How Finance Is Shaping the Economies of China, Japan, and Korea
Hugh Patrick and Yung Chul Park
Abstract
This volume connects the evolving modern financial systems of China, Japan, and Korea to the development and growth of their economies through the first decade of the twenty-first century. It also identifies the commonalities among all three systems while accounting for their social, political, and institutional differences. Chapters consider the reforms of the Chinese economy since 1978, the underwhelming performance of the Japanese economy since about 1990, and the growth of the Korean economy over the past three decades. These economies engaged in rapid catch-up growth processes and share s ... More
This volume connects the evolving modern financial systems of China, Japan, and Korea to the development and growth of their economies through the first decade of the twenty-first century. It also identifies the commonalities among all three systems while accounting for their social, political, and institutional differences. Chapters consider the reforms of the Chinese economy since 1978, the underwhelming performance of the Japanese economy since about 1990, and the growth of the Korean economy over the past three decades. These economies engaged in rapid catch-up growth processes and share similar economic structures. Yet while domestic forces have driven each country's financial trajectory, international short-term financial flows have presented opportunities and challenges for them all. The nature and role of the financial system in generating real economic growth, though nuanced and complex, is integral to these countries.
Keywords:
financial systems,
Chinese economy,
Japanese economy,
Korean economy,
catch-up growth,
economic structures,
domestic forces
Bibliographic Information
| Print publication date: 2013 |
Print ISBN-13: 9780231165266 |
| Published to Columbia Scholarship Online: November 2015 |
DOI:10.7312/columbia/9780231165266.001.0001 |
