The Financial development of Japan, Korea, and Taiwan : growth, repression, and liberalization

摘要: This path-breaking comparative study of the economies Japan, Korea, and Taiwan analyses evolution financial systems each country in relation to their last four decades dynamic economic growth. Each is addressed two chapters, first covering macroeconomic aspects system second chapter focusing on commercial banking. The analysis shows how development has occurred distinct phases. Initially interest rates were regulated remain below market levels, entry new institutions was restricted, markets segmented, domestic finance insulated from world markets. phase seen a steady, if sometimes slow, removal these restrictions. liberalization meant regulation now focuses prudential measures for safety while resources are increasingly allocated through marketplace. evaluation Korea provides significant insights economists policymakers. In particular, there many lessons less developed transforming socialist economics.