正如乔·斯蒂维尔（Joe Studwell）在其著作《亚洲是如何运行》中证明的那样，无论是日本还是韩国都不是通过自由市场的信贷供应实现经济奇迹的，相反，它们是依靠有意将信贷导入工业发展而非房地产或消费实现成功的。
As Joe Studwell argues persuasively in his book How Asia Works, neither Japan nor South Korea based its successful economic development on free markets in credit supply; instead, they relied on the deliberate direction of credit toward industrial development rather than real estate or consumption.