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How Finance Is Shaping the Economies of China, Japan, and Korea$
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Hugh Patrick and Yung Chul Park

Print publication date: 2013

Print ISBN-13: 9780231165266

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231165266.001.0001

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An Introductory Overview

An Introductory Overview

(p.1) Chapter One An Introductory Overview
How Finance Is Shaping the Economies of China, Japan, and Korea

Hugh Patrick

Columbia University Press

This introductory chapter provides the framework of the book in discussing the financial development of China, Japan, and Korea. It begins by comparing and contrasting the domestic dimensions of China, Japan, and Korea, as well as their responses to the changing international economic and financial environment. The next section introduces the context of the study of these countries, particularly the 2007–2009 global financial crisis. The subsequent sections describe in detail these countries' financial repression and liberalization, financial globalization, and the fiscal development. The chapter concludes with an extensive evaluation of the role of finance in these three countries, particularly on their catch-up growth and overall economic performance.

Keywords:   financial development, China, Japan, Korea, financial environment, 2007–2009 global financial crisis, financial globalization, fiscal development, catch-up growth

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