일본의 금융정책과 금융중개기능의 변화 - 지역금융과 정책금융의 역할을 중심으로 -

Abstract

In the wake of the bubble collapse in the 1990s, when the ‘convey-fleet system’ collapsed, the Japanese financial system entered the transition period. The Financial Services Agency (FSA) of Japan emphasized the bad debt treatment based on strict financial inspections, as a result of this policy, the financial instability had been resolved in the mid of 2000s. Since the implementation of Abenomics, when the ‘extinction of local’ emerged as political issue, the government (especially FSA) pushed forward in strengthening the financial mediation function of local financial institutions. In addition, since the late 1990s, the Japanese government (especially MOF) started to push forward to reform the policy finance system. This study analyzes how the change in the financial policy trend and the reformation of the financial system have actually influenced to the financial mediation function of local financial institutions and policy finance. Since the implementation of Abenomics, the local financial institution loan skyrocketed focusing on the local banks, the lending attitude DI of financial institutions improved rapidly. That is, it can be evaluated that the financial mediation function by local financial institutions has been strengthened under Abenomics. On the other hand, the scale of policy finance shrunk comprehensively since the 2000s. However, on a special note, the scale of policy finance expanded under the risk of the global economic crisis in 2008 and the COVID-19 crisis. The investment function also strengthened through policy finances such as government􋹲private fund as a method of policy finance during the peactime economy.