تجدید ساختار سیستم بانکداری ژاپن؛ آیا ژاپن به اندازه کافی در این زمینه موفق بوده است؟

The resolution of the Japanese banking crisis has been identified as a critical factor affecting the health of the global economy. Massive restructuring must be undertaken to improve the health of Japanese financial system. We provide evidence that the Japanese banking system has begun to restructure in light of recent financial deregulation. In particular, failures, mergers and other forms of restructuring are now underway. However, Japanese banks still must overcome serious obstacles to regain their place among the world's best financial institutions.

Reviving the Japanese banking system is a key element in improving the health of the global economy. The extent of the bad loan problem for Japanese banks has been estimated at US$1.2 trillion, or about 7% of the GDP of Japan (Hoshi & Kashyap, 1999). However, as recently as mid-1998, the Japanese government attempted to avoid the issue entirely. Keizo Obuchi replaced Ryutaro Hashimoto as prime minister of Japan in July 1998 and promptly vowed that none of the 19 largest Japanese banks would be allowed to fail, for example (Economist, September 12, 1998). The government even circulated rumors that the failure of just one top bank would lead to a global financial upheaval. Moreover, until quite recently the banks themselves were content to mask the extent of the bad-loan problem and hope that the economy reversed course. The Japanese government and banks have begun to change their ways, however, as failures, mergers, and other forms of restructuring have begun in apparent earnest. This study describes the current state of the restructuring of Japanese banks, focusing on the largest Japanese banks per conventions in the business press. First, we discuss the extent of the banking crisis, the events that led to the present situation, and relevant research regarding the functioning of Japanese banks. Next, we examine current restructuring measures taken by the Japanese government and individual banks in response to the crisis. Specifically, financial deregulation and subsequent mergers and bank failures are analyzed in detail. Finally, we assess the remaining obstacles and future issues faced by the Japanese banking industry.

The Japanese banking system has undergone a dramatic facelift in the past year due to the poor health of Japanese banks. Deregulation and the formation of powerful regulatory agencies have forced the banking industry to undergo a massive restructuring as evidenced by mergers and failures among the largest banks. Although the banking system is taking strides in the right direction, the banks still face serious issues. How the banks deal with the remaining obstacles will determine whether the recent changes are merely token gestures or a genuine start in improving the international competitiveness of Japanese banks.The Banker, Business Week, Economist, Kang Stulz 2000 and Wall Street Journal