Empirical analysis on the performance of the Japanese financial system from the perspective of financial service users

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This research project was executed for four years. We focus on the effect of the financial reform on the household and the small and medium-sized enterprises, which are important users of the financial services. First of all, what influence the deregulation of the finance in recent years chiefly gave to the household sector was analyzed. Concretely, the problem of the housing loan was taken up. However, we find that the benefits of the liberalization have not been realized yet. Especially, the abolition of the Housing Loan Corporation may have made local housing loan market less competitive.On the other hand, the enhancement of the relationship banking function was analyzed in terms of the small business finance. In the paper "Regional financial system and small business finance" published in RP review, I argued that the informational problem in the small business finance is not completely canceled even if the telecommunication technology develops, and I discussed that the small business finance will remain regional. I concluded that soft information might be lost in the process of the M&A in the banking industry, and the enhancement of relationship banking function of the regional financial institutions is important to supplement the negative effect of the mega-bank reorganization and the governmental financial institutions' reform.