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Influence of the financial Big Bang on the financial system and macro-economy in Japan

Research Project

Project/Area Number 10630085
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeSingle-year Grants
Section一般
Research Field Public finance/Monetary economics
Research InstitutionThe university of Tokyo

Principal Investigator

HORIUCHI Akiyoshi  University of Tokyo, Professor of Economics, 大学院・経済学研究科, 教授 (00018029)

Project Period (FY) 1998 – 1999
Project Status Completed (Fiscal Year 1999)
Budget Amount *help
¥1,700,000 (Direct Cost: ¥1,700,000)
Fiscal Year 1999: ¥600,000 (Direct Cost: ¥600,000)
Fiscal Year 1998: ¥1,100,000 (Direct Cost: ¥1,100,000)
Keywordsfinancial system / financial inter-mediation / corporate governance / non-performing loans / amakudarui / the financial Big Bang / 不良債権 / コーポレート・ガバナンス / 金融自由化 / 健全経営規制
Research Abstract

This research project investigates the specific process of Japan's bank crisis since the early 1990s and its influences on the Japanese economy. The first paper compiled in the submitted report overviews the historical background of the bank-centered financial system that has dominated the Japanese economy since the end of World War II. In the overview, two concepts are utilized to explain why the Japanese financial system showed inflexible nature since the 1980s: i.e., 'path dependence' and 'adaptive efficiency.' Both the second paper "Financial fragility and recent developments in the Japanese safety net" and the third one "Japan's bank crisis: An overview from governance perspective" Investigate an origin of the bank crisis and fragility of the banking system that Japan has faced since the early 1990s based on the corporate governance theory. The malfunction of incentive system surrounding bank management is stressed to explain the crisis. The fourth paper "The Big Bang: Idea and reality" discusses why the Japanese government was forced to announce the full-scale reform plan to liberalize the Japanese financial system and remaining issued to be addressed before the ideas of the reform is achieved. The fifth paper "Did amakudari undermine the effectiveness of regulatory monitoring in Japan?" examines the difficulty of agent-principal problem associated with the financial regulatory process. Specifically, the paper investigate the so-called amakudari practice prevailing in the Japan's banking sector. It concludes that amakudari from regulatory authorities undermined effectiveness of supervision of the authorities and thereby making the banking sector more fragile.

Report

(3 results)
  • 1999 Annual Research Report   Final Research Report Summary
  • 1998 Annual Research Report
  • Research Products

    (18 results)

All Other

All Publications (18 results)

  • [Publications] 堀内昭義: "日本の金融制度改革展望-Path DependenceとAdaptive Efficiency"経済研究 193-205 1999年7月. 第50巻第3号. 193-205 (1999)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1999 Final Research Report Summary
  • [Publications] Akiyoshi, Horiuchi and Katsutoshi Shimizu: "Did Amakudari Undermine the Effectiveness of Regulatory Monitoring in Japan?"Journal of Banking and Finance. Forthcoming. (2000)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1999 Final Research Report Summary
  • [Publications] Akiyoshi Horiuchi: "Financial Fragility and Recent Developments in the Japanese Safety Net"Social Science Japan Journal. Vol. 2, No. 1. 23-44 (1999)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1999 Final Research Report Summary
  • [Publications] Akiyoshi Horiuchi: "Financial Fragility in Japan: A Governance Issue"Ross Garnaut and Ross H. McLeod (eds.), East Asian in Crisis: From Being a Miracle to Needing One?, Routledge. 189-206 (1998)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1999 Final Research Report Summary
  • [Publications] 堀内昭義: "日本経済と金融危機 1999年2月"岩波書店. 185 (1999)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1999 Final Research Report Summary
  • [Publications] Akiyoshi Horiuchi: "Financial fragility and recent developments in the Japanese safety net"Social Science Japan Journal. Vol. 2, No. 1. 23-44 (1999)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1999 Final Research Report Summary
  • [Publications] Akiyoshi Horiuchi and Katsutoshi Shimizu: "Did amakudari undermine the effectiveness of regulatory monitoring in Japan?"Journal of Banking and Finance. Vol. 23 (forthcoming).

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1999 Final Research Report Summary
  • [Publications] Akiyoshi Horiuchi: "Financial fragility in Japan : A governance Issue"R. Garnaut and R. H. McLeod (eds.), East Asia in Crisis: From Being a Miracle to Needing One? Routledge. 189-206 (1998)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1999 Final Research Report Summary
  • [Publications] 堀内昭義: "日本の金融制度改革展望-Path DependenceとAdaptive Efficiency"『経済研究』、193-205、1999年7月. 第50巻第3号. 193-205 (1999)

    • Related Report
      1999 Annual Research Report
  • [Publications] Akiyoshi Horiuchi and Katsutoshi Shimizu: "Did Amakudari Undermine the Effectiveness of Regulatory Monitoring in Japan?"Journal of Banking and Finance. (Forthcoming). (2000)

    • Related Report
      1999 Annual Research Report
  • [Publications] Akiyoshi Horiuchi: "Financial Fragility and Recent Developments in the Japanese Safety Net"Social Science Japan Journal. Vol.2,No.1. 23-44 (1999)

    • Related Report
      1999 Annual Research Report
  • [Publications] Akiyoshi Horiuchi: "Financial Fragility in Japan : A Governance Issue"Ross Garnaut and Ross H.McLeod(eds.), East Asia in Crisis : From Being a Miracle to Needing One?, Routledge. 189-206 (1998)

    • Related Report
      1999 Annual Research Report
  • [Publications] 堀内昭義: "日本経済と金融危機、、1999年2月"岩波書店. 185 (1999)

    • Related Report
      1999 Annual Research Report
  • [Publications] Akiyoshi Horiuchi: "The Deterioration of Bank Balance Sheets in Japan : Risk-taking and Recapitalization" Pacific-Basin Finance Journal. 6. 1-26 (1998)

    • Related Report
      1998 Annual Research Report
  • [Publications] Akiyoshi Horiuchi: "Finaxcial Fragility in Japan : A Governance Issue" East Asia in Crisis : From Being a Miraclle to Needing One ?(in Ross Garnaut and Ross H.Mcleodleds.)). 189-206 (1998)

    • Related Report
      1998 Annual Research Report
  • [Publications] Akiyoshi Horiuchi: "Financial Fragility and Recent Developments in the Japanese SaFety Net" Social Science Japan Journal. (forthcoming).

    • Related Report
      1998 Annual Research Report
  • [Publications] Akiyoshi Horiuchi: "A Vacuum of Governance in the Japanese Bank Management" Capital Market and Corporate Governance (in T.Tachibanaki and H.Osano(eds)). (forthcoming).

    • Related Report
      1998 Annual Research Report
  • [Publications] 堀内昭義: "日本経済と金融危機" 岩波書店, (1999)

    • Related Report
      1998 Annual Research Report

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Published: 1998-04-01   Modified: 2016-04-21  

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