国家发展的经验及未来展望，日本邮政储蓄在一个全球化的世界[文献翻译].doc

1、原文POSTALSAVINGSFORNATIONALDEVELOPMENTTHEEXPERIENCEOFJAPANANDFUTUREPERSPECTIVEINAGLOBALIZEDWORLD11POSTALSAVINGSSYSTEMANDTHEFILPOUTLINEOFTHEFILPSYSTEMBEFORE2001ECONOMICACTIVITIESUNDERTAKENBYGOVERNMENTSARECALLED“FISCALPOLICY”ANDAREPRIMARILYFUNDEDBYTAXESINTHECASEOFJAPAN,SEPARATEFROMTHETAXSTRUCTURE,AMECH

2、ANISMWASINTRODUCEDINTHEEARLYMEIJIERAFORCUSTODYANDMANAGEMENTOFFUNDSDEPOSITEDWITHORGATHEREDBYTHEGOVERNMENTUNTIL1897,ALMOSTALLTHESEFUNDSWEREINVESTEDINPUBLICBONDSSTARTINGAROUND1910,ASTHEJAPANESEECONOMYDEVELOPEDANDNEWGOVERNMENTACTIVITIESBECAMENECESSARYTHESEFUNDSCAMETOBEINVESTEDINBONDSISSUEDBYSPECIALPURPO

3、SEBANKSASTHEAREASOFFISCALACTIVITYEXPANDED,THEUSEOFFUNDSGATHEREDBYTHEGOVERNMENTSERVEDNOTONLYASASUBSTITUTEFORGOVERNMENTBONDS,BUTALSOASFINANCIALRESOURCESFORNEWAREASOFFISCALACTIVITYIN1951,THETRUSTFUNDLAWWASENACTEDANDTHEFILPSYSTEMWASESTABLISHEDTOPROVIDEINTERESTBEARINGFUNDSFORTARGETEDPOLICYAREASASAPARTOFF

4、ISCALPOLICYADMINISTRATIONTHUS,JAPANSFISCALACTIVITIESDEPENDEDUPONTAXREVENUESANDFUNDSFROMTHEFILPTHEFILPSYSTEMWASAUNIQUEFINANCINGSYSTEMOPERATEDBYTHEGOVERNMENTANDFREQUENTLYREFERREDTOASTHESECONDBUDGETITHASBEENUSEDBYTHEGOVERNMENTASAPOLICYINSTRUMENTINAMANNERSIMILARTOTHEREGULARBUDGETTOACHIEVEPOLICYOBJECTIVE

5、SMORESPECIFIC,THEFILPSYSTEMSERVEDASAFINANCIALINTERMEDIARYTOTHEIMPLEMENTATIONOFFISCALPOLICYBYPOOLINGFUNDSCOLLECTEDFROMTHEORDINARYCITIZENSANDALLOCATINGTHEMTOPUBLICINSTITUTIONSASFORTHEFUNDRAISINGSIDEOFTHEFILP,MAINFINANCIALRESOURCESWEREFUNDSFROMPOSTALSAVINGSANDPENSIONRESERVES,COMPULSORYDEPOSITEDINTHETRU

6、STFUNDBUREAUOFTHEMINISTRYOFFINANCEBYLAWSINADDITION,THERESERVESANDSURPLUSESOFGOVERNMENTSPECIALACCOUNTSASWELLASPREMIUMSOFTHEPOSTALLIFEINSURANCEWEREALSOINCLUDEDINTHESOURCESFORTHEFILPASFORTHEFUNDOPERATIONSIDE,THEFILPSYSTEMALLOCATEDTHEFUNDSASINVESTMENTSORLOANSTOVARIOUSGOVERNMENTSPECIALACCOUNTS,GOVERNMENT

7、AFFILIATEDFINANCIALINSTITUTIONS,LOCALGOVERNMENTS,PUBLICCORPORATIONSANDOTHERPUBLICINSTITUTIONSTHESEAGENCIESARECALLEDASFILPAGENCIESANDCANBEROUGHLYCLASSIFIEDINTOTWOGROUPSFINANCIALINSTITUTIONS,SUCHASTHEFORMERJAPANDEVELOPMENTBANKCURRENTDEVELOPMENTBANKOFJAPANANDPUBLICCORPORATIONSTHATUNDERTAKEPUBLICWORKSSU

8、CHASTHEFORMERJAPANHIGHWAYCORPORATIONCURRENTTHREEREGIONALEXPRESSWAYCOMPANIESINTHECASEOFFINANCIALINSTITUTIONS,THEYLENDTHEALLOCATEDFILPFUNDSTOTHEPRIVATESECTORTOREALIZECERTAINPOLICYOBJECTIVESSUCHASFOSTERINGADVANCEDTECHNOLOGIES,SUPPORTINGSMALLBUSINESSESANDPREVENTINGENVIRONMENTALPOLLUTIONSTHEPUBLICCORPORA

