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

Editor

Listed:
  • Patrick, Hugh T.
    (Columbia University)

  • Yung Chul Park,

Abstract

This path-breaking comparative study of the economies of Japan, Korea, and Taiwan analyses 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. 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 socialist economics.

Suggested Citation

  • Patrick, Hugh T. & Yung Chul Park, (ed.), 1994. "The Financial Development of Japan, Korea, and Taiwan: Growth, Repression, and Liberalization," OUP Catalogue, Oxford University Press, number 9780195087666.
    • Handle: RePEc:oxp:obooks:9780195087666
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    Cited by:

    1. James Ang & Kunal Sen, 2011. "Private saving in India and Malaysia compared: the roles of financial liberalization and expected pension benefits," Empirical Economics, Springer, vol. 41(2), pages 247-267, October.
    2. Ang, James B., 2010. "Research, technological change and financial liberalization in South Korea," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 457-468, March.

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