The changing financial system in Taiwan

Authors: Chuang, D.H. and Hölscher, J.

http://www.scopus.com/inward/record.url?eid=2-s2.0-84885698525&partnerID=40&md5=0d6015f625ecdd70e8c181e3b613929c

Journal: Accounting Reform in Transition and Developing Economies

DOI: 10.1007/978-0-387-25708-2_14

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Authors: Chuang, D.H. and Hölscher, J.

Pages: 215-233

DOI: 10.1007/978-0-387-25708-2_14

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. © 2009 Springer US.

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