The Financial Development of Japan, Korea, and Taiwan
Growth, Repression, and Liberalization
Yung Chul Park editor Hugh T Patrick editor
Format:Hardback
Publisher:Oxford University Press Inc
Published:8th Dec '94
Currently unavailable, and unfortunately no date known when it will be back
This path-breaking comparative study of the economies of Japan, Korea, and Taiwan analyses the evolution of the financial systems of each country in relation to their last four decades of dynamic economic growth. Each country study is addressed in two chapters, the first covering macroeconomic aspects of the financial system and the second chapter focusing on commercial banking. The analysis shows how financial development has occurred in two distinct phases. Initially interest rates were regulated to remain below market levels, entry of new financial institutions was restricted, financial markets were segmented, and domestic finance was insulated from world financial markets. The second phase has seen a steady, if sometimes slow, removal of these restrictions. This liberalization has meant regulation now focuses on prudential measures for system safety while financial resources are increasingly allocated through the marketplace. The evaluation of the financial development of Japan, Korea and Taiwan provides significant insights for economists and policymakers. In particular, there are many lessons for less developed markets and transforming socialist economics.
ISBN: 9780195087666
Dimensions: 241mm x 162mm x 34mm
Weight: 684g
400 pages