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

这个研究项目进行了四年。我们关注的是金融改革对家庭和中小企业的影响，他们是金融服务的重要用户。首先，分析了近年来金融放松管制主要对家庭部门的影响。具体地说，讨论了住房贷款问题。然而，我们发现自由化的好处尚未实现。特别是住宅贷款公司的废除，可能会使本地住宅贷款市场的竞争力下降。另一方面，从小企业融资的角度分析了关系银行功能的增强。在RP review上发表的论文“区域金融体系与小企业金融”中，我认为即使电信技术发展，小企业金融的信息化问题也不会完全消除，并讨论了小企业金融将保持区域性。本文认为，银行业在并购过程中存在软信息丢失的问题，增强区域性金融机构的关系银行功能对弥补大型银行重组和政府金融机构改革的负面影响具有重要意义。

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.