Download or read book Financial Liberalization and Economic Development in Korea 1980 2020 written by Yung Chul Park and published by Harvard University Press. This book was released on 2021-03-30 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Monetary and Exchange System Reforms in China written by Mr.Bernard Laurens and published by International Monetary Fund. This book was released on 1996-09-26 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1978, China embarked on a gradual but far-reaching reform of its economic system. This paper focuses on the achievements so far in reforming the financial sector, the legal framework for financial transactions, the payments system, and the monetary policy and foreign exchange system. It also analyzes the tasks ahead to achieve the goals set in these areas for the year 2000.
Download or read book Japanese Resistance to American Financial Hegemony written by Fumihito Gotoh and published by Routledge. This book was released on 2019-10-01 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates why the convergence of Japan’s bank-centered financial system to an American-style capital market-based model has lost steam since the mid-2000s, despite financial deregulation during the 1980s and 1990s. Examining the ideational conflict within Japanese elites between the market liberalization and anti-free market camps, it scrutinizes the American and Japanese credit rating agencies operating in Tokyo and explores the differences between the two major industrial associations, Keidanren and Doyukai, which have played a key role as "ideational platforms" for Japanese corporate society. The book emphasizes the concept of "systemic support", whose broadened definition incorporates dominant elites’ support and protection of subordinates in exchange for the latter’s obedience and loyalty. It argues that Japanese society’s anti-liberal, anti-free market norms centered on systemic support are a form of counter-hegemony, and this has resisted American financial hegemony, promoting international capital mobility and capital markets, and prevented capitalist dominance from severing long-term social ties such as management-labor cooperation and corporate group alliances. Yet this resistance has generated growing problems for Japan. With a focus on social norms, bureaucracy, credit rating agencies, industrial associations and corporate governance, this book will provide useful insights for scholars and students of international political economy, sociology, cultural studies, and business studies.
Download or read book The Rising Yen written by Richard S. Thorn and published by Institute of Southeast Asian Studies. This book was released on 1987 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: Japan has become the world's second largest economy and the number one exporter of financial capital. Tokyo has taken its place as a first-tier financial centre alongside London and New York. This study analyses the far-reaching effects of these developments on both Japan and the world capital markets.
Download or read book The Japanese Yen as an International Currency written by Mr.George S. Tavlas and published by International Monetary Fund. This book was released on 1991-01-01 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of the Japanese yen as an international currency is assessed. It is found that the determinants of international-currency use imply some increase for the yen’s use in international finance; however, the implications for the yen’s use in international trade are mixed. It is also shown that, despite Japan’s emergence as the world’s largest net creditor nation, Japan’s capital outflows have not significantly facilitated the yen’s internationalization. Data are presented showing that, although the yen’s use as an international currency has increased, it is still rather modest. Wider use of the yen as a regional currency in Asia has occurred, though a “yen-zone” does not appear to be emerging.
Download or read book Race for the Exits written by Leonard J. Schoppa and published by Cornell University Press. This book was released on 2011-07-15 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contrary to all expectations, Japan's long-term recession has provoked no sustained political movement to replace the nation's malfunctioning economic structure. The country's basic social contract has so far proved resistant to reform, even in the face of persistently adverse conditions. In Race for the Exits, Leonard J. Schoppa explains why it has endured and how long it can last. The postwar Japanese system of "convoy capitalism" traded lifetime employment for male workers against government support for industry and the private (female) provision of care for children and the elderly. Two social groups bore a particularly heavy burden in providing for the social protection of the weak and dependent: large firms, which committed to keeping their core workforce on the payroll even in slow times, and women, who stayed home to care for their homes and families. Using the exit-voice framework made famous by Albert Hirschman, Schoppa argues that both groups have chosen "exit" rather than "voice," depriving the political process of the energy needed to propel necessary reforms in the system. Instead of fighting for reform, firms slowly shift jobs overseas, and many women abandon hopes of accommodating both family and career. Over time, however, these trends have placed growing economic and demographic pressures on the social contract. As industries reduce their domestic operations, the Japanese economy is further diminished. Japan has also experienced a "baby bust" as women opt out of motherhood. Schoppa suggests that a radical break with the Japanese social contract of the past is becoming inevitable as the system slowly and quietly unravels.
Download or read book Corporate Financing and Governance in Japan written by Takeo Hoshi and published by MIT Press (MA). This book was released on 2001 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: The history and future of the Japanese financial system.
Download or read book Financial Deregulation and Integration in East Asia written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2007-12-01 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: The increased mobility and volume of international capital flows is a striking trend in international finance. While countries worldwide have engaged in financial deregulation, nowhere is this pattern more pronounced than in East Asia, where it has affected in unanticipated ways the behavior of exchange rates, interest rates, and capital flows. In these thirteen essays, American and Asian scholars analyze the effects of financial deregulation and integration on East Asian markets. Topics covered include the roles of the United States and Japan in trading with Asian countries, macroeconomic policy implications of export-led growth in Korea and Taiwan, the effects of foreign direct investment in China, and the impact of financial liberalization in Japan, Korea, and Singapore. Demonstrating the complexity of financial deregulation and the challenges it poses for policy makers, this volume provides an excellent picture of the overall status of East Asian financial markets for scholars in international finance and Asian economic development.
