Progress of Informationalization and the Japanese Financial System

信息化进程与日本金融体系

基本信息

批准号：
01530051
负责人：
SHIMIZU Yoshinori
金额：
$ 0.96万
依托单位：
Hitotsubashi University
依托单位国家：
日本
项目类别：
Grant-in-Aid for General Scientific Research (C)
财政年份：
1989
资助国家：
日本
起止时间：
1989 至 1990
项目状态：
已结题

项目摘要

The result of our research consists of the following four categories ;1. Through the theoretical analysis on the role of information in the financial market, we found the following facts. The existing financial system and market, customs are low-cost means in order to avoid the adverse selection caused by the asymmetry of information. The uniqueness of banks stems from the fact that the bank loan is a low-cost means to cope with the uncertainty of cash flow of borrowers. Collateral is a very important means to save the cost of information production by banks. Many Japanese banks does not produce information by reducing their credit risk by collateral. Since it is a easy method to reduce the risk, non-bank firms can easily imitate its lending behavior and banks may well lose its competitiveness. The cost and the capacity of information production by banks affect the effectiveness of the monetary policy.2. Many characteristics of the Japanese financial market are derived essentially from the characteristics of the Japanese system of maintaining the financial stability. Some of them are attributable to the highly competitive nature of the Japanese industries. Thus, some of them will disappear with the progress of deregulation, but some will not.3. Through the empirical analysis of bank behavior regarding collateral and information production, our hypothesis of theoretical analysis are positively confirmed. We also found that the change of the financial system follows behaind the actual change in the financial market. Thus we obtained a fairly clear perspective of the direction of the future change of the Japanese financial system. The informationalization does not necessarily means the increased market informational efficiency.4. When we change the financial system, it is important to make a plan that can avoid the problem of time-inconsistency. A concrete proposal was made about the process of deregulation of the Japanese financial market.

我们研究的结果包括以下四类； 1。通过有关信息在金融市场中的作用的理论分析，我们发现了以下事实。现有的金融系统和市场，海关是低成本的手段，以避免信息不对称引起的不利选择。银行的独特性源于以下事实：银行贷款是应对借款人现金流量不确定性的低成本手段。抵押是节省银行信息生产成本的非常重要的手段。许多日本银行不会通过抵押品降低其信用风险来产生信息。由于这是降低风险的简单方法，因此非银行公司很容易模仿其贷款行为，而银行很可能会失去其竞争力。银行信息生产的成本和能力影响货币政策的有效性2。日本金融市场的许多特征基本上来自日本维持金融稳定系统的特征。其中一些归因于日本行业的高度竞争性质。因此，其中一些人会随着放松管制的进展而消失，但有些不会消失。3。通过对银行行为有关抵押品和信息生产的经验分析，我们对理论分析的假设得到了积极的确认。我们还发现，金融系统的变化遵循金融市场的实际变化。因此，我们对日本金融体系未来变化的方向有了相当清晰的看法。信息化并不一定意味着提高的市场信息效率。4。当我们更改金融体系时，制定一个可以避免时间不一致问题的计划很重要。关于消除日本金融市场的过程提出了具体提议。