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The Developmental Logic of Financial Liberalization in Taiwan

In: Institutions and Market Economies

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  • Elizabeth Thurbon

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.

Suggested Citation

  • Elizabeth Thurbon, 2007. "The Developmental Logic of Financial Liberalization in Taiwan," Palgrave Macmillan Books, in: W. R. Garside (ed.), Institutions and Market Economies, chapter 5, pages 87-111, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-38994-6_5
    DOI: 10.1057/9780230389946_5
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    Cited by:

    1. Yao, Lixia & Shi, Xunpeng & Andrews-Speed, Philip, 2018. "Conceptualization of energy security in resource-poor economies: The role of the nature of economy," Energy Policy, Elsevier, vol. 114(C), pages 394-402.

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