I dust ial O ga izatio &
A Ba ki g “e to
No e e ,
Daiju Ai a
JICA Resea h I stitute
At “ophia U i e sit
Toda ’s the e
• “o fa , e ha e lea ed theo eti al f a e o k to u de sta d fi ’s eha io s a d h egulatio is eeded i so e
i dust ies.
• Toda , e ill stud the ase of a a ki g se to , hi h is o e of the highl egulated i dust ies.
• We ill lea it f o i oe o o i a d a oe o o i pe spe ti e a d fu the f o the p a ti al sta di g poi t.
• Espe iall , e ill lea e o o i poli ies i the a ki g
se to a d the e olutio of its se to i Ca odia, he e the a ki g se to is the e te of fi a ial s ste .
Toda ’s le tu e s
Mo etary Poli y i Ca odia
Duo g “ophak
– Deput Di isio Chief, E o o i Resea h I te atio al Coope atio Depa t e t, Natio al Ba k of Ca odia – Maste of E o o i s, GRIP“ 政策研究大学院
Ba ki g i Ca odia
You Vith ea
– “e tio Chief, E o o i Resea h I te atio al
Coope atio Depa t e t, Natio al Ba k of Ca odia – Maste of E o o i s, GRIP“ 政策研究大学院
Why should we learn a anking se tor?
I ost of ou t ies, the a ki g se to is
e te ed o the fi a ial s ste , a d pla s a
sig ifi a t ole i p o idi g
fu ds ith fi s, a d households.
fi a ial assets, su h as deposits.
pa e t se i e
Why should we learn a anking se tor?
• The a ki g se to pla s a ole i a oe o o i
sta ilit a d e o o i g o th.
• The a ki g se to ofte auses the se ious p o le
i the e o o e.g. Glo al fi a ial isis i ‐
.
– The a ki g se to is su je t to a ket failu e, su h as a ket po e , a d ad e se sele tio .
What is a a k?
• A a k is a fi a ial i stitutio whi h a epts
deposits fro the pu li a d reates redits.
• I othe o ds, a a k takes o e
i ter ediary to o e t people ho has
e ess fu ds ith people ho eeds fu ds.
• I Japa , ou ight ofte see a hes of
Mitsu ishi Tok o UFJ Ba k, Mizuho Ba k, et .
What is i ter ediary?
De tE uit Fi s
Offi es Ca sPCs CashDeposits
“e u ities
Assets Lia ilities
What is i ter ediary?
Assets Lia ilities
Deposits E uit Ba ks
Loa s
“e u ities
What is i ter ediary?
Households
Fi s Ba ks
“to k Ma kets
Deposits Loa s
Co petitio Theo i the Ba ki g
“e to
I the pe fe tl o petiti e a ket, the follo i g
o ditio s a e satisfied.
. Fi s p odu e ho oge eous goods
. The e a e la ge u e s of p odu e s a d
o su e s
. I fo atio is pe fe tl sha ed a o g
pa ti ipa ts i the a ket
. The e is o a ie i e t a d e it
Ho e e , the a ki g se to is su je t to se e al
pote tial sou es of a ket failu e.
• E o o ies of s ale o e o o ies of s ope
• I fo atio As et
• Ho izo tal a d Ve ti al P odu t diffe e tiatio
• “u k osts
• Net o k E te alities
• T o‐sided o petitio a ks o pete i deposit
a d loa o i pa e t platfo s, si ulta eousl .
Co petitio Theo i the Ba ki g
“e to
I o atio i a ki g te h olog
Le di g te h olog
– Joi t lia ilities Mi ofi a e i stitutio
– “e u itizatio P oje t fi a e, a d “t u tu ed fi a e – Asset‐ ased le di g
Pa e t te h olog
– ATMs
– O li e a ki g, a d/o o ile a ki g – Blo k hai Bit oi
Histo of Co petitio Poli i a
a ki g se to
• Co petitio Poli i the a ki g se to
e ol ed th ough diffe e t paths f o othe
se to s.
• Afte s up to s, he li e alizatio
sta ted i U“, o petitio as supp essed i
the a ki g se to .
Li e alizatio a d the a ki g se to
• As li e alizatio took pla e i othe egulated
i dust ies, the a ki g se to s ha e also ee
e posed to a se ies of de egulatio s si e s.
• “i e the , the o solidatio of a ks has i eased
a d the u e of a ks has de eased i e e
ou t . The u e of a ks de li ed % i U“
f o to .
– As lo g as the o testa le a ket theo holds, the p i e is set at as a lo le el as i pe fe t o petitio .
Co e t atio Ratio of top U“ a ks
CR
He fi dahl‐Hi s h a i de Total Assets
Li e alizatio a d Fi a ial isis
Although li e alizatio ought a se ies of i o atio i
fi a ial te h olog , it has also i eased s ste i isks
i its se to .
– Fi a ial isis ‐ ade e ide t the so ial osts of e essi e edit e pa sio , pa ti ula l i elatio to the
eal estate u le.
– The edit e pa sio as allo ed degulatio a d la p ude tial egulatio .
– The edit e pa sio e t ha d i ha d ith the i ease i se u itizatio .
