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首页> 外文学位 >Political economy of financial liberalization in emerging markets: A comparative study of South Korea and Taiwan in the 1990s (China).
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Political economy of financial liberalization in emerging markets: A comparative study of South Korea and Taiwan in the 1990s (China).

机译：新兴市场中金融自由化的政治经济学：对1990年代韩国和台湾的比较研究（中国）。

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摘要

This research explains how diversity in domestic politics and liberalization policies differentiated the results of financial liberalization in South Korea and Taiwan in the 1990s. Thus far, there has been no consensus among economists and political scientists regarding the consequences of financial convergence to international markets or how emerging markets will manage these transitions. Most studies have analyzed these transitions and their results as consequences of market-driven forces or hegemonic policies. Assuming a similar international context, the theoretical and empirical focus of this comparative study is based on the view that each country has unique internal political and economic structures that differentiate its transition. Identifying linkages between liberalization and economic growth and crisis, this work finds that the influence of diverse domestic structures and financial policies may be as important as or even more important than international factors.; This study created a comprehensive framework of analysis combining both qualitative assessments and empirical econometric measurements to understand transitions. This analysis resulted in three major conclusions. First, South Korea and Taiwan experienced different patterns of transition during the 1990s. Second, South Korea's liberalization resulted in more influential effects on economic growth than in Taiwan, finding a fluctuating pattern of growth in South Korea compared to more gradual growth in Taiwan. Third, different patterns of corporate borrowing led to differences explain why Taiwan weathered the 1997–98 currency crisis more successfully than South Korea. These conclusions give rise to several policy implications for avoiding crisis. The sequence of introducing liberalizing reforms is vital; market-led liberalizations will not avoid financial crisis if competitive industrial, bank and political structures do not exist simultaneously. Most importantly, adequate prudential regulation and supervision must be implemented before liberalization in order to eliminate rent-seeking behaviors between banks and business conglomerates, common in emerging markets after liberalization. This research thus suggests a new model for examining processes of financial liberalization, finding that the internal structures of states can be analyzed to explain subsequent economic growth and crisis. This is information that can potentially be used for crisis avoidance.
机译：这项研究解释了国内政治和自由化政策的多样性如何使1990年代韩国和台湾的金融自由化结果与众不同。迄今为止，对于金融融合对国际市场的影响或新兴市场将如何应对这些转变，经济学家和政治学家之间尚未达成共识。大多数研究已将这些转变及其结果作为市场驱动力或霸权政策的后果进行了分析。假设国际环境相似，则本比较研究的理论和经验重点是基于这样一个观点，即每个国家都有独特的内部政治和经济结构来区分其转型。这项工作确定了自由化与经济增长和危机之间的联系，发现各种国内结构和金融政策的影响可能与国际因素同等甚至重要。这项研究创建了一个综合的分析框架，该框架结合了定性评估和经验计量经济计量，以了解转变。该分析得出三个主要结论。首先，韩国和台湾在1990年代经历了不同的转型模式。其次，韩国的自由化对经济增长的影响要大于台湾，对台湾的经济增长产生了波动的影响，而台湾的经济却逐渐增长。第三，不同的公司借贷方式导致了分歧，这解释了为什么台湾比韩国更成功地度过了1997-98年的货币危机。这些结论引起了避免危机的若干政策含义。实行自由化改革的顺序至关重要。如果竞争性的产业，银行和政治结构不同时存在，则市场主导的自由化将无法避免金融危机。最重要的是，必须在自由化之前实施适当的审慎监管和监督，以消除自由化后在新兴市场中普遍存在的银行与企业集团之间的寻租行为。因此，这项研究提出了一种检查金融自由化过程的新模型，发现可以分析国家的内部结构来解释随后的经济增长和危机。这些信息可以潜在地用于避免危机。

著录项

  • 作者

    Chen, Tsaubin.;

  • 作者单位

    University of Southern California.;

  • 授予单位 University of Southern California.;
  • 学科 Economics Finance.; Political Science International Law and Relations.
  • 学位 Ph.D.
  • 年度 2002
  • 页码 161 p.
  • 总页数 161
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 财政、金融;国际法;
  • 关键词

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