Academic journal article The George Washington Journal of International Law and Economics

Taiwan's Capital Market Return

Academic journal article The George Washington Journal of International Law and Economics

Taiwan's Capital Market Return

Article excerpt

Taiwan's Capital Market Return, by Brian Wallace Semkow. New York, New York: Oxford University Press, 1994. Pp. 329. $65.00 (hardcover) .

With GNP forecast to achieve over $250 billion, Taiwan is one of the most successful newly-industrialized economies. Commensurate with the domestic growth and internationalization of its economy, Taiwan's financial markets have been growing in global importance. Taiwan's Capital Market Reform, by Brian Wallace Semkow, examines the prospects of capital market reform in Taiwan from a financial, legal, and economic perspective.

Semkow begins the book with an overview of Taiwan's financial system and corporate landscape. Semkow discusses the struggle by the Taiwanese government and financial authorities in designing and implementing appropriate legislation and regulations to liberalize and internationalize Taiwan's financial system. The key legislative enactments include amendments to the Statute for the Administration of Foreign Exchange in 1987, the Securities and Exchange Law in 1988, the Banking Law in 1989, the Insurance Law in 1992, and the Foreign Futures Trading Law in 1992.

Semkow asserts that Taiwan's financial reform has reconfigured several key financial market segments and the scope of business powers of the financial institutions servicing these segments. Semkow also contends that the corporate landscape in Taiwan determines the scope of capital-market reform because the securities issued by corporations are an essential part of the securities markets.

The next section of the book focuses on the structure of Taiwan's securities markets and the 1988 Securities and Exchange Law Amendments (SELA). Semkow outlines Taiwan's primary and secondary markets, which include everything from the Taiwan stock exchange to its over-the-counter market. …

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