COMMENTS ON SAMUEL C. SHIEH'S “FINANCIAL MARKETS IN THE PACIFIC BASIN: AN INSIDE VIEW”

I am deeply honored to be invited to comment on Governor Shieh's very comprehensive and stimulating paper on “Financial Markets in the Pacific Basin: An Inside View.” The countries in the Pacific Rim are classified into three groups. The paper discusses chronologically in detail the background, current status, problems encountered, and major financial reforms carried out in these countries. The paper also discusses the controversial issues of the appropriate pace and sequence in the process of liberalization, operational problems concerned with universal banking, and problems related to deregulation and supervision. I am sure that the readers can learn a great deal from the paper…