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Credit policies : Lessons from Japan and Korea

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  • Credit policies
  • Vittas, Dimitri; Cho, Yoon Je
  • The World Bank


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Title Credit policies
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Sub Title

Lessons from Japan and Korea

Material Type Reports
Author(English)

Vittas, Dimitri; Cho, Yoon Je

Publisher

Washington D.C.:The World Bank

Date 1996-08
Subject Country Japan(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Holding The World Bank

Abstract

The success of policy-based credit programs in Japan and the Republic of Korea suggests that credit policy can be an effective instrument for economic development. Why, then, have credit policies failed in so many countries, and what factors explain their relative success in Japan and Korea? Both economic and institutional factors appear to be important in the success or failure of credit policies. Essential economic factors include a reliance on the private sector, a bias toward industrialization, an orientation toward export production, the encouragement of domestic competition, and a commitment to price stability. Crucial institutional factors include extensive and frequent consultation between government and the private sector, effective monitoring systems, and, most important, a clear and credible plan for economic development. (The rest omitted)