日本金融制度变迁的路径依赖和适应效率

摘要

摘要:本文通过考察二战后日本金融制度的形成、发展和劣化的过程 ,探讨金融制度变迁的路径依赖和适应效率问题。昭和银行危机和战时金融管制决定了战后日本金融制度的基本特征是以银行体系为中心 ,银行体系受到政府严格保护。政府严格保护下的银行体系促进了战后日本经济的高速增长 ,但是 ,旧金融制度下的制度租金导致了银行业的贷款扩张冲动 ,从而助长了经济成熟期后泡沫的形成和膨胀。当泡沫经济破灭后 ,金融制度自身的危机也就在所难免。日本金融制度危机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。Abstract : In the paper the author analyses the path dependence and adaptive efficiency of post -war Japanese financial system, through the investigation of the formation , the development and the collapse of post - war Japanese financial system. The Showa bank crisis and the wartime financialregulation determined that the post -warJapanesefinancial systemwere characterized as the bank -centeredfinancial system, and bankswere heavilyprotected bytheJapanese government. Post - war Japanese financial system made great contribution to the fast growth of Japanese economy, but system- rent generated from the heavily regulated financial system provoked the expansion of the bankloan and leaded to theformationof the bubble economy. After the burst of the bubble economy, the collapse of the old financial systemwas unavoidable. One of the important lessonsfor the transition economy is that , in the designor the reformof thefinancial system, we must make serious consideration to the adaptive efficiency of the financial system to the future circumstance , and the market competition as one of the important factors leading to the adaptive efficiency.