摘要
该文根据近期日本央行公布的2008年度日本的银行决算数据,对日本大型银行和地方银行的收益现状、中长期收益行为进行了分析。对比2009年4月国际货币基金组织《世界金融稳定报告》可以看出,历经此次金融危机,美国银行等半数以上美国大型金融机构仍可保持年度结算盈利,但遭受危机损失不很严重的日本银行业,其2008年度决算却出现赤字。这说明日本银行业在收益能力和风险管理能力上存在问题,其深层次根源仍在于早年汇率制度改革的失败。当年日本面对美国压力加速日元的升值,是导致1990年代日本经济泡沫破灭的关键因素之一。此后大量的不良债权负担给日本金融业带来了巨大创伤,以至于尽管日本政府采取各种措施努力救治,仍未达到理想效果。汇率制度改革一定要兼顾本国金融业的承受能力,以维护金融业可持续发展为前提,否则将长期制约金融机构的基础性收益能力。这是日本经验留给我们的重要启示。
This paper analyzes large and local Japanese banks＇ current yields and medium- and long-term yields based on recently published budget data on Japan＇s banks in 2008 fiscal year. According to the IMF＇s Global Financial Stability Report in April 2009, over half of the United States＇ large financial institutions, including banks, made annual profits in the financial crisis. In contrast, Japan＇s banking industry, being less impacted by the financial crisis, registered budget deficits in fiscal 2008. This means that Japan＇s banking industry has difficulties in earning capacity and risk control. A crucial reason is that Japan failed to reform its exchange rate system in the early years. During that time, the JPY appreciated rapidly owing to the pressure from the US, which also was a key factor that resulted in the bursting of Japan＇s economic bubble in the 1990s. Consequently, a lot of bad assets deeply damaged Japan＇s financial industry, and the Japanese government could not turn it around despite taking many measures. The exchange rate reform must be based on the capacity of a nation＇s financial industry, and the premise is to maintain sustainable development of the financial industry. Otherwise, it may restrict financial institutions＇ fundamental earning capacity in the long term. This could be an important lesson for us from Japan＇s experience.
出处
《中国货币市场》
2009年第9期43-47,共5页
China Money
关键词
日本银行业
基础收益能力
信用成本
Japan＇s banking industry, fundamental earningcapacity, credit cost
