2017년 2월 23일 목요일

Indirect finance

Indirect finance

With the indirect finance (かんせつきんゆう, Indirect finance), an engine borrowing and loaning a fund indirectly between a side to finance with one financial form and a side to receive is existing structure. An antonym is direct finance.

Table of contents

Summary

A characteristic of the indirect finance is that a broker (financial institutions such as banks) exists. With the landlord of the fund, a broker enters between a borrower, but the broker borrows it from a landlord once and rents it to a borrower. Therefore there are not the direct trade relations with a landlord between a borrower. A financial institution collects the small funds of a large number of landlords, and the point that I can furnish a large number of borrowers with is a merit. Furthermore, the risk of the individual landlord decreases to make a large-scale asset portfolio.

In the indirect finance, the credit of the landlord becomes the debt of the broker. The broker can change the credit move between landlords to have a large number of landlords toward a customer. Because this means fluid height, the landlord comes to consider credit to be a cash quid pro quo. In this way, the activity of the indirect finance causes trust creation and increases money supply in a city. The financial institution raises a profit with the differences between interest rate (in the bank deposit rates) and interest rate to receive from a borrower (profit margin) to pay to this landlord.

On the other hand, it is a borrower essentially not a financial institution to guarantee the credit of the landlord. Therefore it cannot be said that the credit of the same amount is equal value even if I leave it at any financial institution. When a financial institution lends it to a bad borrower of the financing situation and becomes the bad debt, as for what take responsibility, it is to a landlord essentially. Therefore the financial institution loses trust if not run by a financial expert lined in a technique and an ethic.

When an individual purchases an investment trust, I am classified in indirect finance [1].

Tendency of each country

Takashi Koshio of the economist points out, "it varies according to a country which of direct finance and the indirect finance is important" [2].

Yoichi Takahashi of the economist points out, "the administrative administration official seems to think with the financial system that the one that direct finance has a big can cope with the needs of the company energetically many scholars, and it is consistent after the war that I am connected with financial system and a company rate, and direct finance is often higher in a company rate, and indirect finance is dominant in Japan, and it is consistent even for the period of the high growth of economy that it was so, and direct finance is dominant again in the United States, and economic growth makes a little difference in Germany where the U.K. and the indirect finance that direct finance is dominant in the euro area are dominant, and financial system itself in itself does not surely affect the economic growth" [3].

in Japan

I refer to "the bubble economy # development"

I it from prewar days to a bubble burst

The indirect finance by the bank was the center in Japan from prewar days, but this is because the government at the time pushed forward the financial system led by the bank [4]. This financial system greatly contributed to postwar economic revitalization, rapid economic growth [5]. In the times when Japanese economy hurried catch-up to Europe and America, an indirect finance method showed power very much [6].

"The escort fleet method" was the system which worked effectively for the postwar lack of funds era, but, for Japan after the growth, kept the tepid water constitution [7]. Kikuo Iwata of the economist points out, "it may be said that an escort fleet method contributed to postwar rapid economic growth in Japan and the later stable economic growth, but only an expense means what the bad bank of the service that increased survives as for the evil having been big", and "the bank party not smashing it" [8].

Because, in the Ministry of Finance, long-term funds became rare after the war; direct in a city bank, a long-term credit bank; instructed the government indirectly, and regulated a capital market [9] strictly [10]. The loan flotation of the company was limited under field of length finance regulation strictly, and the company which could raise a fund was limited to by a debt issuance [10]. The long-term credit bank (mainly Industrial Bank of Japan) continued resisting relaxation of the loan flotation regulation intensely and disturbed the development of the corporate bond market of Japan [11].

From about 1980, economy, financial globalization advanced in the world, and the indirect finance-centered financial system became outdated [12]. The financing with external bonds, the issue of corporate bond with convertible bonds, the pre-emptive right in Japan were liberalized in the 1980s by relaxation of revision and the loan flotation regulation of the Foreign Exchange Control Law [13]. By the liberalization of the capital market, the big company came to recruit you by corporate bond publication financially [14]. The financing ratios by the corporate bond publication of the main company of 1985-1989 years increased from 8.5% to 17.4% [13]. Kikuo Iwata points out, "corporate bond publication was the financing that is convenient at low interest than the borrowing from the bank receiving troublesome examination for the big company" [14].

After a bubble burst, loss filling, a payoff, the disgraceful affair of the financial institution including the concealment of the big sum loss were found out in succession [15].

