Two waves of import substitution between the 1950s and 1970s supercharged the expansion of Taiwan's light and then heavy industries, making it one of Asia's four tiger economies that grew at annualised rates in excess of 7% during that period. Now the country is repeating the same trick with its financial sector in a move that has major implications for both global banks and local players active in one of the region's most sophisticated derivatives markets.
The result of this policy has mostly
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