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Financial Development in Asia: some analytical issues
Author(s) -
Fry Maxwell J.
Publication year - 1995
Publication title -
asian‐pacific economic literature
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.232
H-Index - 21
eISSN - 1467-8411
pISSN - 0818-9935
DOI - 10.1111/j.1467-8411.1995.tb00103.x
Subject(s) - financial intermediary , financial repression , finance , economics , interest rate , financial system , political science
Twenty‐two years ago, Ronald McKinnon and Edward Shaw highlighted some of the deleterious effects of financial repression‐interest rate ceilings, high reserve requirements, directed credit policies, and discriminatory taxation of financial intermediaries. Both books presented some theoretical underpinnings for policy recommendations, based in large part on reforms in Taiwan (early 1950s) and Korea (mid‐l960s), that were already in vogue. Since 1973 there has been a literature explosion in the field of financial development, much of it focused on the Asian experience. This article constitutes the third in a series of articles which surveys the literature on financial development in Asia for the period 1988–94.