日本金融改革的性质及其效果分析

The Analysis of the Properties and Effects of the previous financial reforms in Japan

日本金融业在战后日本经济发展过程中发挥了举足轻重的作用。无论是战后经济高速发展的奇迹,还是失去的15年的磨难,日本金融体制均扮演了主要角色。分析战后日本历次金融改革,结果表明,第一,美国主导的战后金融改革尽管发生了目标与结果的背离,但是其"吸收"、"改良"与"创建"的制度建设过程体现了改革的主导思想。第二,金融"大爆炸"是对日本战后30年金融体制的本质变革,然而,安全第一惯性思维下的错失良机,决定了这场改革依然无法摆脱高成本和不彻底的命运。第三,"金融再生"改革强化监管与治理的重拳出击对根治银行坏账的决定性效果值得肯定。但是,政府注资不能与市场优胜劣汰制度建设相结合的局限性,使得改革最终未能实现挽救经济困局的使命。

The financial system had played a vital role in Japan＇s post -war economic development, in terms of either the high growth or the lost decades. This article attempts to explore the properties as well as the effects of the reforms in the Japanese financial system. The results show that 1 ） The post - war financial reform dominated by the U.S. did miss its initial targets, but the ideas of ＂absorbing, improving and creating＂ had been adopted in the institutional construction; 2） The financial Big- bang had aimed at a radical change in the Japanese fi- nancial system, but the conservatism bias had inevitably led to the high costs and the incompleteness of the reform; 3） The financial restructuring, which is featured by the reinforcement of supervision and governance, had positive effects on reducing the non -performing loans. The conflicts between government recapitalization and market mechanism, however, had effectively prevented Japan to climb out of the decades - long recession.