Geld- und währungspolitische Implikationen der Finanzmarktliberalisierung in Japan

Reszat, Beate GND

Financial liberalization in Japan has both advantages as well as disadvantages. Critics point to rising market risks and a weakening of monetary control. The study discusses these arguments in detail by looking at the various aspects of liberalisation and by comparing theoretical justifications for financial market regulation with a focus on models of conflict and cooperation, market failure, and institutions and regimes, respectively. In conclusion, all three models can to a certain extent help explain regulation issues in Japan. Furthermore, actual deregulation effects are considered. The analysis reveals that, clearly, the potential for conflict in Japan has risen. Also, there are growing signs of market failure and a risk increase. Thirdly, informal policy influence has widened, adding considerably to these dangers by further reducing market transparency as well as by limiting the central bank´s scope for risk containment and monetary control.

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