三洋剛 of the economist points out, as a result of "having continued postponing the processing without clarifying the actual situation of the bad debt to the nation without being in the finance government by "an escort fleet method" for a delay of outbreak, the handling of bad-loan problem, and escort fleet-like constitution being able to get away after a bubble burst, the bad-loan problem made it it for an extended long term" [16]. Akira Noguchi of the economist points out, "some debaters point out that I point out "a structure problem" in the conventional Japanese financial system called "overemphasis of the indirect finance" than a bubble, and the Japanese capital market depends on indirect finance not direct finance excessively too much, and it enlarged a bubble and economical confusion by the collapse" [17].

Big Bang and the post

Because the loss that a bank received was equal, the government was pressed for a review of the conventional finance administration (escort fleet method) by a bubble burst [18]. The Japanese Government carried out various deregulation by "Big Bang" of the late 1990s [5]. The change about the finance that happened by "Big Bang" for Japan was flows from "savings (indirect finance) to investment" (direct finance) [19]. As a policy to transfer indirect finance predominance to direct finance predominance, financial deregulation and the dismantling of the escort fleet method were carried out [20].

Yasuyuki Iida of the economist points out, "the model to gain capital by raising the savings rate of the nation is not used now in the developed country of (2010), and the savings may not leave for the domestic investment now even if the globalization of a borrower, the investment advances, and savings increase in the country" [21].

Kikuo Iwata "the economic whole is soaring, and the reason why bank type indirect finance-centered corporate finance did not have a big problem of Japan from postwar period to the 1980s is that a bad loan risk was small the whole;, as for corporate finance in the future, a bank points out most of of the risk, an individual investor, institutional investors should change into structure to bear a risk thinly widely not what bear" [22].

Heizo Takenaka of the economist points out, "it was important how a company gives money stably for the rapid economic growth period, and GDP lengthens if a company invests, and the family budget is because there was circulation to be moistened, and therefore indirect finance had a big meaning, and the indirect finance is important even today, but, on the other hand, assets use (direct finance) in the finance becomes more important because need to give the yield of personal financial assets to came out" [23].

Daiwa Institute of Research points out, "financing from the outside is necessary because many start-up companies do not have securities such as the land, but the procurement of the opening of business fund is difficult because indirect finance is dominant in Japan" [24].

Takuro Morinaga points out, it "is a fact that Japan is higher in specific gravity of the indirect finance than one of Europe and America, but Japan is because there are many medium and small-sized businesses, and the small and medium size small business cannot but rely on it in indirect finance" [25]. Morinaga points out, "it is equal if there is not the method to protect a Japanese medium and small-sized business except that I follow indirect finance, and indirect finance says to direct finance that the discussion transferring smashes the medium and small-sized business except the venture" [26].

Ryuichiro Matsubara of the economist points out, "the possession of the safe assets such as cash, the deposit continues in financial deregulation and the competition between financial institutions" [27].

Ryutaro Kawano of the economist "is said that the United States is the direct finance center, and is different, and pay attention, but when appreciate one, evaluate the other low, and, however, there is the good or bad condition by time, but Japan-U.S., as for the financing structure, as for many people, the economy functions of such an economic system well together in comparison with other countries whereas Japan is the indirect finance center; collect it, and normal, greatly depend on various systems such as a law, the taxation system, and the economic system should see the one which is different from other countries by the economic circumstances of each country in the long term, and point out the economic system of one economy, it should not be said with "the problem of the system" easily for the recession period" [28].

in Europe

Yasumi Matsumoto of the economist points out, "bad debts are more likely to increase because generally the financing of the European company was high in the ratio of the indirect finance" (by a financial crisis from the United States) [29].

