Home Bias in Japan
Home Bias in Japan
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日本的家庭偏见
DOI：
10.1057/9781137001603_9
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发表时间：
2008
期刊：
影响因子：
--
通讯作者：
W. C. Walker
中科院分区：
文献类型：
--
作者：
W. C. Walker
在日本，无论是个人投资者还是机构投资者，都有一个明显的特征，即对本国资产的偏好超过了对外国资产的偏好。在过去十年中，这种本土偏好在某些方面已经明显下降，但仍高于成熟市场国家的平均水平。如果说日本人对本国资产的强烈偏好导致了金融资产的次优配置，那么，在最近收益率低、社会保障项目资金缺口大的前景国家，这是一个尚未利用的提高投资收益的机会。从全球角度来看，日本投资者持有的低效率投资组合可能会对国内外资产的价格产生影响。本章按投资者类型和总体情况，对最近本土偏好的下降以及投资组合仍然集中在国内资产的其余领域进行评估。它考虑了影响本土偏见程度的监管和结构变化。在一个简单的投资组合模型的基础上，过去的家乡偏见可能产生的影响也被衡量。本章最后讨论了日本投资者的母国偏好持续减少的潜在宏观经济影响，以及可能有助于这种减少的政策。本章发现，过去10年的放松管制消除了许多对外投资的障碍。政府养老金制度和政府金融机构的变化也有利于更多地持有外国资产。由于这些改革，证券投资外流的结构性障碍对一个成熟市场国家来说不再显得异常高。对货币风险的厌恶仍然是一个
An apparent preference for domestic over foreign assets, or “home bias,” has been a conspicuous feature of the behavior of many investors in Japan, both individual and institutional. This home bias has declined markedly in the past decade by some measures, but remains higher than average for mature market countries. To the extent that a strong revealed preference for domestic assets in Japan results in a suboptimal allocation of financial assets, it would represent an unexploited opportunity for higher returns on investment in a country that has recently suffered from low rates of return, and that faces the prospect of having to cover a large funding gap in social security programs. From a global perspective, an inefficient portfolio held by Japanese investors could have consequences for the prices of foreign and domestic assets. This chapter provides an assessment, by type of investor and in the aggregate, of the recent declines in home bias, and of the remaining areas where portfolios are still concentrated in domestic assets. It considers regulatory and structural changes that have affected the degree of home bias. On the basis of a simple portfolio model, the likely effects of past home bias are also gauged. The chapter concludes with a discussion of the potential macroeconomic effects of continued reduction in home bias of Japanese investors, and of policies that might contribute to this reduction.The chapter finds that deregulation over the past decade has eliminated many obstacles to outward investment. Changes in the government pension system and in government financial institutions have also favored greater holdings of foreign assets. As a result of these reforms, structural impediments to portfolio outflows no longer appear unusually high for a mature market country. Aversion to currency risk continues to be an