The financial development of Japan, Korea, and Taiwan
Subtitle: growth, repression, and liberalization
By: edited by Hugh T. Patrick, Yung Chul Park.
Contributors: Patrick, Hugh T.; Park, Yung Chul, 1939-
Publisher: Oxford University Press
Published: 1994
Place of publication: New York
Language: eng
Number of pages: 384
Subjects: Finance -- Japan; Finance -- Korea (South); Finance -- Taiwan; Banks and banking -- Japan; Banks and banking -- Korea (South); Banks and banking -- Taiwan
Description: 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 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. This definitive evaluation of the financial development of Japan, Korea and Taiwan provides significant insights for economists and policymakers. In addition, it offers many lessons for less-developed markets and transforming socialist economies throughout the world.
Notes: Includes bibliographical references and index.