日本金融盛衰演变的制度分析
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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。
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 Japanese
financial 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.
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。
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 Japanese
financial 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.
引文
[1] 吴学文，俞宜国，张威．日本金融政策与金融大国．北京：时事出版社，1994
[2] Hesna Genay. Assessing the condition of Japanese banks: How informative are accounting earnings?. Economic Prospectives, 1998
[3] 王伟旭，曾秋根．警惕美国的第二次阴谋．北京：人民日报出版社，2003
[4] 罗清．日本金融的繁荣、危机与变革．北京：中国金融出版社，2000
[5] (日)宫崎义一著，安邦富译．日元的崛起．北京：中国金融出版社，1992
[6] 陈虹．评析日本金融机构不良债权．见：日本金融考察报告．北京：社会科学出版社，2001
[7] 权威分析：如何看待日本央行的入市?www.google.com
[8] BANKER. The seventh issue of every year.
[9] Statistical Handbook of Japan, Chapter 4 Currency and Finance, 2003
[10] 赫国胜、曲昭光、徐明威等．赶超型国家金融体制比较．北京：中国金融出版社，2001
[11] Statistical Handbook of Japan, Chapter 3 The Economy, 2003
[12] Bank of Japan, www.boj.or.jp
[13] Ministry of Finance, www.mof.go.jp
[14] Yasuhisa Shiozaki. Reform of Japanese Financial System. Young Leaders Program National Graduate Institute for Policy Studies School of Government, April 24, 2002
[15] 栾雅钧．萧条的日本经济与困境中的凯恩斯主义．世界经济研究，2000．05：74-79
[16] 田春生．世界经济模式的改革与比较．经济活页文选：理论版，2001．06：3-25
[17] 诺斯．财产权利与制度变迁．上海：三联出版社，1991
[18] 心文．为什么会存在无效率的制度——诺斯的制度变迁理论述评．人民日报，2001．10
[19] (日)青木昌彦著，周黎安译．比较制度分析．上海：上海远东出版社，2001
[20] (日)宫岛英昭．日本金融体制的形成与发展．见：复旦大学日本研究中心第六次中日学术研讨会论文集．上海：上海财经大学出版社，1998
[21] 阎坤．日本金融研究．北京：经济管理出版社，1996
[22] 王刚，牛天雪．战后日本金融体制模式研究．东北亚论坛，1999．01：35-39
[23] 陶涛．论日本的金融行政——日本型金融管制的成败．北京：北京大学出版社，2000
[24] (日)铃木淑夫．现代日本金融论．上海：上海三联出版社，1991
[25] (日)伊藤正则．日本经济高速增长时期的金融政策和对中国的建议．北京：中国经济出版社，1985
[26] Craig, V. V. Japanese banking: A time of crisis. Banking Review, Federal Deposit Insurance Corporation, Vol. 11, No. 2, July, 1998
[27] 周业安．政府在金融发展中的作用---“兼评金融约束论”中国人民大学学报，2000．02：53-59
[28] Hakuo Yanagisawa M.P. Japan's Financial Sector Reform: Progress and Challenges. Ministery of Financial Services, Japan, 2001
[29] Yoshifumi Nishikawa. President & Chief Executive Officer, Sumitomo Mitsui Banking Corporation. Financial Issues Toward the Structural Reform of Japan's Economy. 2001
[30] 董寿昆．东亚金融动荡的深层思考．见：比较金融研究——董寿昆论集．北京，中国金融出版社，2000
[31] 宋绍英．日本金融国际化．见：复旦大学日本研究中心第六次中日学术研讨会论文集．上海：上海财经大学出版社，1998
[32] TIAN Sen，MA Wei. On Japan Stragety for Financial Internationlization and its Transferability to China．大连民族学院学报，2002．01；
[33] (日)竹内宏．日本金融败战．北京：中国发展出版社，1999
[34] (日)馆龙一郎．明治维新以来的日本金融制度改革．见：日本金融考察报告．北京：社会科学出版社，2001
[35] (日)奥村洋彦．日本“泡沫经济”与金融改革．北京：中国金融出版社，2000
[36] (日)铃木淑夫．日本的金融政策，中国发展出版社，1995
[37] 卢现祥．西方新制度经济学．北京：中国发展出版社，1996
[38] Asli Demirguc-Kunt, Enrica Derragiache. Financial Liberalization and Financial Fragility. World Bank Policy Working Paper, April 1998
[39] 谢家智，冉光和．中国农村金融制度变迁的路径依赖．www.google.com
[40] (日)神原英资．日本为何难以推进结构性改革．国际经济评论，2002．3-4
[41] 诺斯，张军．什么是有效的经济制度．中评网，2002．03
[42] 黄锫坚．并非失落的十年．经济观察报，2003．09．22
[43] 张庭宾．透视美财长斯诺的北京笑容与中国制造扼喉之痛．21世纪经济报道，2003．09．15
[44] 董寿昆．资本项目人民币自由兑换战略研究．见：比较金融研究——董寿昆论集．北京，中国金融出版社，2000
[2] Hesna Genay. Assessing the condition of Japanese banks: How informative are accounting earnings?. Economic Prospectives, 1998
[3] 王伟旭，曾秋根．警惕美国的第二次阴谋．北京：人民日报出版社，2003
[4] 罗清．日本金融的繁荣、危机与变革．北京：中国金融出版社，2000
[5] (日)宫崎义一著，安邦富译．日元的崛起．北京：中国金融出版社，1992
[6] 陈虹．评析日本金融机构不良债权．见：日本金融考察报告．北京：社会科学出版社，2001
[7] 权威分析：如何看待日本央行的入市?www.google.com
[8] BANKER. The seventh issue of every year.
