IDEAS home Printed from https://ideas.repec.org/a/bla/apacel/v9y1995i1p40-57.html

Financial Development in Asia: some analytical issues

Author

Listed:
  • Maxwell J. Fry

Abstract

Twenty‐two years ago, Ronald McKinnon and Edward Shaw highlighted some of the deleterious effects of financial repression‐interest rate ceilings, high reserve requirements, directed credit policies, and discriminatory taxation of financial intermediaries. Both books presented some theoretical underpinnings for policy recommendations, based in large part on reforms in Taiwan (early 1950s) and Korea (mid‐l960s), that were already in vogue. Since 1973 there has been a literature explosion in the field of financial development, much of it focused on the Asian experience. This article constitutes the third in a series of articles which surveys the literature on financial development in Asia for the period 1988–94.

Suggested Citation

  • Maxwell J. Fry, 1995. "Financial Development in Asia: some analytical issues," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 9(1), pages 40-57, May.
    • Handle: RePEc:bla:apacel:v:9:y:1995:i:1:p:40-57
    DOI: 10.1111/j.1467-8411.1995.tb00103.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1467-8411.1995.tb00103.x
    Download Restriction: no
    File URL: https://libkey.io/10.1111/j.1467-8411.1995.tb00103.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Hinds, Manuel, 1988. "Economic effects of financial crises," Policy Research Working Paper Series 104, The World Bank.
    2. G.M. Abayaratna, 1990. "Capital Adequacy and Banking Risks in the SEACEN Countries," Staff Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, number sp37, April-Jun.
    3. Mr. David Burton & Ms. Wanda S Tseng & Ms. Kalpana Kochhar & Hoe Ee Khor & Mr. Dubravko Mihaljek, 1994. "Economic Reform in China: A New Phase," IMF Occasional Papers 1994/002, International Monetary Fund.
    4. Mr. Robert J Corker & Ms. Wanda S Tseng, 1991. "Financial Liberalization, Money Demand, and Monetary Policy in Asian Countries," IMF Occasional Papers 1991/002, International Monetary Fund.
    5. Emil-Maria Claassen, 1992. "Financial liberalization and its impact on domestic stabilization policies: Singapore and Malaysia," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 128(1), pages 136-167, March.
    6. Fry, M.J., 1994. "Direct and Indirect Effects of Financial Repression on Savings and Growth: A Simultaneous Equation Model of Saving, Investment, Exports and Growth," Papers 94-05, University of Birmingham - International Financial Group.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Pack, Howard, 2000. "Industrial Policy: Growth Elixir or Poison?," The World Bank Research Observer, World Bank, vol. 15(1), pages 47-67, February.
    2. de Brouwer,Gordon, 1999. "Financial Integration in East Asia," Cambridge Books, Cambridge University Press, number 9780521651486, January.
    3. jamshidi, neda & Vaez Barzani, Mohammad & Toghyani, Mahdi, 2021. "An Analysis about the Long Term Impact of Banks Securitization on Economic Growth," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 16(3), pages 283-304, September.
    4. Athukorala, Prema-chandra & Sen, Kunal, 2004. "The Determinants of Private Saving in India," World Development, Elsevier, vol. 32(3), pages 491-503, March.
    5. Jason Furman & Joseph E. Stiglitz, 1998. "Economic Crises: Evidence and Insights from East Asia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(2), pages 1-136.
    6. Ansari, M. I., 2002. "Impact of financial development, money, and public spending on Malaysian national income: an econometric study," Journal of Asian Economics, Elsevier, vol. 13(1), pages 72-93.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Scholnick, Barry, 1996. "Asymmetric adjustment of commercial bank interest rates: evidence from Malaysia and Singapore," Journal of International Money and Finance, Elsevier, vol. 15(3), pages 485-496, June.
