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East Asian financial systems as a challenge to economics : the advantages of 'rigidity', with particular reference to Taiwan (Английский)

Taiwan has enjoyed the best performance, in terms of the double criterion of income growth and income equality, of any self-governing entity in the world over the past 25 years. Yet it has a financial system which has been characterized as very rigid, with the implication that the financial system hindered Taiwan's development. This paper spells out some of the advantages of financial 'rigidity', as they have been realized not only on Taiwan but also...
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