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.

我们的研究结果包括以下四类；1．通过对信息在金融市场中作用的理论分析，我们发现以下事实。现有的金融体系和市场、海关都是通过低成本手段来避免信息不对称造成的逆向选择。银行的独特性源于银行贷款是应对借款人现金流不确定性的低成本手段。抵押品是银行节省信息生产成本的一个非常重要的手段。许多日本银行并不通过抵押品来降低信用风险来产生信息。由于这是一种降低风险的简单方法，非银行企业很容易模仿其贷款行为，银行很可能会失去竞争力。银行的成本和信息生产能力影响着货币政策的有效性。2．日本金融市场的许多特征本质上源于日本维护金融稳定的制度特征。其中一些归因于日本工业的高度竞争性。因此，有些会随着放松管制的进展而消失，但有些不会。3．通过对银行抵押品和信息生产行为的实证分析，我们的理论分析假设得到了积极的证实。我们还发现，金融体系的变化是跟随金融市场实际变化的。由此，我们对日本金融体系未来的变化方向有了一个比较清晰的认识。信息化并不一定意味着市场信息效率的提高。4．当我们改变金融体系时，制定一个能够避免时间不一致问题的计划很重要。就日本金融市场放松管制的进程提出了具体建议。