Macroeconomic Effects of Capital Adequacy Regulation in Japan
Macroeconomic Effects of Capital Adequacy Regulation in Japan
复制标题
日本资本充足率监管的宏观经济影响
DOI：
10.4324/9780203300367-11
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发表时间：
2004
期刊：
影响因子：
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通讯作者：
Heather Montgomery
中科院分区：
文献类型：
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作者：
Heather Montgomery
日本在巴塞尔雅阁下引入了更严格的资本充足率监管，这通常被指责为引发了“资本紧缩”，即银行贷款减少，以应对更严格的银行资本监管。在整个90年代，日本银行的资本状况受到多种因素的压力，银行提高BIS（国际清算银行）资本充足率的压力被认为是90年代贷款总额减少的原因之一。信贷紧缩反过来又被指责为日本上世纪90年代经济低增长的“失去的十年”。尽管日本银行实行零利率政策，但日本经济在本十年的大部分时间里仍然停滞不前。尽管真实的“逆风”，过度建设商业真实的地产和企业资产负债表调整压力，无疑阻碍了两国的经济复苏，但金融中介机构未能发挥其在货币政策传导中的传统作用，往往被指责为宽松货币政策无效。本章探讨了监管制度的变化对真实的经济活动的影响，特别是考察了20世纪90年代巴塞尔雅阁中引入的更严格的银行资本充足率标准对日本经济的影响。在宏观层面上，本章分析了日本20世纪90年代“失去的十年”在多大程度上可以归因于银行业的信贷紧缩。真实的经济活动是否受到资本紧缩的影响是一个重要的问题。即使日本银行面临满足资本要求的压力而减少了贷款的供应，如果借款人能够很容易地获得银行信贷的替代品，或者能够很容易地转向没有资本压力的贷款人，真实的经济活动可能不会受到银行信贷减少的太大影响。因此，本研究探讨了银行业的健康状况对整体经济的重要性，以及90年代日本银行监管的变化对经济产生了什么样的真实的影响。
The introduction of stricter capital adequacy regulation in Japan under the Basel Accord is often blamed for brining on a “capital crunch”: a reduction in bank lending in response to stricter regulations on bank capital. The capital positions of Japanese banks have been under pressure from several factors throughout the 1990s and pressur on banks to raise their BIS (Bank for International Settlements) capital adequacy ratios has been cited as a cause of the reduction in aggregate lending in the 1990s. Tight credit conditions have in turn been blamed for Japan’s “lost decade” of low economic growth in the 1990s. Despite the Bank of Japan’s zero interest rate policy, the Japanese economy has remained stagnant throughout most of this decade. Although real “headwinds”, overbuild commercial real estate and balance sheet adjustment pressure on firms, undoubtedly hampered economic recovery in both countries, the failure of financial intermediaries to play their traditional role in the transmission of monetary policy is often blamed for the ineffectiveness of loose monetary policy. This chapter explores the effect of regulatory change on real economic activity, in particular examining the effect of stricter bank capital adequacy standards introduced under the Basel Accord on the economy of Japan in the 1990s. At a macro level, the chapter analyzes to what extent Japan’s “lost decade” of the 1990s can be attributed to a credit crunch in the banking sector. The question of whether real economic activity was affected by the capital crunch is an important one. Even if banks in Japan facing pressure to meet capital requirements reduced the supply of loans, if borrowers had easy access to close substitutes for bank credit or were able to switch easily to lenders that were not facing capital pressure, real economic activity may not have been much affected by the reduction in bank credit. Thus, this study addresses the question of how important the health of the banking sector is to the performance of the overall economy and what real economic repercussions changes in banking regulation had in Japan in the 1990s.