Introduction to Japanese Finance: Markets, Institutions, and Firms
介绍日本金融体系的变化及其对美国金融市场的影响，旨在帮助美国研究者理解日本金融并促进相关微观金融研究。
Changes in the Japanese financial system over the coming decade will play a significant role in the functioning of U.S. financial markets and, indeed, of the entire U.S. economy. From World War II through at least the mid-1970s, the United States was a major exporter of investment capital in the form of foreign direct and portfolio investment. More recently, low U.S. savings rates, recurring federal budget deficits, reduced sovereign lending by U.S. banks, and, possibly, high real returns on domestic investment have combined to make the United States a major importer of capital. At the same time, large trade surpluses and very high savings rates in Japan have more than offset increases in government borrowing to make Japan the world's principal capital exporter, a position it is likely to hold for some time. These are fundamental changes. One pronounced effect of Japan's emergence as a major capital exporter has been increasing economic and political pressure for financial market deregulation. Still highly segmented and controlled, there is at least the possibility that Japanese financial markets soon will tolerate increased foreign participation and will become more a part of emerging, integrated world markets. The manner in which Japan manages this transition will significantly affect the evolution of U.S. and Japanese financial markets. Our objectives in publishing a special series of papers on Japanese finance are to improve American researchers' understanding of an important but rela? tively neglected topic, to introduce American readers to Japanese research, and to stimulate more micro-financial research on the Japanese economy. The fol? lowing six papers and note are the best of twenty-nine manuscripts submitted for the special issue. Two criteria governed the selection of manuscripts for publica? tion. First, the papers had to meet the usual JFQA standards for clarity, originality, rigor, and relevance. Second, we asked that each manuscript inform the reader about an important financial aspect ofthe Japanese economy.