Financial Liberalization And Economic Development

Author : Anonim
Publisher : BRILL
Page : 336 pages
File Size : 46,7 Mb
Release : 2022-03-07
Category : Business & Economics
ISBN : 9781684176304

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Financial Liberalization and Economic Development in Korea, 1980-2020 by Anonim Pdf

Since the early 1980s, Korea’s financial development has been a tale of liberalization and opening. After the 1997 financial crisis, great strides were made in building a market-oriented financial system through sweeping reforms for deregulation and the opening of financial markets. However, the new system failed to steer the country away from a credit card boom and bust in 2003, a liquidity crisis in 2008, and a run on its savings banks in 2011, and has been severely tested again by the ongoing COVID-19 pandemic crisis. Financial liberalization, clearly, has been no panacea. This study analyzes the deepening of and structural changes in Korea’s financial system since the early 1980s and presents the empirical results of the effects of financial development on economic growth, stability, and the distribution of income. It finds that, contrary to conventional wisdom, financial liberalization has contributed little to fostering the growth and stability of the Korean economy and has exacerbated income distribution problems. Are there any merits in financial liberalization? The authors answer this query through empirical examinations of the theories of finance and growth. They point to a clear need to further improve the efficiency, soundness, and stability of Korean financial institutions and markets.

Author : Yung Chul Park,Hail Park,Joon-Kyung Kim
Publisher : Harvard University Press
Page : 375 pages
File Size : 40,6 Mb
Release : 2021-03-30
Category : Electronic
ISBN : 0674251288

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Financial Liberalization and Economic Development in Korea, 1980-2020 by Yung Chul Park,Hail Park,Joon-Kyung Kim Pdf

Korea's financial development has been a tale of liberalization and opening but the new system has failed to steer the country away from financial crises. This study analyzes the changes in the financial system and finds that financial liberalization has contributed little to grow and stabilize the Korean economy.

Author : Ronald I. McKinnon
Publisher : ICS Press
Page : 52 pages
File Size : 53,7 Mb
Release : 1988
Category : Asia
ISBN : UCSD:31822029668167

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Financial Liberalization and Economic Development by Ronald I. McKinnon Pdf

Author : Trevor M. Sikorski
Publisher : World Bank Publications
Page : 31 pages
File Size : 50,6 Mb
Release : 1996
Category : Free enterprise
ISBN : 9780928064223

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Financial Liberalization in Developing Countries by Trevor M. Sikorski Pdf

Author : P. Arestis,M. Sawyer
Publisher : Springer
Page : 172 pages
File Size : 54,7 Mb
Release : 2005-09-08
Category : Political Science
ISBN : 9780230522381

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Financial Liberalization by P. Arestis,M. Sawyer Pdf

The financial liberalization thesis emerged in the 1970s and has been of considerable importance ever since, not merely in terms of its theoretical influence but, perhaps more importantly, in terms of its impact on policy makers and policy debates. Although it has encountered increasing scepticism over the years, it nevertheless had a relatively early impact on development policy, which still continues unabated, through the work of the IMF and the World Bank. The latter two institutions, perhaps in their traditional role as promoters of what were claimed to be free market conditions, were keen to encourage financial liberalization policies as part of more general reforms or stabilization programmes. This book explores what we have learned from the vast experience of the theoretical and policy aspects of the financial liberalization.

Author : P. Arestis,L. de Paula,Luiz Fernando de Paula
Publisher : Springer
Page : 221 pages
File Size : 50,9 Mb
Release : 2008-07-24
Category : Business & Economics
ISBN : 9780230227743

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Financial Liberalization and Economic Performance in Emerging Countries by P. Arestis,L. de Paula,Luiz Fernando de Paula Pdf

This book discusses the relationship between financial liberalization, financial deepening and economic performance from both a theoretical and a policy perspective, comparing several 'big' emerging countries: Argentina, Brazil, China, India, Russia, South Africa and India, amongst others.

