由於COVID-19危機後，全球經濟成長率大幅下降，為此中央銀行購債的規模更大、速度更快並採行過去未曾實施過的措施，其職能變革又擴張至另一層次。本文總體地觀察中央銀行於歷史的洪流中所扮演的角色與職能範圍，從其起源論起至其於2020年COVID-19危機時的轉變，嘗試界定中央銀行職能的界限並提出其回應危機的參考準則，最後，以我國中央銀行為核心進行前述框架為基礎之分析。
中央銀行最初係作為政府的銀行，爾後，其經歷金本位制度的盛行、兩次世界大戰、大通膨時期與大溫和時期後，其作為最後貸款者之角色大致定型，且當時多認為透過確保物價穩定即可同步維持金融穩定，然2008年全球金融危機打破此一看法。中央銀行為回應全球金融危機時實施許多過去所未採行的職能，包括量化寬鬆、新增融通工具及負利率政策等，並且於危機後進行一系列的監理改革，將金融穩定納入其政策目標之中；而於2020年COVID-19危機時，中央銀行所採取之行動不僅規模擴大，甚至提供信用給中小企業。本文希冀透過分析中央銀行於最近兩次危機時的職能擴張及所生之副作用，從不同的角度、以不同的判斷基準界定中央銀行職能的界限，並提出其回應危機時應參考之準則與要點。
由於我國之金融體系結構、市場大小與貨幣的強勢程度與大國相異，且所採行之回應危機的舉措亦不同於主要之中央銀行，職能擴張的範圍較窄，因此不宜直接適用前述總體的分析與參考準則。據此，本文針對我國中央銀行之職能變革進行辨析，並提出適用於我國中央銀行之準則與要點，希冀能作為其面對下一次危機時的參考。

Due to the COVID-19 pandemic negatively affected global economic growth, central banks’ responses to the crisis have been extraordinary in speed, size, and scope. That means central banks’ functional changes have expanded to another level. This thesis observes central banks’ missions and roles from then to now, and tries to discuss central banks’ transformations and define the boundaries of their functions. This thesis, then, proposes possible guidelines for central banks to tackle the challenges facing them in the future. Based on the above framework, this thesis also conducts a case study of the Central Bank of the Republic of China (CBC).
The story of central banking evolves along the line of acting as the government’s bank, then adapting with the gold standard, two world wars, the Great Inflation, and the Great Moderation. That is when the role of central banks as the lender of last resort has taken shape. At that time, people believed price stability would foster financial stability. However, the Global Financial Crisis (GFC) compromises this belief in 2008. To lighten the damages caused by the GFC, central banks performed a lot of initiatives, including Quantitative Easing (QE), new financing facilities, and negative interest rates. The GFC not only triggered a series of regulatory reforms but also prompted central banks to reconsider the importance of financial stability and their respective roles in safeguarding it. During the COVID-19 crisis, central banks scaled up their operations and even extended credit directly to Small-and-Medium Business (SMEs). In short, the powers of central banks have expanded substantially after 2020. After exploring the changes in central banks’ functions and identifying the side effects of those changes in the last two crises, this thesis examines the boundaries of central banks’ missions and roles with different standards.
At last, since Taiwan’s financial system structure, market size, and currency strength are different from large developed countries, the measures adopted by the CBC were not the same as those of major central banks in the two crises. In other words, the expansions of CBC’s functions were narrower than major central banks in developed economies, and therefore the CBC cannot directly apply the abovementioned guidelines this thesis highlights. Therefore, through analyzing the CBC’s missions and objectives, this thesis concludes and suggests prospects for the CBC to weather the next crisis shall it comes.