9、TIONSCARRYOUTCONSTRUCTIONOFSUCHSOCIALINFRASTRUCTURESASTOLLROADSANDAIRPORTSBASEDONTHEGOVERNMENTPOLICYTHEMOSTPROMINENTCHARACTERISTICSOFTHEFILPSYSTEMISTHATITHASBEENPROVIDINGLONGTERM,FIXEDANDLOWINTERESTFINANCINGTHEPRIVATEFINANCIALINSTITUTIONSCOULDNOTPROVIDEASTHEFILPFINANCIALRESOURCESWEREINTERESTBEARINGF

10、UNDSPOSTALSAVINGS,PENSIONRESERVESETC,THEGREATPRIORITYWASPLACEDONTHEPOSSIBILITYOFREPAYMENTFROMTHEPROJECTS12CURRENTREFORMOFTHEFILPANDPOSTALSAVINGSSYSTEMTHECOREOFTHEFILPFUNDSWASTHETRUSTFUNDBUREAUFUNDTHEBUREAUMANAGEDPUBLICFUNDSINCLUDINGPOSTALSAVINGS,PENSIONRESERVESANDSURPLUSESINOTHERSPECIALACCOUNTSINANI

11、NTEGRATEDMANNERANDINVESTEDTHEMINJAPANESEGOVERNMENTBONDS,ORLOANEDTHEMTOSUCHPUBLICENTITIESASLOCALGOVERNMENTSANDFILPAGENCIESSINCETHESTARTOFTHEFILPSYSTEM,THEDEPOSITINTERESTRATESTOTHETRUSTFUNDBUREAUWEREDETERMINEDBYLAWSATTHATTIME,THEFINANCIALMARKETWASSTRICTLYREGULATEDANDTHEINTERESTRATESYSTEMWASMAINTAINEDI

12、NSUCHANORDERFROMDEPOSITRATESOFBANKSANDPOSTALSAVINGS,GOVERNMENTBONDINTERESTRATES,LENDINGRATESOFTHEFILPAGENCIESTOLONGTERMPRIMERATEACCORDINGTONOGUCHI1995,INTERESTRATESWERESETATLEVELSUNDERWHICHMARGINALFINANCIALINSTITUTIONSCOULDSURVIVEANDMOSTBANKSMUSTHAVEEXPERIENCEDEXCESSPROFITSUNDERSUCHCIRCUMSTANCES,THE

13、FILPSYSTEMCOULDPROVIDELONGTERMLOANSATBELOWMARKETLENDINGRATESAFTERTHEOILCRISES,THEJAPANESEECONOMYWASDEEPINDEPRESSIONANDTHEGOVERNMENTSPENDINGRAPIDLYEXPANDEDFOREMERGENTECONOMICMEASURESTOACQUIRENECESSARYFUNDINGFORECONOMICREVITALIZATIONMEASURESWITHTAXREVENUEDECREASING,THEGOVERNMENTFORCEDTOISSUEHUGEAMOUNT

14、SOFBONDSINTHEMARKETTHUS,THEGOVERNMENTBONDMARKETWASNEWLYESTABLISHEDINTHEEARLY1980S,THEAMOUNTSOFOFFSHOREMONEYTRANSACTIONINCREASEDANDARBITRATINGRELATIONSHIPBETWEENOFFSHOREFINANCIALASSETSANDINLANDFINANCIALASSETSWASCREATEDBECAUSEOFTHESECHANGES,THELIBERALIZATIONOFINTERESTRATESWASACCELERATEDINTHELATE1980S,

15、THEPRIVATEFINANCIALINSTITUTIONSFACEDREDUCEDCORPORATEDEMANDSFORCREDITANDTHEINTERESTRATESCAMETOBELOWERASTHEYENWASGETTINGSTRONGERTHELONGTERMPRIMERATEWASDRASTICALLYDOWNANDBELOWTHEDEPOSITRATETOTHETRUSTFUNDBUREAUINJANUARY1987TOCOPEWITHTHESECHANGES,THELAWWASREVISEDINFEBRUARY1987TOSETUPASNEWRULEFORDETERMINI

16、NGTHEDEPOSITRATESTOTHETRUSTFUNDBUREAUUNDERTHENEWRULE,DEPOSITRATESWERETOBEDETERMINEDBYCABINETORDERSBYTAKINGACCOUNTOFMARKETRATESINCLUDINGJAPANESEGOVERNMENTBONDINTERESTRATESASWELLASBYENSURINGTHESOUNDMANAGEMENTOFPOSTALSAVINGSANDPENSIONRESERVESTHUS,THEDEPOSITRATESTOTHETRUSTFUNDBUREAUCAMETOBEDETERMINEDINP

