Die Entwicklung des japanischen Finanzsystems mit Fokus auf der Rolle des japanischen Postsparwesens

Abstract

The Japanese financial system has attracted much attention during the 80´s and 90´s despite the fact that the national economy had already entered a period of sustained growth in the aftermath of the second oil shock. Artificially bolstered growth propelled the country straight into the infamous bubble which shattered, starting from real estate, whole industries. Japanese financial institutions were left with huge amounts of nonperforming loans. <br /> The following economic slump reinforced the bubble's effect and led the nation through a lost decade during which declining production, rising unemployment, falling consumption created a deflationary spiral. The efforts of several cabinets, first half-hearted than frantic, to contain further deterioration had no effect besides a swelling national deficit reaching 140 % of GDP in mid-2002. The popularity of the current government hinges on the designated goal of Prime Minister Koizumi to clean up the bad loans, further deregulation and to privatize public corporations, which have been made symbols of the flaws that are plaguing the Japanese economic system.<br /> Despite the recent havoc around the dismantling of public highway corporations Koizumi’s agenda centres on transformation of the national postal system, representing the world’s largest bank in terms of deposits, into a public corporation as first step on its way to full privatization. In spite of the general favour for privatization that sparkled from the UK through various countries among them members of the Commonwealth as well as countries of the former Eastern block and the EU, the author argues, that since the Japanese system has peculiarities different from these countries its approach should not be taken lightly.<br /> Focussing on the backbone of public finance, the so-called `Nemesis' of the Japanese private banking sector, the postal savings system, the author questions the feasibility of its privatization. Although the move would answer both requests of the national banking association and foreign financial institutions, the result of a split of the Japanese Post into three companies for postal services, postal savings and insurance, may be a far outcry from envisioned results. As comparison and outlook the author will draw on foreign examples pointing out similarities and differences in order to further insight in the ongoing transformation process of the Japanese financial system.