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Financial Development in Asia: some analytical issues

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  • Maxwell J. Fry

Abstract

Twenty‐two years ago, Ronald McKinnon and Edward Shaw highlighted some of the deleterious effects of financial repression‐interest rate ceilings, high reserve requirements, directed credit policies, and discriminatory taxation of financial intermediaries. Both books presented some theoretical underpinnings for policy recommendations, based in large part on reforms in Taiwan (early 1950s) and Korea (mid‐l960s), that were already in vogue. Since 1973 there has been a literature explosion in the field of financial development, much of it focused on the Asian experience. This article constitutes the third in a series of articles which surveys the literature on financial development in Asia for the period 1988–94.

Suggested Citation

  • Maxwell J. Fry, 1995. "Financial Development in Asia: some analytical issues," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 9(1), pages 40-57, May.
    • Handle: RePEc:bla:apacel:v:9:y:1995:i:1:p:40-57
    DOI: 10.1111/j.1467-8411.1995.tb00103.x
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    References listed on IDEAS

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    1. Hinds, Manuel, 1988. "Economic effects of financial crises," Policy Research Working Paper Series 104, The World Bank.
    2. Mr. David Burton & Ms. Wanda S Tseng & Ms. Kalpana Kochhar & Hoe Ee Khor & Mr. Dubravko Mihaljek, 1994. "Economic Reform in China: A New Phase," IMF Occasional Papers 1994/002, International Monetary Fund.
    3. Mr. Robert J. Corker & Ms. Wanda S Tseng, 1991. "Financial Liberalization, Money Demand, and Monetary Policy in Asian Countries," IMF Occasional Papers 1991/002, International Monetary Fund.
    4. Emil-Maria Claassen, 1992. "Financial liberalization and its impact on domestic stabilization policies: Singapore and Malaysia," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 128(1), pages 136-167, March.
    5. G.M. Abayaratna, 1990. "Capital Adequacy and Banking Risks in the SEACEN Countries," Staff Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, number sp37.
    6. Fry, M.J., 1994. "Direct and Indirect Effects of Financial Repression on Savings and Growth: A Simultaneous Equation Model of Saving, Investment, Exports and Growth," Papers 94-05, University of Birmingham - International Financial Group.
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    Cited by:

    1. Pack, Howard, 2000. "Industrial Policy: Growth Elixir or Poison?," The World Bank Research Observer, World Bank, vol. 15(1), pages 47-67, February.
    2. Ansari, M. I., 2002. "Impact of financial development, money, and public spending on Malaysian national income: an econometric study," Journal of Asian Economics, Elsevier, vol. 13(1), pages 72-93.
    3. Athukorala, Prema-chandra & Sen, Kunal, 2004. "The Determinants of Private Saving in India," World Development, Elsevier, vol. 32(3), pages 491-503, March.
    4. de Brouwer,Gordon, 1999. "Financial Integration in East Asia," Cambridge Books, Cambridge University Press, number 9780521651486, November.
    5. jamshidi , neda & Vaez Barzani , Mohammad & Toghyani , Mahdi, 2021. "An Analysis about the Long Term Impact of Banks Securitization on Economic Growth," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 16(3), pages 283-304, September.
    6. Jason Furman & Joseph E. Stiglitz, 1998. "Economic Crises: Evidence and Insights from East Asia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(2), pages 1-136.

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