日本金融体制的结构性缺陷与金融危机——对日本金融体制模式及其改革的重新审视

Structural Flaws in Japan's Financial System and the Financial Crisis

在 70年代后半期至 90年代初这一期间 ,日本对战后金融体制进行了以利率自由化和金融业务自由化为主要内容的改革 ,但这次改革并没有消除其金融体制中存在的多种结构性缺陷。进入90年代以后 ,随着日本泡沫经济走向崩溃和金融危机的爆发 ,这些结构性缺陷开始充分暴露。据此可以认为 ,70年代后半期至 90年代初的金融体制改革的不彻底即金融体制中存在的结构性缺陷 ,是导致金融危机的根本原因。

During the period from the late 70's until the early 90's, Japan launched a reform in its post war financial system featuring the liberalization of interest rates and financial business. However, the reform failed to eliminate the various structural flaws in the financial system. Since its entry into the 90's, these structural flaws have become obvious resulting from the bursting of its bubble economy, and the resulting financial crisis. It can be thus inferred that the structural flaws resulting from the incomplete reform in the financial system from the late 70's till the early 90's are the fundamental cause of the financial crisis.