金融システムの進化と市場型間接金融 : 消費者利益向上の視点から

概要

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In Japan, it is recently argued that a new market-oriented financial channel, such as investment trusts, pension funds and insurance, and securitization, should be enhanced to restore the Japanese financial system and to strengthen the capital market and financial industries in Japan. This paper critically reviews these arguments in terms of promoting consumer's interest. We advocate that market-oriented financial channel develops spontaneously in the market as we enhance investor protection measures and strengthen the capital market function that disciplines and monitors borrowing firms.