本文主要的目的，是在探討政治性貨幣循環理論是否能在台灣得到驗證。利用台灣經濟新聞報資料庫所提供的自一九八八年一月至二OOO年三月期間的時間序列閱資料，估計利率、存款準備率、與重貼現率三項貨幣政策工具之反應函數。在控制了所有貨幣政策目標變數後發現，中央銀行在李登輝執政時期，的確有在選舉以前以降低存款準備率與重貼現率的擴張性貨幣政策來企圖影響選舉，使國民黨在選舉中獲得勝選。其中，存款準備率的醬地隨選舉的重要性之不同而異。這個結果除了支持政治性貨幣循環存在於台灣外，並且確認中央銀行執行貨幣政策時的確有受到政治因素的影響，其中立性角色不存在。 The main purpose of this study is to investigate the existence of the political monetary cycle in Taiwan during January 1988 to March 2000, the so-called Lee Teng-hui era. Monthly time-series data provided by Taiwan Economic Journal Data Bank is adopted to estimate the reaction function of monetary instruments including interest rate, reserve ratio, and discount rate. The main funding of this study is that, ceteris paribus, reserve ratio and discount rate both decreased before the central-level elections during the Lee Teng-hui era. In addition, the level of reduction in reserve ratio depends upon the imprtance of elections. This implies that Kuomintang (KMT) attempted to use expansionary monetary policy to increase the probability of electoral victory. It also indicates that central bank of Taiwan lost its independence as it executed monetary policies during this period.