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Historical and Tehoretical Analysis of the Stability of the Japanese Financial System

Research Project

Project/Area Number 05630059
Research Category

Grant-in-Aid for General Scientific Research (C)

Allocation TypeSingle-year Grants
Research Field Public finance/Monetary economics
Research InstitutionWaseda University

Principal Investigator

YABUSHITA Shiro  Waseda University, School of Politica Science and Economics, Professor, 政治経済学部, 教授 (30083330)

Project Period (FY) 1993 – 1994
Project Status Completed (Fiscal Year 1994)
Budget Amount *help
¥900,000 (Direct Cost: ¥900,000)
Fiscal Year 1994: ¥300,000 (Direct Cost: ¥300,000)
Fiscal Year 1993: ¥600,000 (Direct Cost: ¥600,000)
KeywordsFinancial System / Banking System / Imperfect Information / Business Cycle Theory / Bank run / 景気循環理論 / 銀行システムの安定性 / 金融危機
Research Abstract

Japanese economy had been in severe depression since 1991. This depression is characterized by sharp and large declines in asset prices such as land and stocks, and also by financial distress several institutions experienced. This unstable financial system depressed the economy further. The failures in bank management and the instability of financial system had occurred many times in the United States and other foreign countries as well as Japan in the past. In Japan we have experienced bank failures and runs several times in the establishment of the banking system since Meiji Restoration and the worst banking panic occurred in 1927.
This research project is to analyze theoretically and empirically the stability of financial and banking systems and to examine their effects on the allocation of resources and macroeconomic movements. I derived several interesting results from my research, some of which are as follows :
1.I concluded from my empirical analysis of bank closing in 1927 in Japan that the main cause was not the general loss of confidence in the banking system but their mismanagement such as failures in risk diversification.
2.It is concluded that in financial markets with imperfect information, there are multiple market equilibria and some of them are not efficient.
3.We showed that the bank response to deflation plays an important factor in business cycles.

Report

(3 results)
  • 1994 Annual Research Report   Final Research Report Summary
  • 1993 Annual Research Report
  • Research Products

    (16 results)

All Other

All Publications (16 results)

  • [Publications] Yabushita,Shiro: "The Stability of the Japanese Banking System:A Historical Perspective" Journal of the Japanese and International Economies. 7. 387-407 (1993)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1994 Final Research Report Summary
  • [Publications] 藪下史郎: "日本の銀行制度の安定性:歴史的展望" 成城大学経済研究所年報. 7. 7-24 (1994)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1994 Final Research Report Summary
  • [Publications] 藪下史郎: "金融システムと銀行行動" 地域金融問題研究. 2. 137-159 (1994)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1994 Final Research Report Summary
  • [Publications] 藪下史郎: "不完全情報と市場均衡:労働市場と金融市場" 早稲田政治経済学雑誌. 322号(近刊). (1995)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1994 Final Research Report Summary
  • [Publications] 藪下史郎: "経済変動、金融システムの不安定性とデフレ効果" 金融構造研究. 17号(近刊). (1995)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1994 Final Research Report Summary
  • [Publications] 倉沢資成(編): "構造変化と企業行動(第8章)" 日本評論社(近刊), (1995)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1994 Final Research Report Summary
  • [Publications] Yabushita, Shiro: "The Stability of the Japanese Banking System : A Historical Perspective" Journal of the Japanese and International Economics. 7. 387-407 (1993)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1994 Final Research Report Summary
  • [Publications] Kurasawa, M.(ed) Kozo Henka: "To Kigyo Kodo (Structural Change and Firm Behavior)" Nihon Hyoron-sha. (1995)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1994 Final Research Report Summary
  • [Publications] Yabushita,Shiro: "The Stability of the Japanese Banking System:A Historical Perpective" Journal of The Japanese and Mternational Economies. 7. 387-407 (1993)

    • Related Report
      1994 Annual Research Report
  • [Publications] 藪下史郎: "日本の銀行制度の安定性・歴史的展望" 成城大学経済研究所年報. 7. 7-24 (1994)

    • Related Report
      1994 Annual Research Report
  • [Publications] 藪下史郎: "金融システムと銀行行動" 地域金融問題研究. 2. 137-159 (1994)

    • Related Report
      1994 Annual Research Report
  • [Publications] 藪下史郎: "不完全情報と市場均衡:労働市場と金融市場" 早稲田政治経済学雑誌. 322号(近刊). (1995)

    • Related Report
      1994 Annual Research Report
  • [Publications] 藪下史郎: "経済変動、金融システムの不安定性とデフレ効果" 金融構造研究. 17号(近刊). (1995)

    • Related Report
      1994 Annual Research Report
  • [Publications] 倉沢他 編: "構造変化と企業行動(第8章)" 日本評論社(近刊), (1995)

    • Related Report
      1994 Annual Research Report
  • [Publications] Shiro Yabushita&A.Inoue: "The Stalility of the Japanese Berhing System:A Historical Perspective21GC01:Journel of the Japanese and International Economics" 7. 387-407 (1993)

    • Related Report
      1993 Annual Research Report
  • [Publications] 藪下史郎: "日本の銀行システムの安定性:歴史的展望" 成城大学経済研究所年報. 7,(近刊).

    • Related Report
      1993 Annual Research Report

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Published: 1993-04-01   Modified: 2016-04-21  

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