Author : Lawrence B. Krause,Kim Kihwan
Publisher : Univ of California Press
Page : 440 pages
File Size : 45,8 Mb
Release : 2022-09-23
Category : Business & Economics
ISBN : 9780520376212

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Liberalization in the Process of Economic Development by Lawrence B. Krause,Kim Kihwan Pdf

Economic growth in all developing countries is guided, and often accelerated, by generally intrusive policies implemented by governments intent on playing an active role in furthering development. As economies have grown and become more complex, however, even small market distortions are magnified, and the tendency is to rely more heavily on the market for continued growth. In this volume, leading experts in economic development examine the variety of issues that arise as governments in some of the newly industrializing countries of Southeast Asia, such as South Korea, Taiwan, and Singapore, grapple with this difficult process of liberalization. This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1991.

Author : Yılmaz Akyüz
Publisher : Anthem Press
Page : 338 pages
File Size : 54,9 Mb
Release : 2014-05-01
Category : Business & Economics
ISBN : 9781783082407

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Liberalization, Financial Instability and Economic Development by Yılmaz Akyüz Pdf

Weighing up the costs and benefits of economic interdependence in a finance-driven world, this book argues that globalization, understood and promoted as absolute freedom for all forms of capital, has been oversold to the Global South, and that the South should be as selective about globalization as the North. ‘Liberalization, Financial Instability and Economic Development’ challenges the orthodoxy on the link between financial deepening and economic growth, as well as that between the efficiency of financial markets and the benefits of liberalization. Ultimately, the author urges developing countries to control capital flows and asset bubbles, preventing financial fragility and crises, and recommends regional policy options for managing capital flows and exchange rates.

Author : Tim Niepel
Publisher : GRIN Verlag
Page : 43 pages
File Size : 43,5 Mb
Release : 2015-06-03
Category : Business & Economics
ISBN : 9783656972532

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Financial Liberalization, Credit Market Imperfections and Financial System Stability by Tim Niepel Pdf

Master's Thesis from the year 2013 in the subject Business economics - Investment and Finance, grade: 1,5, Utrecht University (Utrecht School of Economics), language: English, abstract: Financial liberalization stimulates competition and thereby supposedly increases the efficiency of investment. A simple credit market model is developed to show that such efficiency improvements may be disturbed by competition-induced incentives for banks to accept higher default rates, which result in instability of the financial system. Thereby we offer a complementary explanation to the relationship between competition and stability in financial markets. Consequently we argue that government intervention, in the form of intelligent regulation, is necessary to ensure the development of sustainable financial markets.

Author : John Williamson,Molly Mahar
Publisher : Princeton University International Finance Section, Department of Econmics
Page : 84 pages
File Size : 52,6 Mb
Release : 1998
Category : Business & Economics
ISBN : STANFORD:36105029057747

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A Survey of Financial Liberalization by John Williamson,Molly Mahar Pdf

Author : Abdullahi Dahir Ahmed,Sardar M. N. Islam
Publisher : Springer Science & Business Media
Page : 303 pages
File Size : 52,7 Mb
Release : 2009-10-03
Category : Business & Economics
ISBN : 9783790821680

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Financial Liberalization in Developing Countries by Abdullahi Dahir Ahmed,Sardar M. N. Islam Pdf

The recent global ?nancial crisis has made ?nancial liberalization a topic of great academic and practical interest. This book makes new contributions to the topic by combining fact-?nding, empirical analysis, and theory to examine the relationship between ?nancial liberalization and economic growth. Among its contributions, the book provides detailed country assessments on the effects of ?nancial liberalization, including its striking impact on the banking sector. Although an important goal of ?nancial deregulation has been to help ?nancial institutions better perform their role in intermediating resources, the book models how deregulation may fail to achieve that goal in countries with underdeveloped ?nancial markets and institutions. For that purpose, the book draws on actual experience in Kenya, Malawi, Botswana, and Thailand. This book should constitute important reading for students of ?nancial economics, researchers and general academics, ?nancial practitioners, policymakers, and teachers of economics. North Carolina, USA Steven L. Schwarcz December 2008 Stanley A. Star Professor of Law & Business, Duke University Founding Director, Duke Global Capital Markets Center Durham vii Abstract and Preface The latest global ?nancial and economic crisis of 2008 shows the need to - examine the desirability of ?nancial liberalization and the basis for the view that ?nancial deregulation by itself cannot be considered as a substitute for better economic management. The literature on ?nancial liberalization has identi?ed various mechanisms through which removing controls on interest rates may impact economic growth.

