SHERP

Financial Reforms : Benefits and Costs

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Authors
Lee, Jisoon
Issue Date
2006
Publisher
Seoul Journal of Economics
Citation
Seoul Journal of Economics 19 (No. 4 2006): 343-380
Keywords
Financial reforms; economic growth; Stage-dependent reforms; Evolutionary reform processes
Abstract
Using financial reforms as example, we demonstrate that reform measures should be undertaken only when they have substantial net expected benefits. In most cases, financial reform measures entail substantial upfront fixed costs in return for a steady flow of benefits over a long period of time. The benefits tend to become larger in tandem with the volume of financial transactions. Because of these, it would be easier for wealthier countries to undertake financial reforms: They can afford expensive but better systems. However, poor countries cannot do so easily, because they lack sufficient resources. Consequently poor countries would better take more gradual and pragmatic approaches to financial reforms.
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/1359
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.19(4) (Winter 2006)
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