Coordination of Interests and Bank Behavior

银行行为是通过明确考虑银行管理层的偏好来研究的，与已有研究的主要区别在于，我认为银行管理层是具有不同认知偏差的决策主体，而不是人的经济学。标准经济学假设经济主体是理性的，市场是有效的。然而，已经有各种经验证据与这一假设不符。这些研究被称为行为经济学或行为金融学，应用了认知心理学的成果。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/金融学和心理学之间的关系。其次，我从行为经济学的角度考虑了日本最严重的经济问题--不良贷款问题。在本研究中，笔者运用展望理论和心理会计理论，考察了日本银行在银行管理下面对不良贷款问题时的行为模式。我特别分析了以下问题：(1)为什么日本银行在披露和清算不良贷款方面犹豫不决？会计准则--历史成本会计还是市值会计--对坏账的注销有什么影响？(3)为什么注入如此庞大的公共资金在解决坏账问题上毫无用处？我得出的结论是，我的银行行为模型在考虑日本的坏账问题时非常有用。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。本项目的研究成果是从行为经济学/金融学的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.