日本金融盛衰演变的制度分析

【作者】 冯海红；

【导师】 董寿昆；

【作者基本信息】 湖南大学 ， 金融学， 2003， 硕士

【摘要】 20世纪80年代日本成为世界上最大的资本输出国和债权国，日本的银行成为世界金融市场的主宰，创造了日本金融的奇迹和辉煌。但随着90年代初泡沫经济的崩溃，貌似强大的日本金融陷入长时期的困境，日本金融败战。为了重塑日本金融业的辉煌，日本政府改革不断，但收效甚微。日本金融这诸多现象引起了全世界的普遍关注，众说纷纭。 本文试从制度的角度、运用新制度经济学的制度变迁理论分析日本金融由盛到衰的深层次原因。文章认为日本金融的速盛速衰主要是制度方面的原因，是由于日本战后金融制度的过度管制、限制竞争产生了庞大的既得利益群体，形成了对旧制度过强的路径依赖性，阻碍了制度变迁，使无效的制度长期存在。 本文主要按照时间顺序、分两个历史发展阶段对日本金融制度的演变进行了研究：第一阶段是日本战后金融制度的建立和发展阶段(战后——70年代)，阐述了战后金融制度的基本特征，并分析了这种过度管制的金融制度的制度成本。高速增长时期的金融制度和机制在当时的条件下具有一定的合理性，是有效率的。但它由于过度管制和限制竞争，使寻租活动猖獗，既得利益群体庞大，从而形成了强大的对旧制度的路径依赖性，隐含了巨大的制度成本。 第二阶段是日本金融自由化和国际化以及泡沫经济阶段(70年代-80年代)，这是战后金融制度劣化、改革的阶段。在这一历史时期，传统金融制度已经不能适应经济发展的需要，迫切需要改革。但由于政策的制定者和改革的领导者即是旧制度下庞大的既得利益群体，他们为维护自身的利益，根本不愿意进行彻底的改革，出现了典型的诺斯悖论。这使日本金融自由化进行的不彻底，出现了严重的内外脱离，最终扭曲了金融机构的行为，助长了泡沫经济的膨胀。随着泡沫经济的破灭，日本金融由兴盛走向了衰败，过度管制的金融制度的制度成本也从中暴露无余。日本金融的长期困境对转轨经济的一个重要教训是，金融制度的设计和变革必须考虑到该制度对未来经济环境变化的适应效率，而市场竞争程度是决定一国金融制度适应效率的重要因素。更多还原

【Abstract】 In the 1980s, Japan became the largest capital outflow country and the biggest creditor in the world, and Japanese banks became the controler of the world financial market, and created the financial miracle. But in the 1990’s, followed by the collapse of the "bubble economy", the ever strong Japanese financial system fell into long depression. In order to restruct the financial system, Japanese government carried out many reforms, but all resulted little effect. The Japanes financial phenomenon attracted the whole world’s attention, and many economists disscussied fiercely.This paper tries to analyse the deep reason of the evolution of Japanese financial system from the point of institution, and using the institution transition theory, which belongs to the new institution economics. The paper argues that the change of Japanese financial system from florious to depression, is mainly because the post-war financial institution, which regulated strictly and limited competition, and caused the large group which gained large profit from the institution, at last produced strong path dependence.This paper analyses the evolution of Japanese financial system mainly according to the time sequence and divides into two periods. The first period is the construction and development of the Japanese post-war financial institution(Postwar-1970’s). In this part mainly introduces the fundamental features of the post-war financial institution, and analyses the institutoin cost of it. This institution was effective in that history period. But because it regulated so stirctly that caused great profit-earning group, and produced strong path-dependence.The second period is the Japanese financial liberalization and internationalization and bubble economy period(1970’s-1980’s). In this period, the traditional financial institution can’t adapted to the economic development anymore, and needed reform imperatively. But as the maker of the policy and the leader of the reform are just the profit-earning group under the old institution, so they didn’t want to reform at all. So appeared the typical North’s paradox. And caused the appearance of the serious dispature between the domestic country and outside world, and which strengthened the bubble economy. Fellowed by the collapse of the bubble economy, the Japanese financial system fell into the long depression. And the long stagation of Japanesefinancial system shows a important lesson to the other countries is that the make and reform of financial institution must consider the adapative efficiency to the change of environment in the future, and the content of competition is the important part which decides a country’s adapative efficiency.更多还原