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MONETARY POLICIES IN SEMI-INDUSTRIAL...

HONG, KYTTACK.

MONETARY POLICIES IN SEMI-INDUSTRIAL COUNTRIES : = THEORY AND EVIDENCE FROM KOREA AND TAIWAN.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	MONETARY POLICIES IN SEMI-INDUSTRIAL COUNTRIES :/
Reminder of title:	THEORY AND EVIDENCE FROM KOREA AND TAIWAN.
Author:	HONG, KYTTACK.
Description:	1 online resource (119 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 45-03, Section: A, page: 8880.
Subject:	Business administration. -
Online resource:	click for full text (PQDT)

MONETARY POLICIES IN SEMI-INDUSTRIAL COUNTRIES : = THEORY AND EVIDENCE FROM KOREA AND TAIWAN.
HONG, KYTTACK.

MONETARY POLICIES IN SEMI-INDUSTRIAL COUNTRIES :THEORY AND EVIDENCE FROM KOREA AND TAIWAN. - 1 online resource (119 pages)

Source: Dissertation Abstracts International, Volume: 45-03, Section: A, page: 8880.

Thesis (Ph.D.)--Stanford University, 1984.

Includes bibliographical references

In 1973, Ronald McKinnon and Edward Shaw argued that a high real return on financial assets, such as bank deposits, helps economic development. If financial liberalization with market-determined interest rates is so advantageous, why do we observe so many capital-scarce economies following repressive financial policies?

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

Subjects--Topical Terms:

1148568
Business administration.
Index Terms--Genre/Form:

554714
Electronic books.

MONETARY POLICIES IN SEMI-INDUSTRIAL COUNTRIES : = THEORY AND EVIDENCE FROM KOREA AND TAIWAN.
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100 1 $a HONG, KYTTACK. $3 1187918
245 1 0 $a MONETARY POLICIES IN SEMI-INDUSTRIAL COUNTRIES : $b THEORY AND EVIDENCE FROM KOREA AND TAIWAN.
264 0 $c 1984
300 $a 1 online resource (119 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
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500 $a Source: Dissertation Abstracts International, Volume: 45-03, Section: A, page: 8880.
502 $a Thesis (Ph.D.)--Stanford University, 1984.
504 $a Includes bibliographical references
520 $a In 1973, Ronald McKinnon and Edward Shaw argued that a high real return on financial assets, such as bank deposits, helps economic development. If financial liberalization with market-determined interest rates is so advantageous, why do we observe so many capital-scarce economies following repressive financial policies?
520 $a To explain this paradox, it is hypothesized in this thesis that overall saving declines--in the short run--in moving from low to higher interest rates. Such an increase immediately shifts the distribution of income from businesses to households. This income effect from redistribution dominates the substitution effect from the change in intertemporal relative prices, bringing a short-run fall in saving.
520 $a Annual data from Korea and Taiwan for the last 25 years do, in fact, show that decisions to save by households are not significantly influenced by corporate saving. Every dollar transferred from corporate saving to interest expense reduces overall saving by about 50 cents. The estimated saving function for households is not positively influenced by higher interest rates.
520 $a In view of the evidence from Korea and Taiwan, a policy of increasing interest rates, to promote investment efficiency and private saving in the longer run, should be accompanied by a fiscal surplus to offset any short-run decline in business saving. Eventually, an open market in primary securities should be developed to overcome the financial separation between the household and business sectors and to satisfy a broader spectrum of portfolio preferences.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Business administration. $3 1148568
655 7 $a Electronic books. $2 local $3 554714
690 $a 0310
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a Stanford University. $3 1184533
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=8412851 $z click for full text (PQDT)

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