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

Front Cover
R D Calkins Professor of International Business Director of the Center on Japanese Economy and Business and Co-Director of the Pacific Basin Studies Program Hugh Patrick, Hugh T. Patrick, Yung Chul Park, Distinguished Professor in the Division of International Studies Yung Chul Park, Y\)ong-ch\h\)ol Pak
Oxford University Press, 1994 - Social Science - 384 pages
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.
 

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Contents

Development and Structural Change of the Financial System
27
Development and Structural Change of the Banking System
81
Development and Structural Change of the Financial System
129
Development and Structural Change of the Banking System
188
Development and Structural Change
222
Development and Structural Change of the Banking System
288
Comparisons Contrasts and Implications
325
Copyright

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About the author (1994)

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