caa a22 4500 397566271 CHVBK 20180308164829.0 cr unu---uuuuu 161202e199608 xx s 000 0 eng 10.1093/wbro/11.2.277 doi (NATIONALLICENCE)oxford-10.1093/wbro/11.2.277 CREDIT POLICIES: LESSONS FROM JAPAN AND KOREA [Elektronische Daten] [Dimitri Vittas, Yoon Je Cho] The success of policy-based credit programs in Japan and the Republic of Korea suggests that credit policy can be an effective instrument for economic development. Why, then, have credit policies failed in so many countries, and what factors explain their relative success in Japan and Korea? Both economic and institutional factors appear to be important in the success or failure of credit policies. Essential economic factors include a reliance on the private sector, a bias toward industrialization, an orientation toward export production, the encouragement of domestic competition, and a commitment to price stability. Crucial institutional factors include extensive and frequent consultation between government and the private sector, effective monitoring systems, and, most important, a clear and credible plan for economic development. Although several countries have included one or more of these factors in their programs, the experience of Japan and Korea suggests that a comprehensive network combining all or most of these factors may be necessary for the successful implementation of credit policies. © 1996 The International Bank for Reconstruction and Development/The World Bank Articles nationallicence Vittas Dimitri aut Cho Yoon Je aut The World Bank Research Observer Oxford University Press 11/2(1996-08), 277-298 0257-3032 11:2<277 1996 11 wbro https://doi.org/10.1093/wbro/11.2.277 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1093/wbro/11.2.277 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Vittas Dimitri aut NATIONALLICENCE 700 1- Cho Yoon Je aut NATIONALLICENCE 773 0- The World Bank Research Observer Oxford University Press 11/2(1996-08), 277-298 0257-3032 11:2<277 1996 11 wbro Metadata rights reserved CC BY-NC-4.0 http://creativecommons.org/licenses/by-nc/4.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-oxford