    2. Dubravko Mihaljek & Bruno Tissot, 2003. "Fiscal positions in emerging econimies: central banks' perspective," BIS Papers chapters, in: Bank for International Settlements (ed.), Fiscal issues and central banking in emerging economies, volume 20, pages 10-37, Bank for International Settlements.
    3. Chinn, Menzie D., 2001. "Corrigendum to ''Before the fall: were East Asian currencies overvalued?'': [Emerging Markets Review 1 (2000) 101-126]," Emerging Markets Review, Elsevier, vol. 2(1), pages 87-87, March.
    4. Mr. Subramanian S Sriram, 2009. "The Gambia: Demand for Broad Money and Implications for Monetary Policy Conduct," IMF Working Papers 2009/192, International Monetary Fund.
    5. Bhatta, Siddha Raj, 2011. "Stability of demand for money function in Nepal: A cointegration and error correction modeling approach," MPRA Paper 41404, University Library of Munich, Germany.
    6. Gertler, M. & Rose,Thomas A., 1991. "Finance, growth, and public policy," Policy Research Working Paper Series 814, The World Bank.
    7. Chinn, Menzie D, 1999. "On the Won and Other East Asian Currencies," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 4(2), pages 113-127, April.
    8. Soo Khoon Goh & Guay Lim & Nilss Olekalns, 2006. "Deviations from uncovered interest parity in Malaysia," Applied Financial Economics, Taylor & Francis Journals, vol. 16(10), pages 745-759.
    9. Akhand Akhtar Hossain, 2009. "Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 12777, March.
    10. Dahalan, Jauhari & Sharma, Subhash C. & Sylwester, Kevin, 2005. "Divisia monetary aggregates and money demand for Malaysia," Journal of Asian Economics, Elsevier, vol. 15(6), pages 1137-1153, January.
    11. International Monetary Fund, 1991. "Financial Sector Reforms and Monetary Policy," IMF Working Papers 1991/127, International Monetary Fund.
    12. repec:kap:iaecre:v:14:y:2008:i:1:p:36-47 is not listed on IDEAS
    13. Rolf Langhammer, 1995. "Regional integration in East Asia. From market-driven regionalisation to institutionalised regionalism?," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 131(1), pages 167-201, March.
    14. Ying Wu, 2010. "Exchange Rates and Prices under Processing Trade: A Macroeconomic Analysis," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 38(3), pages 345-357, September.
    15. James Boughton, 1992. "International comparisons of money demand," Open Economies Review, Springer, vol. 3(3), pages 323-343, October.
    16. Hong, Puah & Leong, Choi-Meng & Mansor, Shazali & Lau, Evan, 2018. "Revisiting Money Demand in Malaysia: Simple-Sum versus Divisia Monetary Aggregates," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 52(2), pages 267-278.
    17. Azali Mohamed, 1996. "Velocity and the variability of anticipated and unanticipated money growth in Malaysia," Applied Economics Letters, Taylor & Francis Journals, vol. 3(11), pages 697-700.
    18. Carlos Acevedo, 2000. "Mecanismos de transmisión de política monetaria con liberalización financiera: El Salvador en los noventa," Monetaria, CEMLA, vol. 0(4), pages 361-412, octubre-d.
    19. Vittorio Corbo & Leonardo Hernández, "undated". "Macroeconomic Adjustment to Capital Inflows: Rational and Some Recent Experiences," Documentos de Trabajo 164, Instituto de Economia. Pontificia Universidad Católica de Chile..
    20. Stephen Dobson & Carlyn Ramlogan, 2001. "Money Demand and Economic Liberalization in a Small Open Economy—Trinidad and Tobago," Open Economies Review, Springer, vol. 12(3), pages 325-339, July.
    21. Raghbendra Jha & Deba Prasad Rath, 2001. "On the Endogeneity of the Money Multiplier in India," ASARC Working Papers 2001-12, The Australian National University, Australia South Asia Research Centre.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:apacel:v:9:y:1995:i:1:p:40-57. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://onlinelibrary.wiley.com/journal/14678411 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.