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The Financial Liberalization and Japanese Financial Reforms: The Crisis and Changes of Japanese Financial System
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금융자유화와 일본의 금융개혁 : 일본형 금융시스템의 위기와 변용

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Type
Academic journal
Author
Journal
The 21st Century Political Science Association 21st centry Political Science Review Vol.13 No.2 KCI Accredited Journals
Published
2003.12
Pages
43 - 65 (23page)

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The Financial Liberalization and Japanese Financial Reforms: The Crisis and Changes of Japanese Financial System
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Japanese Financial system which contributed to Japanese miracle has been confronted with the financial liberalization pressure, and increased its vulnerability after the collapse of Bubble economy. In the 1980s domestic and international pressures led to a gradual reform in Japanese financial system. Especially the United States was applying heavy pressure on Japan to open its financial market. Financial liberalization in Japan was dependent on bureaucrat initiative during 1980s. However the politician began to intervene the financial liberalization policy after the financial crisis of 1997 and the financial reforms including the financial Big Bang and the resolution of bad-loan was implemented radically. Consequently liberalization in Japan was a more protracted process. Theses characteristics of financial liberalization and the bad-loan problem led to the 1997 financial crisis.

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