一、 中文部分
（一） 專書論著
1. Frederic S. Mishkin（著）、沈思寬（審校），貨幣銀行學，華泰文化事業股份有限公司，十一版，2017年3月。
2. Perry Mehrling（著），劉忠勇（譯），最後交易者：美國央行力挽金融狂潮的新角色，經綸天下出版社，初版， 2012年6月。
3. 李榮謙，貨幣銀行學，元照出版有限公司，十三版， 2019年10月。
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5. 許嘉棟、許振明、吳中書，台灣中央銀行的發展、政策與職能，台灣金融研訓院，增修訂二版， 2015年1月。
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（二） 期刊論文
1. Alexandre Chailloux and Rebecca McCaughrin（著），陳姿先（譯），中央銀行擔保品架構—原則與政策，國際金融參考資料，第五十八輯， 2009年12月。
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4. 李榮謙、黃麗倫，總體審慎政策之意涵、工具與策略，國際金融參考資料，第五十九輯，2010年7月。
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13. 彭德明，不可能的三位一體原則下之貨幣自主性－兼論國際外溢效果與最適匯率制度，國際金融參考資料，第六十六輯，2014年6月。
14. 黃富櫻，前瞻指引的國際發展趨勢與對本行的啟示，國際金融參考資料，第六十七輯，2014年12月。
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18. 簡劭騏，主要國家央行採行負利率政策及啟示，經濟研究，第17期，2017年6月。
（三） 研究報告
1. 李榮謙、郭恬吟、陳倩如、傅君琦，小型開放經濟體理想的貨幣政策架構－兼論台灣採彈性貨幣目標化架構的經驗，台北外匯市場發展基金會專案研究計畫，2020年7月。
2. 林馨怡，面臨低通膨與低成長之新平庸時期，貨幣政策之挑戰及因應，台北外匯市場發展基金會研究計畫，2021年6月。
3. 姚佳慧，氣候變遷對金融體系之衝擊與因應，台北外匯市場發展基金會專案計畫，2020年12月。
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（四） 官方文件
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8. 中央銀行，本行因應新冠肺炎疫情所採對策及與美國 Fed 措施之比較（2020年6月18日），央行理監事會後記者會參考資料。
9. 中央銀行，本行匯率政策相關議題之說明（2019年6月20日），央行理監事會後記者會參考資料。
10. 中央銀行，因應新冠肺炎疫情主要央行所採之貨幣信用措施（2020年6月18日），央行理監事會後記者會參考資料。
11. 中央銀行，因應新冠肺炎疫情主要央行所採用之貨幣信用措施（2020年6月18日），央行理監事會後記者會參考資料。
12. 中央銀行，直接金融與間接金融的衡量、跨國比較及政策涵義（2020年12月17日），央行理監事會後記者會參考資料。
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16. 中央銀行，美國FED因應新冠肺炎疫情所推出緊急融通機制之介紹（2020年6月18日），央行理監事會後記者會參考資料。
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二、 英文部分
（一） 專書論著
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2. Michele Wucker, THE GRAY RHINO: HOW TO RECOGNIZE AND ACT ON THE OBVIOUS DANGERS WE IGNORE (2016).
3. Moorad Choudhry, GRAHAM “HARRY” CROSS, JAMES HARRISON, THE GILT-EDGED MARKET (2003).
4. Onno de Beaufort Wijnholds, THE MONEY MASTERS: THE PROGRESS AND POWER OF CENTRAL BANKS (2020).
5. Robert A. Mundell, THE GLOBAL ADJUSTMENT SYSTEM (1992).
6. Thomas Sargent, THE ENDS OF FOUR BIG INFLATIONS (1982).
7. Walter Bagehot, LOMBARD STREET: A DESCRIPTION OF THE MONEY MARKET (1873).
（二） 書之篇章
1. Alex Cukierman, The Impact of the Global Financial Crisis on Central Banking, in THE OXFORD HANDBOOK OF THE ECONOMICS OF CENTRAL BANKING (April 2019).
2. Benny Anderson, The Global Financial Crisis, in THE MONEY MASTERS: THE PROGRESS AND POWER OF CENTRAL BANKS (2020).
3. Bill English, Kristin Forbes and Angel Ubide, Monetary policy and central banking in the Covid era: Key insights and challenges for the future, in MONETARY POLICY AND CENTRAL BANKING IN THE COVID ERA (2021).
4. Gary B. Gorton and Nicholas S. Souleles, Special Purpose Vehicles and Securitization, in THE RISKS OF FINANCIAL INSTITUTIONS (January 2007).
5. J Andrew Spindler and Bruce J Summers, The Central Bank and the Payment System, in THE PAYMENT SYSTEM-DESIGN, MANAGEMENT, AND SUPERVISION (1994).
6. Richard C. Barth, The Framework of Monetary Policy, in MACROECONOMIC MANAGEMENT PROGRAMS AND POLICIES (2002).
（三） 期刊論文
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（四） 官方文件和聲明
1. Bank of England Prudential Regulation Authority, The Prudential Regulation Authority’s approach to banking supervision (October 2018), available at https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/approach/banking-approach-2018.pdf.
2. Bank of Japan, Introduction of "Quantitative and Qualitative Monetary Easing with a Negative Interest Rate" (January 29, 2016), available at https://www.boj.or.jp/en/announcements/release_2016/k160129a.pdf.
