Historical and Tehoretical Analysis of the Stability of the Japanese Financial System

日本金融体系稳定性的历史和理论分析

• 批准号: 05630059
• 负责人: YABUSHITA Shiro
• 金额: $ 0.58万
• 依托单位: Waseda University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for General Scientific Research (C)
• 财政年份: 1993
• 资助国家: 日本
• 起止时间: 1993 至 1994
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/en/grant/KAKENHI-PROJECT-05630059/
• 关键词: Financial System; Banking System; Imperfect Information; Business Cycle Theory; Bank run; 景気循環理論; 銀行システムの安定性; 金融危機

Japanese economy had been in severe depression since 1991. This depression is characterized by sharp and large declines in asset prices such as land and stocks, and also by financial distress several institutions experienced. This unstable financial system depressed the economy further. The failures in bank management and the instability of financial system had occurred many times in the United States and other foreign countries as well as Japan in the past. In Japan we have experienced bank failures and runs several times in the establishment of the banking system since Meiji Restoration and the worst banking panic occurred in 1927.This research project is to analyze theoretically and empirically the stability of financial and banking systems and to examine their effects on the allocation of resources and macroeconomic movements. I derived several interesting results from my research, some of which are as follows :1.I concluded from my empirical analysis of bank closing in 1927 in Japan that the main cause was not the general loss of confidence in the banking system but their mismanagement such as failures in risk diversification.2.It is concluded that in financial markets with imperfect information, there are multiple market equilibria and some of them are not efficient.3.We showed that the bank response to deflation plays an important factor in business cycles.

自1991年以来，日本经济一直处于严重的抑郁症中。这种抑郁症的特征是资产价格（例如土地和股票）的急剧下降，也是经历了一些机构经历的财务困境。这种不稳定的金融体系使经济进一步抑制了经济。过去，在美国，其他外国以及日本，银行管理的失败和金融体系的不稳定发生了很多次。在日本，我们经历了银行失败，并且在建立银行体系的建立和最严重的银行恐慌是在1927年发生的。这项研究项目是在理论上和经验上分析金融和银行系统的稳定性，并检查其对资源和宏观经济运动的分配。我从研究中得出了几个有趣的结果，其中一些结果如下：1。从1927年在日本进行银行关闭的经验分析得出结论，主要原因并不是对银行体系的普遍丧失信心丧失，而是他们的管理不善，例如风险多元化的失败，例如在金融市场中，在金融市场中的响应不足，在某些方面效果不足，他们效果不佳。业务周期的重要因素。

项目成果

倉沢資成(編): "構造変化と企業行動(第8章)" 日本評論社(近刊), (1995)

Shigenari Kurasawa（编）：“结构变革和企业行为（第 8 章）”Nippon Hyoronsha（即将出版），（1995 年）

Yabushita,Shiro: "The Stability of the Japanese Banking System:A Historical Perpective" Journal of The Japanese and Mternational Economies. 7. 387-407 (1993)

Yabushita，Shiro：“日本银行体系的稳定性：历史视角”日本和国际经济杂志。

藪下史郎: "不完全情報と市場均衡:労働市場と金融市場" 早稲田政治経済学雑誌. 322号(近刊). (1995)

Shiro Yabushita：“不完美信息和市场均衡：劳动力市场和金融市场”早稻田政治经济学杂志第 322 期（即将出版）。

Yabushita,Shiro: "The Stability of the Japanese Banking System:A Historical Perspective" Journal of the Japanese and International Economies. 7. 387-407 (1993)

Yabushita，Shiro：“日本银行体系的稳定性：历史视角”日本和国际经济杂志。

Kurasawa, M.(ed) Kozo Henka: "To Kigyo Kodo (Structural Change and Firm Behavior)" Nihon Hyoron-sha. (1995)

Kurasawa, M.(ed) Kozo Henka：“To Kigyo Kodo（结构变化和企业行为）”Nihon Hyoron-sha。