<論文>経済制度の発展と「適応効率性」 : ノース仮説の検証

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概要

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• It is a common view in Japanese economics circle that the Japanese main bank system has been a rational existence as an economic institution. While information economics authorize the view, we strongly doubt it on the based of the next reasons, namely a forced lower interest rate policy and the real estate-backed loans. Though financial intermediation institution should originally offer a loan backed on a project, the Japanese main bank determines a loan according to the real estate that a borrower possesses. In short, the Japanese main bank system ignores the function of interest rate under a forced lower interest rate policy. The main banks do not depend on price mechanism and takes a severe burden as a result, especially declining in the price of real estate. Douglass C. North, an author of INSTITUTIONS, INSTITUTIONAL CHANGE AND ECONOMIC PERFORMANCE (1990), says that he abandoned the efficiency view of institutions. Rulers devised property rights in their own interests and transaction costs resulted in typically inefficient property rights prevailing (ibid., p. 7). This part is full of interesting suggestions for us, which has taught us economic institution dose not exist itself as being rational. He also writes about adaptive efficiency in his book. Adaptive efficiency, therefore, provides the incentives to encourage the development of decentralized decision-making processes that will allow societies to maximize the efforts required to explore alternative ways of solving problems (ibid., p. 81). That is, adaptive efficiency has an intimate relationship between market mechanism. We can conclude that economic institution is not rational without fulfilling its function of market mechanism. The Japanese main bank system had been under a forced lower interest rate policy, offering a loan only to big businesses that owns a massive real estate. Consequently we consider the main bank system had not been a rational existence. We maintain that this North' hypothesis can be applicable to other countries, such as Germany, Korea and Taiwan. Although these three countries are different in economic circumstance. We can presume to what degree market mechanism (adaptive efficiency) affects economic efficiency in the countries.

• 2003-03-30

著者

• 勝又 壽良

  東海大学教養学部

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