3. BIS, Central Bank Digital Currencies: Foundational Principles and Core Features (October 9, 2020), available at https://www.bis.org/publ/othp33.pdf.
4. Board of Governors of the Federal Reserve System, 2020 Statement on Longer-Run Goals and Monetary Policy Strategy (August 27, 2020), https://www.federalreserve.gov/monetarypolicy/review-of-monetary-policy-strategy-tools-and-communications-statement-on-longer-run-goals-monetary-policy-strategy.htm.
5. Board of Governors of the Federal Reserve System, Federal Reserve Board announces it has formally joined the Network of Central Banks and Supervisors for Greening the Financial System, or NGFS, as a member (December 15, 2020), https://www.federalreserve.gov/newsevents/pressreleases/bcreg20201215a.htm.
6. Board of Governors of the Federal Reserve System, Federal Reserve issues FOMC statement (September 21, 2011), https://www.federalreserve.gov/newsevents/pressreleases/monetary20110921a.htm.
7. Board of Governors of the Federal Reserve System, Federal Reserve issues FOMC statement (December 12, 2012), https://www.federalreserve.gov/newsevents/pressreleases/monetary20121212a.htm.
8. Board of Governors of the Federal Reserve System, Federal Reserve issues FOMC statement (September 13, 2012), https://www.federalreserve.gov/newsevents/pressreleases/monetary20120913a.htm.
9. Board of Governors of the Federal Reserve System, Federal Reserve issues FOMC statement (March 15, 2020), https://www.federalreserve.gov/newsevents/pressreleases/monetary20200315a.htm.
10. Board of Governors of the Federal Reserve System, Federal Reserve issues FOMC statement (September 16, 2020), https://www.federalreserve.gov/newsevents/pressreleases/monetary20200916a.htm.
11. Board of Governors of the Federal Reserve System, Federal Reserve issues FOMC statement (March 15, 2020), https://www.federalreserve.gov/newsevents/pressreleases/monetary20200315a.htm.
12. Board of Governors of the Federal Reserve System, Federal Reserve issues FOMC statement (March 23, 2020), https://www.federalreserve.gov/newsevents/pressreleases/monetary20200323a.htm.
13. Board of Governors of the Federal Reserve System, FOMC statement (November 3, 2010), https://www.federalreserve.gov/newsevents/pressreleases/monetary20101103a.htm.
14. Board of Governors of the Federal Reserve System, Press Release (December 12, 2007), https://www.federalreserve.gov/monetarypolicy/20071212a.htm.
15. BOE, The Bank of England’s Asset Purchase Facility: APF Operating Procedures (January 2022), available at https://www.bankofengland.co.uk/-/media/boe/files/markets/asset-purchase-facility/operating-procedures.pdf.
16. ECB, ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP) (March 18, 2020), https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200318_1~3949d6f266.en.html.
17. ECB, ECB announces expanded asset purchase programme (January 22, 2015), https://www.ecb.europa.eu/press/pr/date/2015/html/pr150122_1.en.html.
18. ECB, ECB announces new pandemic emergency longer-term refinancing operations (April 30, 2020), https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200430_1~477f400e39.en.html.
19. FED, Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (March 18, 2020), https://www.federalreserve.gov/monetarypolicy/abcpmmmf.htm.
20. FED, Commercial Paper Funding Facility (June 11, 2021), https://www.federalreserve.gov/monetarypolicy/cpff.htm.
21. FED, FDIC and OCC, Agencies announce two actions to support lending to households and businesses (March 27, 2020), https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200327a.htm.
22. Fed, Federal Reserve announces establishment of a temporary FIMA Repo Facility to help support the smooth functioning of financial markets (March 31, 2020), https://www.federalreserve.gov/newsevents/pressreleases/monetary20200331a.htm.
23. FED, Federal Reserve announces the creation of the Money Market Investor Funding Facility (MMIFF) (October 21, 2008), https://www.federalreserve.gov/newsevents/pressreleases/monetary20081021a.htm.
24. FED, Federal Reserve Board adjusts terms of Main Street Lending Program to better target support to smaller businesses that employ millions of workers and are facing continued revenue shortfalls due to the pandemic (October 30, 2020), https://www.federalreserve.gov/newsevents/pressreleases/monetary20201030a.htm.
25. FED, Federal Reserve Board announces an expansion of the scope and duration of the Municipal Liquidity Facility (April 27, 2020), https://www.federalreserve.gov/newsevents/pressreleases/monetary20200427a.htm.
