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New Dimensions of Financial Liberalization in Japan

机译：日本金融自由化的新维度

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摘要

This article contrasts the development of Japanese financial institutions over the past 50 years to that of the United States and compares the two countries' household savings behavior. Although reform and liberalization is driving the Japanese financial sector to become more open and more sophisticated, there are powerful reasons for the Japanese system and Japanese asset-holding behavior to remain divergent from that of the United States. One major factor is that income and wealth in Japan are distributed much more evenly than in the United States. Since wealthy households are more sophisticated and better able to accommodate risk, the concentration of wealth in the United States means that, compared to Japan, there are more high income/high wealth households that are willing to take on risk from equity and bond holdings. In Japan, in contrast, there is a much heavier reliance on bank deposits. Even though financial institutions in the two countries are becoming more similar, the persistent differences in income distribution are likely to lead to persistent differences in asset holding and the composition of capital markets in the two countries.
机译：本文将日本金融机构在过去50年的发展与美国的发展进行了对比，并比较了两国的家庭储蓄行为。尽管改革和自由化正在推动日本金融业变得更加开放和更加成熟，但日本制度和日本资产持有行为仍与美国保持分歧的强大原因仍然存在。一个主要因素是，日本的收入和财富分配比美国更为平均。由于富裕家庭更加老练并且能够更好地承受风险，因此与日本相比，美国的财富集中意味着与之相比，更多的高收入/高财富家庭愿意承担股票和债券的风险。相反，在日本，人们对银行存款的依赖更大。即使两国的金融机构越来越相似，收入分配方面的持续差异也可能导致两国资产持有和资本市场构成的持续差异。

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  • 来源
    《Business Economics》 |2007年第2期|p.58-68|共11页
  • 作者

    Masaharu Takenaka;

  • 作者单位

    Economic Research Group, Institute for International Monetary Affairs;

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  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 f;
  • 关键词

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