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The Changing Financial System in Taiwan

In: Accounting Reform in Transition and Developing Economies

Author

Listed:
  • Doris H. Chuang

    (Brighton Business School)

  • Jens Hölscher

    (Brighton Business School)

Abstract

Over the past 5 decades, Taiwan has achieved rapid economic growth and has successfully transformed from an agricultural society to a technology-oriented industrialised society. Correspondingly, its financial system has been through a transformation in the process of economic development and the government's efforts have focused on implementing policies conducive to financial liberalisation and internalisation for the past 20 years. Taiwan's financial system has been transformed from a controlled system to a liberalised system and from a state banking to a private banking system. The financial liberalisation process in Taiwan has followed the order suggested by McKinnon (1993) to transfer the economy from a financially controlled to a market-oriented economy. As Taiwan today is in a phase of transformation in political and economic affairs, having and maintaining a sound, efficient financial system has become significant in satisfying the needs of industry and promoting economic development. Appropriate financial reforms at the right moment can help ensure the operation of a sound financial system and equip Taiwan&s financial institutions with the ability to cope with the increasing competitiveness of the financial environment. Taiwan's financial reform took place in 2001 and was aimed at maintaining the integrity of the financial market and facilitating the sound development of financial services.

Suggested Citation

  • Doris H. Chuang & Jens Hölscher, 2008. "The Changing Financial System in Taiwan," Springer Books, in: Robert W. McGee (ed.), Accounting Reform in Transition and Developing Economies, chapter 14, pages 215-233, Springer.
    • Handle: RePEc:spr:sprchp:978-0-387-25708-2_14
    DOI: 10.1007/978-0-387-25708-2_14
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