Japanese Financial Restructuring
While recognizing Japan and China are at far different economic stages, the Japanese financial sector reform in the late 1990 may tell us some issues and concerns applicable to Chinese case. In 1996, Japanese government decided to drastically deregulate the financial market to accelerate financial reforms. Until the deregulation called eBig Bangf, Japanese financial sector had been highly regulated, controlled, and supported by the Japanese government. The domestic banks had lent money to the inefficient, but politically influential companies based on the real estate value as collateral regardless of the profitability and the liquidity risks. The Big Bang created severe competition where most of the domestic banks were not able to survive. Eventually, 19 commercial city banks merged into 4 bank groups to pursue efficiency, yet they continue to be saddled with massive amounts of bad loans . Most banks were obliged to be under the control of the government again as a result of......
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