The Risk Premium Differential in Japanese-Era Taiwan and its Effect
During the Japanese era, there was a lower risk premium in northern Taiwanese capital markets than in southern markets. Evidence suggests this was due to superior informal institutions in the north. As a result, northern property rights were better defined, northerners were less dependent on formal credit markets and landless farmers who had less access to formal markets were at a smaller disadvantage in the north than in the south.
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Volume (Year): 158 (2002)
Issue (Month): 3 (September)
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