Abstract
Although Taiwan is poor in natural resources, her geographical position is a favourable factor for economic growth. This point is similar to Singapore and Hong Kong. Hence, the great trade flow of the western edge of the Pacific Basin has fostered the development of the three newly industrialising countries (NICs).
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Notes
Estimated on the basis of factor costs of constant (1981) prices, adjusted with changes in terms of trade. See Directorate-General of Budgeting, Accounting, and Statistics (DGBAS), National Income in Taiwan Area, December 1987, pp. 14–15.
The average annual growth rate of population was at a high level of 3.4 per cent in the period 1951–66; it declined to 2.3 per cent in 1967–79 and to 1.5 per cent in 1980–7. In 1987, it was only 1.1 per cent. See DGBAS, Taiwan Statistical Data Book, 1987, p. 4.
See DGBAS, Monthly Statistics of the Republic of China, no 267, March 1988, p. 11.
The Gini coefficient declined from 0.558 in 1953 to 0.360 in 1964 and to the lowest of 0.303 in 1980. After that, it went up to 0.317 in 1985 and 0.322 in 1986, implying a reverse trend towards more unequal distribution of income in the 1980s, particularly in 1984–6. See Shirley W. Y. Kuo, ‘Achievement of Growth with Equity’, a paper presented to the Conference on Economic Development Experience of Taiwan, held in Taipei, 8–10 June, 1988;
and DGBAS, The Survey Report of Personal Income Distribution in 1986, October 1987, p. 13.
See Simon Kuznets, ‘Economic Growth and Income Inequality’, American Economic Review, 45 (March 1955), pp. 1–28.
E. S. Shaw, Financial Deepening in Economic Development (New York: Oxford University Press, 1973);
R. I. McKinnon, Money and Capital in Economic Development (Washington: Brookings Institution, 1973)
and R. I. McKinnon (ed.) Money and Finance in Economic Growth and Development (New York: Marcel Dekker, 1976).
See Sheng-Yi Lee, Trade and Investment Relations Between Taiwan and Asian Countries Chung-Hua Institution for Economic Research (CHIER) Economic Monograph Series, no 16, July 1986, pp. 61–2.
D.H. Robertson, Essays in Money and Interest (selected, with a memoir by Sir John Hicks) (London: Collins, 1966).
See R. M. Solow, ‘A Contribution to the Theory of Economic Growth’, Quarterly Journal of Economics, 62 (November 1958) pp. 65–94.
See S. C. Tsiang, ‘Success or Failure in Economic Take-off’, a paper presented to the Conference on ‘The Problem of Development’ at Buffalo, New York, 27–29 May, 1988; and ‘A Model of Economic Growth in Rostovian Stages’, Economica, 32 (October 1964) pp. 619–48.
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© 1990 Lee Sheng-Yi
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Sheng-Yi, L. (1990). Introduction. In: Money and Finance in the Economic Development of Taiwan. Studies in the Economies of East and South-East Asia. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-11123-7_1
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