| Project/Area Number |
01530051
|
|---|
| Research Category |
Grant-in-Aid for General Scientific Research (C)
|
| Allocation Type | Single-year Grants |
|---|
| Research Field |
Public finance/Monetary economics
|
|---|
| Research Institution | Hitotsubashi University |
|---|
Principal Investigator |
SHIMIZU Yoshinori Hitotsubashi University Faculty of Commerce Professor, 商学部, 教授 (70114949)
|
|---|
| Project Period (FY) |
1989 – 1990
|
| Project Status |
Completed (Fiscal Year 1991)
|
| Budget Amount *help |
¥1,500,000 (Direct Cost: ¥1,500,000)
Fiscal Year 1990: ¥600,000 (Direct Cost: ¥600,000)
Fiscal Year 1989: ¥900,000 (Direct Cost: ¥900,000)
|
|---|
| Keywords | Information Production / Financial Market Stability / Collateral / Adverse Selection / Main Banks / Cash flow / Rational Expectation / Cooperative Behavior / 情報化 / キャシュ・フロ- / 不確実性 / 担保 / 中小企業向け貸出 / 専門金融代機関制度 / 情報 / コスト / 金融制度 / 時間的非整合性 |
|---|
| Research Abstract |
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.
|
