日本银行体系的脆弱性与其金融安全网的演变

金融安全网作为保持金融体系、尤其是银行体系安全稳健运行而建立的危机防范和管理的一系列制度安排,一直受到各国金融监管当局和相关学者的关注。日本从二战后至80年代金融业处于长期稳定状态,使许多人推崇日本当时的金融安全网。然而,正是这个安全网阻碍了市场约束发挥作用,掩盖了日本银行体系长期积累下的脆弱性。进入90年代,随着金融环境的变化,日本传统的金融安全网明显失效,其金融业进入长达十余年的不稳定时期。安全网也随之发生变革。

Weakness of the Bank System and the Evolution of Financial Security Network in Japan

Financial safety nets are established as a series of crises preventing and crises management institutional arrangement, its aims are to maintain safety and soundness of financial system especially banking system. Each country's financial supervisory authority and related scholars also pay attention to it. Since the end of the Second World War to 1980s Japanese financial industries had been in stable state and thus its safety nets got high esteem. However, it is the safety nets that prohibited the role of market discipline and concealed Japanese banking fragility accumulated through long time. After enter into 1990s, with changes in financial environments, Japanese financial safety nets are less effective obviously, its financial industries start experiencing instability over ten years. Safety nets also evolve with circumstances.