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The paper reviews the recent evolution of the financial structure of Pacific counties, particularly the rapidly developing countries of East Asia. It argues that there are three natural stages of development in a country's financial system, which emphasize respectively: (1) internal finance, (2) the intermediation of finance, and (3) securitization. It reviews the emergence of securities markets in East Asia, the particular case of financial liberalization in Korea, problems posed by recent capital inflows in these countries, and such issues for regulatory policy as prudential supervision of banks, reserve requirements, and compulsory finance.


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