我國乃由中央銀
行任意調整，並非遵循市場法則，因而造成理論與實證之分歧。

一、中文部分：
1.麥朝成“台灣通貨比率的長期變動” 台灣大學碩士論文。
2.陸民仁“弗利曼的最適貨幣量理論”北市銀月刊第一卷第七期 一九七○年。
3.何瑞坤“台灣貨幣供需函數及其政策涵義” 北市銀月刊 一九七六年八月。
4.于宗先、邱正雄“台灣貨幣與金融論文集” 聯經出版社 一九七五年九月。
5.李庸三“經濟計量方法” 建興圖書印刷行 一九七三年九月 初版。
6.林鐘雄“當代貨幣理論與政策”，三民書局 中華民國六十二年二月出版。
7.江新煥“開放體系下最適政策之抉擇——動態面之探討” 國立臺灣大學經濟學研究所碩士論文 民國六十六年六月。
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Q.J.E.: Quarterly Journal of Economics
J.O.F.: Journal of Finance
J.M.C.B.: Journal of Money, Credit and Banking
J.P.E.: Journal of Political Economics
C.J.E. : Canada Journal of Economics
A.E.R. : American Economics Review
J.M.E.: Journal of Monetary Economics
S.E.J.: Southern Economics Review
E.I.: Economic Inquiry
W.E.J.: Western Economics Journal
R.E.S.: Review of Economics Study
I.J.E.: International Journal of Economics
Economica
Econometrica
J.C.S.: Journal of Commercial Science