The Risk Premium Differential in Japanese-Era Taiwan and its Effect

Kelly B. Olds

Journal of Institutional and Theoretical Economics (JITE), 2002, vol. 158, issue 3, 441-463

Abstract: During the Japanese era, there was a lower risk premium in northern Taiwanese capital markets than in southern markets. Evidence suggests this was due to superior informal institutions in the north. As a result, northern property rights were better defined, northerners were less dependent on formal credit markets and landless farmers who had less access to formal markets were at a smaller disadvantage in the north than in the south.

JEL-codes: N2 (search for similar items in EconPapers)
Date: 2002
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