How Finance Is Shaping the Economies of China, Japan, and Korea

How Finance Is Shaping the Economies of China, Japan, and Korea

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This volume connects the evolving modern financial systems of China, Japan, and Korea to the development and growth of their economies through the first decade of the twenty-first century. It also identifies the commonalities among all three systems while taking into account their social, political, and institutional differences. Essays consider the reform of the Chinese economy since 1978, the underwhelming performance of the Japanese economy since about 1990, and the growth of the Korean economy over the past three decades. These economies engaged in rapid catch-up growth processes and share similar economic structures. While domestic forces have driven each countrya€™s financial trajectory, international short-term financial flows have presented opportunities and challenges for all. For these countries, the nature and role of the financial system in generating real economic growth is integral, though nuanced and complex. The result is a fascinating spectrum of experiences with powerful takeaways.In no small measure, the regulatory failure to detect the signs of the credit card lending boom and take corrective actions aggravated the crisis. There was no explicit capital requirement to provide credit card firms with a cushion against the anbsp;...

Title:How Finance Is Shaping the Economies of China, Japan, and Korea
Author: Yung Chul Park, Hugh Patrick
Publisher:Columbia University Press - 2013-11-19

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