The Financial Development of Japan, Korea, and Taiwan: Growth, Repression, and Liberalization

Hardcover | October 1, 1994

EditorHugh Patrick, Yung Chul Park

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This path-breaking comparative study of the economies of Japan, Korea, and Taiwan analyzes 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 macroeconomicaspects 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 financialresources 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 socialisteconomics.

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From the Publisher

This path-breaking comparative study of the economies of Japan, Korea, and Taiwan analyzes 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 macroeconomicaspects of the financial system and the sec...

From the Jacket

This path-breaking comparative study of Japan, Korea and Taiwan analyzes 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 focu...

Hugh Patrick is at Columbia University. Yung Chul Park is at Korea University.

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Format:HardcoverDimensions:400 pages, 9.49 × 6.38 × 1.34 inPublished:October 1, 1994Publisher:Oxford University Press

The following ISBNs are associated with this title:

ISBN - 10:0195087666

ISBN - 13:9780195087666

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