The evolution of commercial banking and financial markets in Taiwan |
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| Institution: | 1. Chinese Institute of Economics & Business, 10-17, No. 233, Chung Hsiao East Road, Taipei, Taiwan;1. Department of Dermatology, University of Pennsylvania Perelman School of Medicine, Philadelphia, Pennsylvania;2. Department of Epidemiology and Biostatistics, Center for Clinical Epidemiology and Biostatistics, University of Pennsylvania Perelman School of Medicine, Philadelphia, Pennsylvania;3. Thomas Jefferson University, Philadelphia, Pennsylvania;4. Department of Dermatology, University of Utah School of Medicine, Salt Lake City, Utah;5. Department of Dermatology, State University of New York at Buffalo School of Medicine and Biomedical Sciences, Buffalo, New York;6. Peachtree Dermatology Associates, Atlanta, Georgia;7. Colorado Springs Dermatology Clinic, Colorado Springs, Colorado;8. East Penn Dermatology, North Wales, Pennsylvania;9. Dermatology Associates of Lancaster, Lancaster, Pennsylvania;10. DermDox Centers for Dermatology, Hazleton, Pennsylvania;11. National Psoriasis Foundation, Portland, Oregon;1. Department of Accountancy, National Taipei University, New Taipei City, Taiwan;2. Department of Accounting, Business Law, and Finance, Northeastern Illinois University, 5500 N. St. Louis Ave., Chicago, IL, USA;1. School of Mathematics, Jilin University, Changchun, Jilin 130012, China;2. Applied and Computational Mathematics Division, Beijing Computational Science Research Center, Beijing 100193, China;1. Department of International Business, Asia University, Taiwan;2. Department of Business Administration, National Chung Cheng University, Taiwan |
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| Abstract: | Over the past five decades, Taiwan has achieved rapid economic development. Correspondingly, Taiwan’s financial system has been gradually transformed from a controlled system into a liberalized one, from a state banking system into a private banking one, and from an inward investment system into an outward investment one. In the financial market, the interest rate and foreign exchange rate have always been completely determined by market forces. As for capital movements, there are no controls on trade-related capital transactions. Only inward investment in stock markets is still subject to a ceiling imposed by the Central Bank. Financial institutions are gradually being liberalized, although the process is rather slow. Many private banks have been established since 1991, creating a competitive situation in the banking sector. Since the financial crisis broke out in East Asia, Taiwan has suffered less from its impact because its economic fundamentals are comparatively sound. However, it will still take a considerable amount of time before Taiwan’s financial system is fully liberalized. |
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