Author : Luiz Fernando de Paula
Publisher : Taylor & Francis
Page : 273 pages
File Size : 55,9 Mb
Release : 2012-07-26
Category : Business & Economics
ISBN : 9781136854903

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Financial Liberalization and Economic Performance by Luiz Fernando de Paula Pdf

Since the beginning of the 1990s, Brazil has followed a pattern of economic development inspired by Washington Consensus. This framework includes a set of liberalising and market friendly policies such as privatisation, trade liberalization, stimulus to foreign direct investment, tax reform, and social security reforms. This book assesses the determinants and impacts of financial liberalisation in Brazil considering its two dimensions: the opening up of the balance of payments capital account, and the penetration by foreign bank of the domestic banking sector. The author combines theoretical and empirical analyses. Some make use of mathematical models and/or statistical techniques; however, they are only used when they are strictly necessary to the analysis.

Author : James Laurenceson,Joseph C.H. Chai
Publisher : Edward Elgar Publishing
Page : 188 pages
File Size : 45,7 Mb
Release : 2003-01-01
Category : Business & Economics
ISBN : 1843767198

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Financial Reform and Economic Development in China by James Laurenceson,Joseph C.H. Chai Pdf

China's prospects of successfully completing the transition to a market economy and becoming the world's largest economy during the 21st Century depend on the future sustainability of high rates of economic growth. This book is a comprehensive, balanced and realistic assessment of China's financial reform program and future direction. Covering not only the banking sector but also non-bank financial institutions, stock market development and external financial liberalization, the authors examine the impact of financial reform on economic development in China during the reform period. This volume will facilitate a more accurate assessment of the Chinese approach to financial reform, and will therefore allow more informed future policy choices for both China and other developing and transitional countries.

Author : Mohamed Ariff,Ahmed M. Khalid
Publisher : Edward Elgar Publishing
Page : 552 pages
File Size : 40,7 Mb
Release : 2000-01-01
Category : Business & Economics
ISBN : 1781952736

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Liberalization, Growth, and the Asian Financial Crisis by Mohamed Ariff,Ahmed M. Khalid Pdf

This work examines the effects of financial liberalization of the more advanced economies in Southeast Asia and analyses the degree to which emerging and transitional economies in East and South Asia can benefit from this example.

Author : Alison Harwood,Bruce Smith
Publisher : Brookings Institution Press
Page : 209 pages
File Size : 44,6 Mb
Release : 2010-12-01
Category : Business & Economics
ISBN : 9780815720959

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Sequencing? by Alison Harwood,Bruce Smith Pdf

The importance of the financial system in economic development has been frequently neglected by analysts and poorly understood by policymakers. Are there policy reforms, or any particular sequence of reform measures, that will contribute to the successful functioning of the financial system and thus spur long-term economic growth? What kind of regulatory changes are appropriate as countries move toward financial liberalization and as government development banks decline in importance compared to private banks and nonbank financial institutions? What broad lessons can be discerned from the experience of financial reform in Asia and Latin America for the transitional countries of Russia and Eastern Europe? The world's financial system has been buffeted in recent years by the crisis in the U.S. savings and loan industry, the implosion of the Japanese "bubble economy" of the late 1980s, the Mexican peso crisis, and other events. The experience of Western nations in adapting to financial liberalization can provide useful insights for the many countries embarking on a course of market reforms and beginning to build the financial infrastructure for a market economy. This volume analyzes the recent financial reforms and reform strategies in Asia, Latin America, Eastern Europe, and Russia. The chapters draw on the extensive practical experience of the authors and reflect the most recent empirical research in the field. The contributors are Gerald Caprio, Jr., Dimitri Vittas, and Ross Levine, the World Bank; David C. Cole and Betty F. Slade, Harvard Institute for International Development; Maxwell J. Fry, University of Birmingham at Edgbaston; Claudio Gonzalez-Vega, Ohio State University; Stephan Haggard, University of California, San Diego; R. Barry Johnston, International Monetary Fund; Philip A. Wellons, Harvard Law School; Lawrence J. White, New York University; and Alison Harwood.