Japanese Financial Industry Regulation Research

Japanese Financial Industry Regulation ResearchRegulation is an issue of common concern to economics, law and politics. After American subprime loan crisis broke out in2008, scholars analyzed the reason of this crisis from different perspectives, and researched from financial regulation is one of these hot points. Financial regulation in post-crisis necessarily produces some new concepts, changes and developments, and these supply a new times background to this thesis'study. Among modern capitalism countries, Japan has the title of "Regulation Power", and even some learners defined Japanese market economy as "regulation market economy". After the Second World War, Japanese government regulated each industry of the national economy widely and in depth, and therefore financial industry became the most and the most careful industry regulated by the government. These financial regulation measures efficiently enhanced rapidly increases of Japanese economy, and supplied a security for Japanese economy's steady development after the Second World War. As a later capitalism country, Japanese regulation experience deserved to be borrowed and learned by us, and the regulation reformations taken by Japan to face financial crisis and the descendant of financial international competition are worth to be thought deeply and researched. When China has joined the WTO, the area of financial opening was broaden to move forward a single step, so financial institutes'competitions between at home and abroad became more fiercely. Further improve Chinese financial regulation system, gauge financial innovation and promote international competition of Chinese financial industry have been imminent. China is a transformation country to market economy, so our own experience of economic development couldn't supply solutions to these problems. But Japanese experience and lessons of financial regulation are deserved for us to study and take, what has a great significance to boost development of Chinese financial industry and perfect financial regulatory system.This thesis has seven parts. The first part is introductory theory, which proposes the reason and significance to do the research of Japanese financial regulation, defines regulation's intension and extension, combs and discusses the develop context of regulation theory, makes a analysis on the implement and relaxation of financial regulation and the document and the research achievement of the regulation development had, and also introduces the analysis method that this thesis takes, defines its study range, and at last points out this paper's innovations and deficiencies.The second part states the formation of Japanese financial industry's regulation. Based on the form logics of later developing countries' system, and according to evolutionarilism and constructivism theory of system formation, this part analyses the form process of Japanese financial regulation system, introduce financial regulation's organization system and the characteristics during Japanese financial regulation's formation. From the view of Japanese financial regulation's formation, we can see that financial regulation's formation is a uniform of necessity and occasionality and as a "visible hand", financial regulation is a useful complement to the market system.The third part is about implement of Japanese financial regulation. Taking Japanese important economic social events after the Second World War as a primary line, this part concludes the emphasis of Japanese financial regulation's policy measure. From the Second World War to the post1970s, the taken "convoy system" type's limited competitive regulation powerfully prompted Japanese post-war economics to develop rapidly. During1980s to90s, the free booming of Japanese finance brought about the risk of Japanese financial industry frequently appeared. Financial regulation paid more attention to the wholesome regulation. After Asian financial crisis in1997, Japanese regulation was mainly protective regulation, which focus on when financial institutions faced operational difficulties, how to guarantee financial system steady, deal with trouble banks properly and protect benefits of financial consumers. After subprime crisis in2008, Japanese regulation policies took a positive adjustment, and built more perfect and more open regulation policies. According to these policies carried out, it can be seen that financial crisis and economic social events played an important role in adjusting regulation policies, and also the interaction between financial regulation policies and economic financial development.The forth part is a relaxation analysis about Japanese financial regulation. This part is on the basis of "rules failure", and analyses "finance big bang" beginning from1996, financial regeneration plan in2002and regulation relaxation after Japanese big earthquake in2011, from1970s' financial free surge. During this process, it also introduces the main content about regulation relaxation, such as to relax ratio regulation of financial institutions, permit mixed operation of financial institutions, and encourage international operation of financial institutions and so on. Japanese regulation relaxation boosted activity of financial industry, promoted financial industry's international development, enhanced the creation in every financial industry, provided consumption convenience for all the financial consumers, and protected lawful benefits of financial consumers.The fifth part is an evaluation on Japanese financial regulation. Firstly, according to building regulation effect evaluation indicator system, this part periodically evaluates financial regulation's implement. In accordance with different periods of financial development, it estimates regulation promoting effect. Secondly, using "S-C-P (Structure-Conduct-Performance) model" to evaluate regulation relaxation and get a conclusion that regulation relaxation improves financial market's structure, standards financial market's conduct and promotes financial market's performance. This part also discusses existent problems in the process of regulation relaxation, including non-thorough implement of regulation relaxation measures, using social regulation to cover economic regulation, and the slow promote speed of regulation relaxation, and also analyses the reason of these problems. On the basis of above, it summarizes valuable experience of Japan introduced and improved "RIA system","ADR system" and"BIS system". All of these supply a good example for Chinese financial industry.The sixth part is about development tendency of macro prudential and Japanese financial regulation. In the view of new environment that Japanese financial industry facing, this part analyses new change of economic finance, and introduces the concepts, system and international adjustment mechanism that Japan use to adjust adjusted financial regulation policies. Especially in the post crisis era, at the background of macro prudential regulation became financial development tendency gradually, it analyses that Japanese financial industry promoted all-around regulation, kept watch on system risks, prevented financial system's procyclicality, and strengthened financial regulation's national communication and cooperation and other new tendencies.The seventh part is an inspiration to Chinese financial supervision. After comparison to the differences between Sino-Japan financial industries, this part analyses the distinction between Chinese financial supervision and Japanese financial regulation. For all sorts of challenges faced by Chinese financial supervision in new period, search solutions to solve Chinese problems from Japanese financial regulation's experience and lessons. This part also proposes that China should set up uniform financial supervision, sequentially advance regulation relaxation, introduce and carry out regulation evaluation system, and enhances international communication of financial regulation and other suggestions to motivate Chinese financial development, preserve financial consumer's lawful benefits, and avoid financial risks.