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The effect of financial liberalizati...

Wu, Roung-Jen.

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The effect of financial liberalization on capital accumulation, endogenous growth, and interindustry wage differentials: The case of Taiwan.

Record Type:	Electronic resources : Monograph/item
Title/Author:	The effect of financial liberalization on capital accumulation, endogenous growth, and interindustry wage differentials: The case of Taiwan./
Author:	Wu, Roung-Jen.
Description:	112 p.
Notes:	Source: Dissertation Abstracts International, Volume: 57-08, Section: A, page: 3614.
Contained By:	Dissertation Abstracts International57-08A.
Subject:	Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9702718
ISBN:	9780591089202

The effect of financial liberalization on capital accumulation, endogenous growth, and interindustry wage differentials: The case of Taiwan.
Wu, Roung-Jen.

The effect of financial liberalization on capital accumulation, endogenous growth, and interindustry wage differentials: The case of Taiwan. - 112 p.

Source: Dissertation Abstracts International, Volume: 57-08, Section: A, page: 3614.

Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1996.

The main purpose of the thesis is to investigate the link between financial policy and economic growth by focusing on the link between financial intermediation and capital accumulation. The investigation strategy is to examine the effect of recent reform in financial markets in Taiwan on its industrial growth as case study and test several hypotheses suggested by recent theoretical studies. A key hypothesis tested in the thesis is whether knowledge can create an increase in returns to capital through an external effect of knowledge spillovers on capital investment. If capital-related external effects do exist in an economy, then the importance of capital accumulation in the process of economic growth will be maintained within endogenous growth models which emphasize that technological change is of central importance in economic growth. Furthermore, the existence of Marshallian external increasing returns implies that financial liberalization can have an important effect on economic growth.

ISBN: 9780591089202Subjects--Topical Terms:

542899
Finance.

The effect of financial liberalization on capital accumulation, endogenous growth, and interindustry wage differentials: The case of Taiwan.
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020 $a 9780591089202
035 $a (MiAaPQ)AAI9702718
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100 1 $a Wu, Roung-Jen. $3 700235
245 1 4 $a The effect of financial liberalization on capital accumulation, endogenous growth, and interindustry wage differentials: The case of Taiwan.
300 $a 112 p.
500 $a Source: Dissertation Abstracts International, Volume: 57-08, Section: A, page: 3614.
500 $a Adviser: A. James Heins.
502 $a Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1996.
520 $a The main purpose of the thesis is to investigate the link between financial policy and economic growth by focusing on the link between financial intermediation and capital accumulation. The investigation strategy is to examine the effect of recent reform in financial markets in Taiwan on its industrial growth as case study and test several hypotheses suggested by recent theoretical studies. A key hypothesis tested in the thesis is whether knowledge can create an increase in returns to capital through an external effect of knowledge spillovers on capital investment. If capital-related external effects do exist in an economy, then the importance of capital accumulation in the process of economic growth will be maintained within endogenous growth models which emphasize that technological change is of central importance in economic growth. Furthermore, the existence of Marshallian external increasing returns implies that financial liberalization can have an important effect on economic growth.
520 $a The major findings in the thesis are stated as follows. First, evidence shows that financial liberalization has promoted financial intermediation and allocative efficiency of credit by relaxing financial constraints faced by firms in their access to external funding and thus stimulating capital accumulation. Next, econometric results show that the external effects associated with capital investment do exist in the economy and, more importantly, technology has been advanced and marginal productivity of capital has increased since liberalization. Thus, this implies that the increase in capital accumulation due to financial liberalization promotes more economic growth through the capital-related externality in the economy. Moreover, allocative efficiency of both capital and labor has been improved since liberalization. Finally, financial liberalization has led to recent widening of interindustry wage differentials.
590 $a School code: 0090.
650 4 $a Finance. $3 542899
650 4 $a Banking. $2 bicssc $3 1557594
690 $a 0508
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710 2 $a University of Illinois at Urbana-Champaign. $3 626646
773 0 $t Dissertation Abstracts International $g 57-08A.
790 $a 0090
791 $a Ph.D.
792 $a 1996
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9702718