Footnote

  1. For ^ Kikuo Iwata "what being taking place for Japanese economy now" or Toyo Keizai Shinposha, 2,005 years, it is page 48.
  2. For ^ Takashi Koshio "introduction to economics Tsukama bookshop 〈 Chikuma new book 〉, 2,002 years for high school students", it is page 166.
  3. Country (1/2 page) ZAKZAK June 24, 2014 of a country and the indirect finance of the truth direct finance of ^ politics, social [how to solve Japan] "cash equivalent 874 trillion yen"
  4. In ^ office text, Mitsubishi Research Institute policy economy research center "book KANKI PUBLISHING INC. which knows economy to pick it up", 2009, it is 160 pages.
  5. In ^ a b office text, Mitsubishi Research Institute policy economy research center "book KANKI PUBLISHING INC. which knows economy to pick it up", 2009, it is 162 pages.
  6. For ^ Tadahiro Mitsuhashi, Shigeo Uchida, Yoshiki Ikeda edition "introduction to seminar Japanese economy" Nihon Keizai Shimbun publishing company, 24th edition, 2,010 years, it is page 258.
  7. In ^ Heisuke Kamiki "question blow cancellation (textbook not to tell at school) that is simple from structure - macroeconomy of the latest economy to understand well so as to be interesting to micro-economy" Japan Bungeisha Publishing Co.,Ltd., 2008, it is 140 pages.
  8. In ^ Kikuo Iwata "15 laws Nihon Keizai Shimbun, Inc. to read introduction to Japanese economy - modern society clearly, and to untie", 2003, it is 67 pages.
  9. With the ^ loan flotation, publish a bond.
  10. In ^ a b Kikuo Iwata "15 laws Nihon Keizai Shimbun, Inc. to read introduction to Japanese economy - modern society clearly, and to untie", 2003, it is 69 pages.
  11. In ^ Kikuo Iwata "15 laws Nihon Keizai Shimbun, Inc. to read introduction to Japanese economy - modern society clearly, and to untie", 2003, it is 69-70 pages.
  12. For ^ Yusuke Kawamura "finance Natsumesha of illustration knowledge on a wide variety of subjects Japan", revision new publication, second edition, 2,007 years, it is page 144.
  13. In ^ a b Kikuo Iwata "15 laws Nihon Keizai Shimbun, Inc. to read introduction to Japanese economy - modern society clearly, and to untie", 2003, it is 117 pages.
  14. In ^ a b Kikuo Iwata "15 laws Nihon Keizai Shimbun, Inc. to read introduction to Japanese economy - modern society clearly, and to untie", 2003, it is 70 pages.
  15. For ^ Satoshi Matsubara "economy Natsumesha of illustration knowledge on a wide variety of subjects Japan", 2,000 years, it is page 116.
  16. For ^ Hisao Kanamori, Yasushi Kozai, Hiromi Kato edition "Japanese economy handbook" (the handbook series) Toyo Keizai Shinposha, 18th edition, 2,010 years, it is page 64.
  17. For ^ Akira Noguchi "basics of economy Kodansha 〈 Kodansha modern new book 〉, 2,002 years to understand from zero", it is page 144.
  18. For ^ Yusuke Kawamura "finance Natsumesha of illustration knowledge on a wide variety of subjects Japan", revision new publication, second edition, 2,007 years, it is 142-143 pages.
  19. For ^ Yusuke Kawamura "finance Natsumesha of illustration knowledge on a wide variety of subjects Japan", revision new publication, second edition, 2,007 years, it is page 24.
  20. For ^ Daiyamondosha "what being a problem in point at issue now of the Japanese economy" or Daiyamondosha, 2,004 years, it is 77-78 pages.
  21. As for "the world's simplest economic guide economy, it be understood by the loss and gain ^ Yasuyuki Iida; is 108-109 pages from an everyday question to deflation" in ENTERBRAIN, INC., 2010.
  22. In ^ Kikuo Iwata "15 laws Nihon Keizai Shimbun, Inc. to read introduction to Japanese economy - modern society clearly, and to untie", 2003, it is 264-265 pages.
  23. For ^ Heizo Takenaka "economics illusion winter building of all of Professor Takenaka", 2,000 years, it is page 71.
  24. "Look at ^ Daiwa Institute of Research structure - of the guide economy of the latest guide;, in Japan business publishing company, fourth edition, 2002 that read it, and know", is 122 pages.
  25. For ^ Takuro Morinaga "great question Kodansha 〈 Kodansha modern new book 〉, 2,002 years of Japanese economy 50", it is page 90.
  26. For ^ Takuro Morinaga "great question Kodansha 〈 Kodansha modern new book 〉, 2,002 years of Japanese economy 50", it is page 93.
  27. For ^ Daiyamondosha "what being a problem in point at issue now of the Japanese economy" or Daiyamondosha, 2,004 years, it is page 78.
  28. For ^ Daiyamondosha "what being a problem in point at issue now of the Japanese economy" or Daiyamondosha, 2,004 years, it is page 127.
  29. For ^ Jun Ando, Yasuhiro Tsukahara, advantageous field Masaaki, Takashi Nagatomi, Yasumi Matsumoto, 鑓田亨 "Heisei recession" 文眞堂, 2,010 years, it is 58 pages.

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