Download or read book Banking Structures in Major Countries written by George G. Kaufman and published by Springer Science & Business Media. This book was released on 1992 with total page 642 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ongoing globalization of financial markets has increased the import ance to users of financial services, policy-makers and financial analysts of understanding the structure and operation of banking systems in other countries as well as that in their own country. This volume contributes to such an understanding. The structure and operation of the banking system are described for 10 important countries, plus the European Economic Community, under one cover. The contributing authors are knowledgable and widely respected experts. The author, or at least one of the coauthors, of each chapter is a resident of the country described. Each chapter follows a broadly similar outline, although the attention devoted to any particular area varies substantially according to authors' perceptions of its relative importance in the particular country. The chapters spotlight the similarities and differences among the structures. The volume should serve as both a handy and authoritative reference guide for practitioners, regulators and students of international banking. An early benefit of the book was an international conference held in Chicago in the fall of 1989 on the world integration of financial markets. A number of the authors of the chapters presented brief versions of their papers. The conference was sponsored jointly by the Federal Reserve Bank of Chicago and the MidAmerica Institute. The audience was primarily senior officers and regulators of financial institutions in the midwest. The conference generated considerable interest in both the subject matter and the contents of this book.
Download or read book Japanese Banks and the Asset Price Bubble written by Mr.Steven M. Fries and published by International Monetary Fund. This book was released on 1993-11-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the recent collapse of the asset price “bubble,” Japanese banks encountered significant pressure from both a sharp decline in the value of equity holdings and a marked increase in bad loans. In August 1992, the Government initiated measures that stabilized equity prices and assisted banks in managing their nonperforming loans. While the major banks disclosed that 4.6 percent of their total loans were nonperforming at the end of FY 1992, a mechanical estimate of all banks’ nonperforming and restructured loans is 6-7 percent of their total loans--a serious yet manageable problem. The main policy implications are to ensure the reasonably prompt resolution of the bad loan problem and to enhance market discipline to prevent its recurrence.
Download or read book Financial Liberalization and the Asian Crisis written by H. Chang and published by Springer. This book was released on 2001-06-11 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis that hit a number of 'miracle' economies of Asia in 1997 shocked the world. Financial Liberalization and the Asian Crisis rejects conventional explanations of the crisis as the outcome primarily of inefficient and corrupt economics systems in the countries concerned. It argues that the crisis was the result of premature and overly rapid financial liberalization in a world of increasing financial liquidity and volatility, and calls for a more cautious approach to financial liberalization, and a reform of the international financial architecture.
Download or read book The Great Transformation of Japanese Capitalism written by Sébastien Lechevalier and published by Routledge. This book was released on 2014-02-05 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 1980s the performance of Japan’s economy was an international success story, and led many economists to suggest that the 1990s would be a Japanese decade. Today, however, the dominant view is that Japan is inescapably on a downward slope. Rather than focusing on the evolution of the performance of Japanese capitalism, this book reflects on the changes that it has experienced over the past 30 years, and presents a comprehensive analysis of the great transformation of Japanese capitalism from the heights of the 1980s, through the lost decades of the 1990s, and well into the 21st century. This book posits an alternative analysis of the Japanese economic trajectory since the early 1980s, and argues that whereas policies inspired by neo-liberalism have been presented as a solution to the Japanese crisis, these policies have in fact been one of the causes of the problems that Japan has faced over the past 30 years. Crucially, this book seeks to understand the institutional and organisational changes that have characterised Japanese capitalism since the 1980s, and to highlight in comparative perspective, with reference to the ‘neo-liberal moment’, the nature of the transformation of Japanese capitalism. Indeed, the arguments presented in this book go well beyond Japan itself, and examine the diversity of capitalism, notably in continental Europe, which has experienced problems that in many ways are also comparable to those of Japan. The Great Transformation of Japanese Capitalism will appeal to students and scholars of both Japanese politics and economics, as well as those interested in comparative political economy.
Download or read book International Financial Issues in the Pacific Rim written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2008-09-15 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: The imbalanced, yet mutually beneficial, trading relationship between the United States and Asia has long been one of international finance’s most perplexing mysteries. Although the United States continues to post a substantial trade deficit—and China reaps the benefits of a surplus—the dollar has yet to sink in the face of ever-increasing account disparities. International Financial Issues in the Pacific Rim explains why the United States enjoys a seemingly symbiotic relationship with its trading partners despite stark inequities in the trade balance, especially with Asia. This timely and well-informed study also debunks the assumed link between economic openness and low inflation in the region, identifies the serious gap between academic and private-sector researchers’ understanding of exchange rate volatility, and analyzes the liberalization of Asian capital accounts. International Financial Issues in the Pacific Rim will have broad implications for global trade and economic policy issues in Asia and beyond.
Download or read book Institutional Change in Japan written by Magnus Blomström and published by Routledge. This book was released on 2006-08-21 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a new analysis of recent changes in important Japanese institutions. It addresses the origin, development, and recent adaptation of core institutions, including financial institutions, corporate governance, lifetime employment, and the amakudari system. After four decades of rapid economic growth in Japan, the 1990s saw the country enter a prolonged period of economic stagnation. Policy reforms were initially half-hearted, and businesses were slow to restructure as the global economy changed. The lagging economy has been impervious to aggressive fiscal stimulus measures and has been plagued by ongoing price deflation for years. Japan’s struggle has called into question the ability of the country’s economic institutions, originally designed to support factor accumulation and rapid development, to adapt to the new economic environment of the twenty-first century. This book discusses both historical and international comparisons including Meiji Japan, and recent economic and financial reforms in Korea, Scandinavia, Switzerland, and New Zealand, placing the current institutional changes in perspective. The contributors argue that, contrary to conventional wisdom that Japanese institutions have remained relatively rigid, there has been significant institutional change over the last decade.
Download or read book The Politics of Financial Liberalization written by Eric C. Batalla and published by . This book was released on 2002 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Japanese Deregulation and Financial Liberalization Tribulations written by Rameshwar Tandon and published by . This book was released on 2006 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monetary Policy in Our Times written by Albert Ando and published by . This book was released on 1985 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
