금융행정개혁을 통해 본 일본형 금융시스템의 변용 : 대장성·일본은행 개혁과 호송선단방식의 붕괴 및 재편

Abstract

At the beginning of 1990s, the collapse of bubble economy caused financial crisis and critiques on protective financial administration were increased. Thus, in Japan, a financial reform was promoted in order to build more effective and stable financial system. The reform was executed by Ministry of Finance (MOF) and Bank of Japan (BOJ) and it took place in various aspects such as annulment of competition restrictive regulation and improvement of financial safety net. MOF which had all the fiscal and financial power lost most of its power over finance. This was an epoch-making reform that meant the dissolution of convoy type of financial administration. However, in order to fully understand the reform of financial administration, we need an overall analysis on reformation of both the head office of MOF, local financial bureaus (local agency of MOF) and BOJ. This thesis understands the role and functions of financial administration from 'stability of financial system' point of view and analyses the convoy type of financial administration through 'path dependence' or 'hysteresis'. With the fall of the convoy type of financial administration in Japan since 1990s, Japan's financial system based on convoy type of financial administration has been experiencing structural changes. Yet, the fact that some elements from the convoy type of financial administration were reproduced and still remain after the financial reform needs our attention. At the central level, the fiscal power and financial power were separated during the financial reform but at the local level, local financial bureaus with both fiscal and financial power still exist and BOJ maintains its financial inspection function for individual financial institution.