Prevention of Moral Hazard and the Financial System in the 21st Century

道德风险防范与21世纪金融体系

• 批准号: 12630095
• 负责人: SHIMIZU Yoshinori
• 金额: $ 1.98万
• 依托单位: Hitotsubashi University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 2000
• 资助国家: 日本
• 起止时间: 2000 至 2002
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-12630095/
• 关键词: Moral hazard; Financial Crisis; Legal regulation; Fiscal cost; Bank management; Mega-bank merger; TBTDA(Too-Big-to-Discipline-Adequately); land price; TBTDA; ソフト情報; リレーションシップ・バンキング; 銀行の最適規模; 財政負担; 規制監督; 市場規律; Too-Big-to-Fail; 金融制度; 公的資金 /

This research is based on the idea that prevention of moral hazard is crucial in dealing with financial crises that are ever increasing in terms of the size of fiscal cost to fix the problem. Moral hazard in the financial market is globally common, especially after deregulation of financial market which was prompted by a rapid progress in the IT technology. We have made an extensive research for the common causes, phenomena and the remedies of recent financial crises in different parts of the world.We have found that the scale of financial crises become larger due to the same causes during the process of change in regulatory system. The key to cope with the problem is a prevention of moral hazard. We have proposed policy measures to suppress moral hazard effectively and systematically. A new type of moral hazard is found in the case of mega-bank mergers that became so common after 1990s. Japan suffers from the most serious financial crises in terms of the fiscal cost, and has largest banks in the world as well. We found an evidence of moral hazard which may exists recent mega-bank mergers in Japan. This finding has a very important implication to the banking policy. We have proposed some guidelines for healthier bank management to establish a more sound banking system.

这项研究基于这样一种理念，即预防道德风险对于应对金融危机至关重要，而解决问题的财政成本规模不断增加。金融市场的道德风险在全球范围内普遍存在，尤其是在IT技术快速进步推动金融市场放松管制之后。我们对世界各地近期发生的金融危机的共同原因、现象和对策进行了广泛的研究。我们发现，在监管制度变革的过程中，由于相同的原因，金融危机的规模变得更大。 。解决这一问题的关键是防范道德风险。我们提出了有效、系统化抑制道德风险的政策措施。 20 世纪 90 年代后变得如此普遍的大型银行合并案例中发现了一种新型道德风险。从财政成本来看，日本遭受了最严重的金融危机，并且拥有世界上最大的银行。我们发现日本最近的大型银行合并可能存在道德风险的证据。这一发现对银行政策具有非常重要的意义。我们提出了一些银行健康管理的指导意见，以建立更加健全的银行体系。

项目成果

清水啓典著・監訳: "日本の金融危機-米国の経験と日本への教訓-"東洋経済新報社. VII+263 (2001)

Hironori Shimizu 撰写和监督翻译：“日本的金融危机 - 美国的经验和教训” Toyo Keizai Inc. VII+263 (2001)

Yoshinori Shimizu: "Finance to Small and Medium Sized Firms and the Competitiveness of regional Banks"ShokoKinyu. 52, No. 9. 7-15 (2002)

清水义典：“中小企业融资与地区银行的竞争力”ShokoKinyu。

Yoshinori Shimizu , eds. by Mikitani, R. and Posen A.: "Convoy Regulation, Bank Management, and the Financial Crisis in Japan , In Japan's Financial Crisis and Its Parallels to the U.S. Experiences,""Institute for International Economics. Special Report 1

清水义典主编。

清水啓典, 松本訓一: "巨大銀行合併の誘因と成果"一橋論叢. 129-5. 521-528 (2003)

Hironori Shimizu、Kenichi Matsumoto：“大型银行合并的激励和结果”Hitotsubashi Ronsen 129-528 (2003)。

清水啓典: "リレーションシップ・バンキングと地域金融機関の将来ビジョン"リージョナルバンキング. 53-2. 2-9 (2003)

Hironori Shimizu：“关系银行业和区域金融机构的未来愿景”区域银行业53-2（2003）。