ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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MEXICO-Revolt of the Rural Poor

were quite strict and thorough. Speaking for South Korea, its former finance minister, II Sa Kong, was at pains to emphasise some of the key non- economic factors which had made for the country's successful economic performance. Again, it is significant that the Korean financial system remains to this day a controlled system and that even under the five-year financial reform plan the approach is one of phased liberalisation. For instance, Korea, like Taiwan, restricts foreign investment in listed stocks to 10 per cent which is much lower than the 25 per cent limit in India on investment by foreign institutional investors. Also, there is a limit on individual foreign currency holdings abroad by Koreans, though an increase in it is said to be under study. Under the five-year reform plan, allocative credit controls are to be relaxed and the banks will no doubt be given more autonomy, but there is no proposal to give up altogether the policy of providing preferential access to credit to specified sectors or sub-sectors of the economy.

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