战后日本金融制度变迁与转型:一个制度金融学的考察

Evolution and Transformation of Financial System in Postwar Japan:An Examination Based on Institutional Finance

日本在战后赶超式发展战略下,市场本身的竞争均衡无法和政府的产业政策相匹配,由政府量身定制了"外生管制性"的金融结构,通过集中的银行业分布政府用"管制"取代"市场"完成资金配给。这种以牺牲"市场"的择优机制为特征的金融结构以及与其相适应的"传统型"的金融制度在经济发展进入低增长、资本供过于求的局面下暴露出其低效率性,并随着金融自由化、国际化的冲击出现了向"市场型外源融资结构"的转化趋势,实现了由"传统型"间接金融向"市场型"间接金融的制度转型。

Under the Japang postwar catch -up development strategy, the competitive equilibrium ket itself could not be in accordance with the governmental industrial policies. Exogenous regulato of the mar ry financial structure was established by government and government replaced the market with regulation to accomplish capital rationing through concentrated distribution of bank industry. The financial structure the expense of market preferential mechanism as well as the associated traditional financial sy characterized by stem exposed its drawback of low efficiency in the situation of low economic growth and capital oversupply. Meanwhile, with the liberalization of finance and impacts of internationalization there appeared the changing trend to ＂market oriented exogenous financing structure＂, which realized the institutional transformation from tradition -often- ted indirect finance to market -oriented indirect finance