[9] Statistical Handbook of Japan, Chapter 4 Currency and Finance, 2003
[10] 赫国胜、曲昭光、徐明威等．赶超型国家金融体制比较．北京：中国金融出版社，2001
[11] Statistical Handbook of Japan, Chapter 3 The Economy, 2003
[12] Bank of Japan, www.boj.or.jp
[13] Ministry of Finance, www.mof.go.jp
[14] Yasuhisa Shiozaki. Reform of Japanese Financial System. Young Leaders Program National Graduate Institute for Policy Studies School of Government, April 24, 2002
[15] 栾雅钧．萧条的日本经济与困境中的凯恩斯主义．世界经济研究，2000．05：74-79
[16] 田春生．世界经济模式的改革与比较．经济活页文选：理论版，2001．06：3-25
[17] 诺斯．财产权利与制度变迁．上海：三联出版社，1991
[18] 心文．为什么会存在无效率的制度——诺斯的制度变迁理论述评．人民日报，2001．10
[19] (日)青木昌彦著，周黎安译．比较制度分析．上海：上海远东出版社，2001
[20] (日)宫岛英昭．日本金融体制的形成与发展．见：复旦大学日本研究中心第六次中日学术研讨会论文集．上海：上海财经大学出版社，1998
[21] 阎坤．日本金融研究．北京：经济管理出版社，1996
[22] 王刚，牛天雪．战后日本金融体制模式研究．东北亚论坛，1999．01：35-39
[23] 陶涛．论日本的金融行政——日本型金融管制的成败．北京：北京大学出版社，2000
[24] (日)铃木淑夫．现代日本金融论．上海：上海三联出版社，1991
[25] (日)伊藤正则．日本经济高速增长时期的金融政策和对中国的建议．北京：中国经济出版社，1985
[26] Craig, V. V. Japanese banking: A time of crisis. Banking Review, Federal Deposit Insurance Corporation, Vol. 11, No. 2, July, 1998
[27] 周业安．政府在金融发展中的作用---“兼评金融约束论”中国人民大学学报，2000．02：53-59
[28] Hakuo Yanagisawa M.P. Japan's Financial Sector Reform: Progress and Challenges. Ministery of Financial Services, Japan, 2001
[29] Yoshifumi Nishikawa. President & Chief Executive Officer, Sumitomo Mitsui Banking Corporation. Financial Issues Toward the Structural Reform of Japan's Economy. 2001
[30] 董寿昆．东亚金融动荡的深层思考．见：比较金融研究——董寿昆论集．北京，中国金融出版社，2000
[31] 宋绍英．日本金融国际化．见：复旦大学日本研究中心第六次中日学术研讨会论文集．上海：上海财经大学出版社，1998
[32] TIAN Sen，MA Wei. On Japan Stragety for Financial Internationlization and its Transferability to China．大连民族学院学报，2002．01；
[33] (日)竹内宏．日本金融败战．北京：中国发展出版社，1999
[34] (日)馆龙一郎．明治维新以来的日本金融制度改革．见：日本金融考察报告．北京：社会科学出版社，2001
[35] (日)奥村洋彦．日本“泡沫经济”与金融改革．北京：中国金融出版社，2000
[36] (日)铃木淑夫．日本的金融政策，中国发展出版社，1995
[37] 卢现祥．西方新制度经济学．北京：中国发展出版社，1996
[38] Asli Demirguc-Kunt, Enrica Derragiache. Financial Liberalization and Financial Fragility. World Bank Policy Working Paper, April 1998
[39] 谢家智，冉光和．中国农村金融制度变迁的路径依赖．www.google.com
[40] (日)神原英资．日本为何难以推进结构性改革．国际经济评论，2002．3-4
[41] 诺斯，张军．什么是有效的经济制度．中评网，2002．03
[42] 黄锫坚．并非失落的十年．经济观察报，2003．09．22
[43] 张庭宾．透视美财长斯诺的北京笑容与中国制造扼喉之痛．21世纪经济报道，2003．09．15
[44] 董寿昆．资本项目人民币自由兑换战略研究．见：比较金融研究——董寿昆论集．北京，中国金融出版社，2000