26. FED, Federal Reserve Board announces establishment of a Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and businesses (March 17, 2020), https://www.federalreserve.gov/newsevents/pressreleases/monetary20200317a.htm.
27. FED, Federal Reserve Board announces establishment of a Primary Dealer Credit Facility (PDCF) to support the credit needs of households and businesses (March 17, 2020), https://www.federalreserve.gov/newsevents/pressreleases/monetary20200317b.htm.
28. FED, Federal Reserve Board announces temporary change to its supplementary leverage ratio rule to ease strains in the Treasury market resulting from the coronavirus and increase banking organizations’ ability to provide credit to households and businesses (April 1, 2020), https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200401a.htm.
29. FED, Federal Reserve Board broadens program of support for the flow of credit to households and businesses by establishing a Money Market Mutual Fund Liquidity Facility (MMLF) (March 18, 2020), https://www.federalreserve.gov/newsevents/pressreleases/monetary20200318a.htm.
30. FED, Federal Reserve publishes updates to the term sheet for the Term Asset-Backed Securities Loan Facility (TALF) and announces information to be disclosed monthly for the TALF and the Paycheck Protection Program Liquidity Facility (May 12, 2020), https://www.federalreserve.gov/newsevents/pressreleases/monetary20200512a.htm.
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33. FED, Main Street New Loan Facility (December 29, 2020), https://www.federalreserve.gov/newsevents/pressreleases/files/monetary20201229a1.pdf.
34. FED, Main Street Priority Loan Facility (December 29, 2020), https://www.federalreserve.gov/newsevents/pressreleases/files/monetary20201229a2.pdf.
35. FED, Money Market Mutual Fund Liquidity Facility (June 11, 2021), https://www.federalreserve.gov/monetarypolicy/mmlf.htm.
36. FED, Municipal Liquidity Facility (August 11, 2020), https://www.federalreserve.gov/newsevents/pressreleases/files/monetary20200811a1.pdf.
37. FED, Municipal Liquidity Facility (March 11, 2022), https://www.federalreserve.gov/monetarypolicy/muni.htm.
38. FED, Nonprofit Organization Expanded Loan Facility (December 29, 2020), https://www.federalreserve.gov/newsevents/pressreleases/files/monetary20201229a5.pdf.
39. FED, Nonprofit Organization New Loan Facility (December 29, 2020), https://www.federalreserve.gov/newsevents/pressreleases/files/monetary20201229a4.pdf.
40. FED, Paycheck Protection Program Liquidity Facility (PPPLF) (March 11, 2022), https://www.federalreserve.gov/monetarypolicy/ppplf.htm.
41. FED, Primary Market Corporate Credit Facility (July 28, 2020), https://www.federalreserve.gov/newsevents/pressreleases/files/monetary20200728a9.pdf.
42. FED, Primary Market Corporate Credit Facility (October 13, 2021), https://www.federalreserve.gov/monetarypolicy/pmccf.htm.
43. Fed, Proposed Rules (January 6, 2014), Federal Register, Vol. 79, No. 3, https://www.govinfo.gov/content/pkg/FR-2014-01-06/pdf/2013-31025.pdf.
44. FED, Secondary Market Corporate Credit Facility (October 13, 2021), https://www.federalreserve.gov/monetarypolicy/smccf.htm.
45. FED, Term Asset-Backed Securities Loan Facility (March 11, 2022), https://www.federalreserve.gov/monetarypolicy/talf.htm.
46. FED, Term Auction Facility (November 24, 2015), https://www.federalreserve.gov/monetarypolicy/taf.htm.
47. FED, Term Auction Facility Questions and Answers (January 12, 2009), https://www.federalreserve.gov/monetarypolicy/taffaq.htm.
48. FED, Term Securities Lending Facility (February 5, 2010), https://www.federalreserve.gov/monetarypolicy/tslf.htm.
49. Federal Reserve, The Fed Explained What the Central Bank Does (August 2021).
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51. PRA, Transition in thinking: The impact of climate change on the UK banking sector (September 2018), available at https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/report/transition-in-thinking-the-impact-of-climate-change-on-the-uk-banking-sector.pdf.
52. U.S. Comptroller of the Currency Administrator of National Banks, Asset Securitization (November 1997).
（五） 判決
1. STARR INTERNATIONAL COMPANY, INC. v. The UNITED STATES, 121 Fed.Cl. 428 (2015).
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