The Developmental Logic of Financial Liberalization in Taiwan

Elizabeth Thurbon

Chapter 5 in Institutions and Market Economies, 2007, pp 87-111 from Palgrave Macmillan

Abstract: Abstract The Asian crisis of 1997–98 for many pundits appeared to ‘discredit’ the region’s developmental states, projecting them as a symbol of the incompatibility of financial openness with efforts to govern the market. In the standard accounts, something has got to give, and invariably it is the developmental state that must lose out (Pang, 1998; Moon and Rhyu, 2000; Jayasuriya, 2001; Pirie, 2005). However, this widely held view misleads, not only because it sets up a false dichotomy between governing the market and financial openness, but also because it overstates the uniformity of developmental states in their liberalizing objectives and approach.

Keywords: World Trade Organization; Banking Sector; Financial Stability; Asian Development Bank; Foreign Exchange Reserve (search for similar items in EconPapers)
Date: 2007
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DOI: 10.1057/9780230389946_5

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