A Century of Economic Development in Taiwan

Jong-Shong Lin, Stewart K. C. Leung and David M. Chen
Additional contact information
Jong-Shong Lin: E. Sun Commercial Bank, No.77, Sec. 1, Wu-Chang St., Taipei, Taiwan, R.O.C.
Stewart K. C. Leung: Pruman Corporation, 9 Kung-Kuang Road, 1F, Peitou, Taipei, Taiwan, R.O.C.
David M. Chen: Department of Accounting and Graduate School of Finance, Fu-Jen Catholic University, 510 Chung Cheng Road, Hsin Chuang, Taipei Hsien, Taiwan, R.O.C.

Review of Pacific Basin Financial Markets and Policies (RPBFMP), 1998, vol. 01, issue 03, 369-381

Abstract: This paper provides a brief summary of Taiwan's economic development in the past century in three broad stages: colonial foundations (1895-1940), dark ages (1941-1960), and reforms to miracle (1961-1994) .The historic perspective adopted here clearly indicates the strength and weakness of an export-led economy built on low-tech manufacturing. Though domestic savings and foreign reserves are high, Taiwan is short of an updated technological infrastructure and an effective financial system. Corporate strength is also rare. With a well-defined government policy allowing appropriate funds to be channeled to long-term finance to reinforce industrial banking, it is conceivable that the economy can be revitalized. Because success in industrial banking depends on initiative, efficiency and fair distribution of capital, it is imperative that a strategy of such significance be implemented by the private sector.

JEL-codes: G1 G2 G3 (search for similar items in EconPapers)
Date: 1998
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DOI: 10.1142/S0219091598000235

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