Progress of Informationalization and the Japanese Financial System

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The result of our research consists of the following four categories ;1. Through the theoretical analysis on the role of information in the financial market, we found the following facts. The existing financial system and market, customs are low-cost means in order to avoid the adverse selection caused by the asymmetry of information. The uniqueness of banks stems from the fact that the bank loan is a low-cost means to cope with the uncertainty of cash flow of borrowers. Collateral is a very important means to save the cost of information production by banks. Many Japanese banks does not produce information by reducing their credit risk by collateral. Since it is a easy method to reduce the risk, non-bank firms can easily imitate its lending behavior and banks may well lose its competitiveness. The cost and the capacity of information production by banks affect the effectiveness of the monetary policy.2. Many characteristics of the Japanese financial market are derived essentially from the characteristics of the Japanese system of maintaining the financial stability. Some of them are attributable to the highly competitive nature of the Japanese industries. Thus, some of them will disappear with the progress of deregulation, but some will not.3. Through the empirical analysis of bank behavior regarding collateral and information production, our hypothesis of theoretical analysis are positively confirmed. We also found that the change of the financial system follows behaind the actual change in the financial market. Thus we obtained a fairly clear perspective of the direction of the future change of the Japanese financial system. The informationalization does not necessarily means the increased market informational efficiency.4. When we change the financial system, it is important to make a plan that can avoid the problem of time-inconsistency. A concrete proposal was made about the process of deregulation of the Japanese financial market.