日本金融体系现代化的动力一方面源于制度体系演化的自发性、自适性，另一方面源于制度效率周期波动下，金融体系本身功能性及结构性矛盾带来的低效率的变革压力。二战后，日本完成了以主银行制度、“护送舰队方式”为特征的间接金融体系重建。20世纪70年代后期，在经济降速、石油危机的背景下，日本踏上了金融自由化道路。20世纪90年代，泡沫经济崩溃、金融体系潜在风险的膨胀及自由化进程的滞后导致日本出现金融混乱。在“金融大爆炸”的变革中，日本既注重金融创新又强调监管协调，最终构建了融合间接金融优势和直接金融优势的直接金融体系。
The driving force of Japan’s financial system modernization comes from the spontaneity and adaptability of institutional system evolution，and the reform pressure of inefficient lead by the functional and structural contradictions of the financial system itself under the cycle fluctuation of institutional efficiency. After World War II，Japan’s indirect financial system was reconstructed，characterized by the “main bank system” and “convoy system”. In the late 1970s，under the background of economic slowdown and oil shock，Japan embarked on the path of financial liberalization. In the 1990s，the collapse of the bubble，the expansion of potential risks in the financial system，and the delay of liberalization led to financial chaos in Japan. In the Japanese “Big Bang”，Japan paid attention to both financial innovation and regulatory coordination，and finally built a direct financial system that integrated the advantages of indirect finance and direct finance.
| Keywords： | Financial ReformJapanese FinanceFinancial InternationalizationModernization of Financial SystemMain Bank System |
