Banking and Finance in Taiwan: the Prospects for Internationalization in the 1990S
JANE KAUFMAN WINN* Banking and Finance in Taiwan: The Prospects for Internationalization in the 1990s The economic miracle achieved in recent decades by the Republic of China (ROC) on Taiwan' has received widespread attention. 2 Discussion of this devel- opment often focuses on Taiwan's program for export-oriented growth. Less attention has been directed to Taiwan's political system, 4 and still less to Tai- wan's banking system. 5 Taiwan's success in export-driven economic growth has created pressure not only for political reform and democratization, but also for reform of the antiquated, unruly, and inadequate financial system. *B.Sc., 1980, Queen Mary College, University of London; J.D., 1987, Harvard Law School. Assistant Professor of Law, Southern Methodist University. The author would like to thank Hal S. Scott, Alan R. Bromberg, and Joseph Bosco for their comments on this paper. This article is based on the author's research in Taiwan, which was funded by a National Endowment for the Humanities summer stipend and by a research grant from the Pacific Cultural Foundation. 1. Following the victory of the Chinese Communist Party in 1949, the administration of the ROC was moved to Taiwan where it has remained. The ROC has never renounced its claim to be the sole legitimate government of all China, and so Taiwan views itself not as an independent country but as the largest region of China under control of the ROC today. In this article, however, references to Taiwan should be interpreted as references to the ROC on Taiwan. 2. See, e.g., R.
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