日本金融結構改革之回顧

Japan's Structural Financial Reform: A Retrospect

日本自一九八○年代泡沫經濟期以來，在金融、財政、產業及社會保障等方面積存了結構性問題。尤其是金融業不良債權太多、金融市場過度投機、財政投融資制度漸失效率等。現任小泉政府可說繼承了前朝遺留下來的各種課題。本文就小泉政府究竟如何加速日本金融結構改革以恢復經濟成長力和實現金融再生的問題加以探討。小泉在競選時即表示「無結構改革即無景復甦」。二○○一年六月，小泉政府提出「財經營運及經濟社會結構改革基本方針」。二○○二年十月提出「綜合通貨緊縮對策」。本研究發現，日本近年來透過對銀行業挹注龐大的公共基金，總算解除了金融大恐慌，但是在整金融業不良債權和制定經濟金融對策的決策過程中，財金當局往往受到來自執政黨內部、在野黨、企業界及輿論界等各方面壓力，而不得不採取妥協的態度，甚至影嚮到政策施行的時機，以致施行效果大打折扣。雖然有世界銀行和美國一流經濟學家屢對日本當局提出不少政策建議，但外國和尚之建議不見得都切合日本實際情況。此外，橋本政府以來儘管日本有相對周延的經濟金融對策之設計和制定相關法律等配套措拖，但因未能儘速處理好金融不良債權，仍一味採取過去依靠財政出動的緊急經濟對策和頻頻調降利率之方式，加以金融機構對於金融檢查和自我估算資產敷衍了事，也是近年來金融改革效果尚未能充分發揮的因素。

This paper review Japan's financial reform in the past 13 years, with a focus on the present Koizumi government and how the Koizumi government can step up structural financial reform to revitalize the growth rate and the financial system.Japan has avoided financial panic by pouring enormous public fund into the financial sector. However, in the process of disposing of the non-performing loans (NPLs) in the financial sector and in the process of making decisions, the authorities were constantly under pressure from all sides. As a result, the timing for implementation was often delayed, and the policy effect was reduced. Also, the suggestions made by experts of the World Bank and the IMF did not always fit Japan's actual situation. In addition, although there have been relatively comprehensive economic and financial countermeasures and corresponding laws, because of the delay in the disposal of the NPLs and the financial institutions' lukewarm attitude toward financial inspection and asset self-estimation, Japan's financial reform has not shown much result.