抄録

1990年代の「金融ビッグバン」は,日本の金融システムの抜本的自由化を図り,自由で公正でグローバルな金融市場を創出することを目指したものだった.しかし現在,証券市場の停滞や銀行の不良債権問題などに見るように,改革は所期の目的を果たしていない.これはなぜか,論文は,ビッグバン失敗の原因を,改革が証券業の自出化に留まり銀行部門への政府の保護が継続したこと,そして政府の証券市場に対する場当たり的介入にあることを確認する.その上で論文は,この問題は,改革が大蔵省証券局のイニシアティブによる「ボトムアップの改革」であったこと,大蔵省解体後,政治家が金融行政に介入するようになったこと,という金融ガバナンス上の問題に起因していると結論する.

abstract

Japan's "Financial Big Bang" in the 1990s was aimed at creating "free, fair, and global" financial market in Japan by way of complete liberalization of the financial system. Thus far, however, the reforms have not achieved their desired objectives, as we see in the stagnation of Japan's stock market and massive non-performing loan problem of Japanese banks. The essayobserves that Japanese Big Bang's failure was caused by two problems : first, although security business was liberalized, government's support on baking sector continued ; second, the government has been intervening in the financial market in a ad hoc way. The essay further argues that these problems were due to the fact that the reforms were made under theleadership of a section in the bureaucracy (i.e., Security Bureau of the Ministry of Finance) and that after the break-up of the Ministry of Finance, politicians has occasionally stepped intothe financial administration.