战后日本实现金融深化的路径分析

An Analysis of the Path of Japan's Post-war Financial Deepening

战后赶超期日本通过"温和"的金融约束实现了金融深化,但金融约束政策在应该放松甚至退出的时机没有放松或退出阻碍了金融体系促进经济增长的作用;金融自由化以来日本通过市场增进——体系重建与改进监管并进的路径实现了金融深化。日本的经验证明金融部门的深化可以促进经济发展,但其效果视不同经济体的发展阶段而不同,不同经济体应视各自经济体的情况选择金融深化的手段。日本金融深化过程中金融制度"创新"与"监管"并举的做法对后危机时代各国金融体系的重建具有重要的借鉴意义。

Japan had achieved financial deepening by moderate regulation after World War II.However,the sluggish deregulation of the financial system had negative effects on Japanese economic growth.After the financial big-bang,Japan has facilitaed financial deepening by market promotion and restructuring,as well as the improvement of market supervision.The Japanese experiences reveal that financial deepening has positive effects on economic growth,while the effectiveness can be changeable with regard to different development stages of different economies.Each country should make choice of its path of financial deepening according to the concrete conditions.The Japanese experience of both innovation and supervision in financial deepening has important implications for the restructuring of post-crisis world financial system.