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This book explores an adventurous life of engagement in the
challenges of economic development in a destitute China (1946-47),
war-torn Korea (1951-52), divided Vietnam (1955-1957), and
post-Sukarno Indonesia (1966-71). It also relates the author's
subsequent experiences helping South Korea enter onto its high
growth trajectory and Indonesia to modernize its financial system.
Interspersed are vignettes of academic life at Deep Springs
College, Cornell University, University of Michigan, Vanderbilt
University and Harvard, and the challenges of working with the
Navajo Nation to extract revenue and reduce pollution from
exploitative coal-mining and power companies, as well as trying to
devise an appropriate and viable approach to rural development for
the remote, politically and culturally divided district of Abyei,
on the border between North and South Sudan. Finally, it describes
the author's efforts at preserving environmental and historical
resources in Southeast Massachusetts. Throughout, the book recounts
and acknowledges the important roles of teachers, colleagues,
friends and family in enriching the author's fortunate life.
This ninth title in the series Studies in the Modernization of the
Republic of Korea offers new insights into the role of finance in a
rapidly developing country. Combining history and theory, it
provides a rigorous test of previous theoretical propositions. The
study illustrates the complexity of the Korean financial system and
the danger of easy generalization from partial evidence. The two
major components of the financial system are brought into focus-one
regulated and statistically recorded, the other unregulated,
unrecorded. The burden of financial intermediation shifts from one
to the other largely in response to government policy measures. By
looking only at the regulated sector, previous studies have often
misperceived the role of the financial system and the effects of
government policies. The financial scandal in Seoul in May 1982
vividly demonstrated that the unregulated part of the system is
still important and that overregulation of the "modern" part
generates strong pressures for perpetuating the illegal,
unregulated, "traditional" financial institutions.
Building A Modern Financial System provides penetrating insights
into the upheavals in Indonesia, and explains the kinds of policies
that can lead to the development of a modern financial system in a
large, relatively underdeveloped country. The study covers all
facets of the financial system, emphasising the role of the
monetary authorities, the transition from government-dominated to a
predominantly private banking system, and the rapid expansion of
the capital market. Indonesia is a particularly interesting case
because its economy and financial system was in shambles in the
mid-1960s owing to political adventurism and economic
mismanagement. Until more recently sensible economic policies and
growth-promoting reforms provided a sound financial system and a
balanced expansion of agriculture and industry. However since the
mid-1990's the stability of the Indonesian system has once again
been called into question.
Building A Modern Financial System provides penetrating insights
into the upheavals in Indonesia, and explains the kinds of policies
that can lead to the development of a modern financial system in a
large, relatively underdeveloped country. The study covers all
facets of the financial system, emphasising the role of the
monetary authorities, the transition from government-dominated to a
predominantly private banking system, and the rapid expansion of
the capital market. Indonesia is a particularly interesting case
because its economy and financial system was in shambles in the
mid-1960s owing to political adventurism and economic
mismanagement. Until more recently sensible economic policies and
growth-promoting reforms provided a sound financial system and a
balanced expansion of agriculture and industry. However since the
mid-1990's the stability of the Indonesian system has once again
been called into question.
Asian Money Markets traces the evolution of money markets in seven
key economies of East and Southeast Asia: Hong Kong, Indonesia,
Japan, Korea, Malaysia, the Philippines, and Singapore. It asks how
government policy affected the performance of the markets over
several decades. Several very different approaches emerge, with
important consequences for financial sector development. Countries
pursuing market-oriented development strategies, including those in
transition from socialist to market economies, need effective
financial systems that include efficient money markets. This book
should dispel the view that a government can quickly develop money
markets; the most complex markets described here started with new
government policies more than twenty years ago, and are still
evolving to meet new challenges. Asian Money Markets will be of
interest to scholars of development finance, financial officials
and advisers, and anyone who wants to learn from the experience of
some of the most dynamic economies in the world.
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