Coordination of Interests and Bank Behavior

对银行行为的研究明确考虑了银行管理层的偏好，与现有研究的主要区别在于，我将银行管理层视为决策中存在各种认知偏差的代理人，而不是经济人。标准经济学假定经济主体是理性的，市场是有效的。然而，有各种经验证据与这一假设不一致。这些研究被称为“行为经济学”或“行为金融学”，将成就应用于认知心理学。在这个研究项目中，我回顾了行为经济学和行为金融学的研究，其中我考虑了经济学/金融学与心理学的关系。接下来，我从行为经济学的角度考虑了“不良贷款问题”，这是日本最严重的经济问题。在本研究中，我以前景理论和心理会计为理论基础，研究了日本银行在面对不良贷款问题时的行为模式。具体分析了以下问题：(1)日本银行为何不愿披露和清算不良贷款？会计准则——历史成本会计与市场价值会计——对坏帐核销的影响是什么？(3)为什么投入如此庞大的公共资金对解决不良贷款问题毫无用处？我的结论是，我的银行行为模型（假设银行管理层存在偏见）在考虑日本的不良贷款问题时非常有用。行为经济学/金融学被认为是解决货币和银行问题的有前途的方法。本课题的研究成果是从行为经济学/金融学角度理解日本银行体系的第一步。

Bank behavior is investigated by considering bank managements' preference explicitly, The main difference from existing research is that I consider bank managements as agents with various cognitive biases in making decision, not as homo economicus.Standard economics has assumed that economic agents are rational and markets are efficient. However, there have been various empirical evidences that are inconsistent with this assumption. These studies, called 'behavioral economies' or 'behavioral finance,' apply achievement in cognitive psychology.In this research project, I reviewed research in behavioral economics and behavioral finance, in which I considered the relationship between economics/finance and psychology.Next, I considered 'bad loan problems,' the most serious economic problems in Japan, from behavioral economies' viewpoints. In this research, I considered the behavioral pattern of Japanese banks in the face of bad loan problems under the bank managements subject to prospect theory and mental accounting. In particular, I analyzed following issues ;(1) Why do Japanese banks hesitate to disclose and liquidate their bad loans?(2.). What is the impact of accounting standards - historical cost accounting vs. market value accounting - on writing-off of bad loans?(3) Why is infusion of such a huge public funds useless in resolving bad loan problems?I concluded that my model of bank behavior, which assumed biased bank managements, was very useful in considering Japan's bad loan problems.Behavioral economics/finance is thought to be promising approach to money and banking issues. The research result in this project is a first step to the understanding of Japanese banking system from the behavioral economics/finance viewpoints.