17、RINCIPLEBASEDONTHEJAPANESEGOVERNMENTBONDINTERESTRATESSINCETHEN,ASTHEFINANCIALMARKETCONTINUEDTOBELIBERALIZED,THEDISCREPANCYBETWEENTHETRUSTFUNDLENDINGRATEANDTHELONGTERMPRIMERATECONTINUEDTOSHRINKTHEREAPPEAREDCOMPETITIONBETWEENTHEPRIVATEBANKSANDTHEFILPAGENCIESINTHEMARKETANDITBECAMEMOREANDMOREDIFFICULTFO

18、RTHEFILPTOPROVIDEPREFERENTIALFINANCINGDURINGTHEECONOMICSLOWDOWNFOLLOWINGTHECOLLAPSEOFTHEBUBBLEECONOMY,THEFILPPROVIDEDADDITIONALFUNDSTOCOPEWITHPRIVATEFINANCIALINSTITUTIONSRELUCTANCETOLENDMONEYTOBUSINESSESLATER,HOWEVER,ITCAMEUNDERCRITICISMASARESULTOFIMPLEMENTATIONOFANTICYCLICALMEASURESBYUTILIZINGTHEFI

19、LP,GOVERNMENTFINANCIALINSTITUTIONSHAVEBECOMEBLOATEDANDCOMETOSQUEEZEPRIVATEINSTITUTIONSTHESECIRCUMSTANCESPROMPTEDADRASTICREFORMOFTHEFILPTOMAKEITHARMONIZEWITHMARKETPRINCIPLESANDTOCONTRIBUTETOREFORMINGTHEFILPAGENCIESFORMOREEFFICIENTOPERATIONIN1996,MRHASHIMOTOPRIMEMINISTER,19961998INITIATEDADRASTICGOVER

20、NMENTWIDEREFORMUNDERTAKINGBYESTABLISHINGTHEADMINISTRATIVEREFORMCOUNCILATTHECOUNCIL,HEADEDBYMRHASHIMOTO,VARIOUSREFORMMEASURESWEREDELIBERATEDASFORTHEREFORMOFTHEFILPSYSTEM,THEWORKINGGROUPOFTHEFUNDMANAGEMENTCOUNCILOFTHEMINISTRYOFFINANCEDELIBERATEDTHEREFORMMEASURESFROMTHEVIEWPOINTOFFINANCIALEXPERTSTHEREP

21、ORTOFTHEWORKINGGROUPWASPREPAREDINNOVEMBER1997ANDITSCONTENTSWEREINCLUDEDINTHEFINALREPORTOFTHEADMINISTRATIVEREFORMCOUNCILCOMPLETEDINDECEMBER1997MOREOVER,THEADMINISTRATIVEREFORMCOUNCILDELIBERATEDHOWTOREORGANIZETHEPOSTALSERVICEORGANIZATIONTHEBLUEPRINTOFTHEDRASTICGOVERNMENTREFORM,DRAWNUNDERTHELEADERSHIPO

22、FMRHASHIMOTOBYTHEADMINISTRATIVEREFORMCOUNCIL,WASENACTEDIN1998THELAWSTIPULATEDTHATTHEFILPSYSTEMWASTOBEREFORMEDBASEDONTHEMARKETPRINCIPLESANDTHEDIRECTLINKBETWEENTHEPOSTALSAVINGSANDPENSIONRESERVESANDTHEFILPWASTOBEABOLISHEDITALSOSTATEDTHEPOSTALSERVICEORGANIZATIONWASTOBETRANSFORMEDFROMAGOVERNMENTMINISTRYT

23、OASTATERUNPUBLICCORPORATIONTHEFILPSYSTEMWASFUNDAMENTALLYREFORMEDINAPRIL2001BOTHFUNDRAISINGANDFUNDOPERATIONMECHANISMSWERECHANGEDASFORTHEFUNDRAISING,THEMANDATORYDEPOSITOFTHEPOSTALSAVINGSANDPENSIONRESERVESWASABOLISHEDANDTHESEFUNDSARETOBEDISCRETIONARILYINVESTEDONTHEFINANCIALMARKETACTUALLYTHEYAREMAINLYIN

24、VESTEDINBONDSESPECIALLYJAPANESEGOVERNMENTBONDSASFORTHEFUNDOPERATION,THEFILPAGENCIESAREINPRINCIPLETOISSUETHEIROWNBONDSINTHEFINANCIALMARKETTOGETNECESSARYFUNDSTOCARRYOUTTHEIRPROJECTSWHENTHEFILPAGENCIESAREUNABLETOFULFILLTHEIRFUNDINGNEEDSENTIRELYTHROUGHOWNBONDISSUES,THEGOVERNMENTMAYALLOCATEFUNDSTHATARERA

25、ISEDTHROUGHJAPANESEGOVERNMENTBONDSFILPBONDSIFTHEIRPROJECTSAREDEEMEDINDISPENSABLEINVIEWOFTHEPOLICYOBJECTIVESFILPBONDSAREISSUEDUNDERANEWSPECIALACCOUNT,FISCALLOANFUNDSPECIALACCOUNT,WHICHISSEGREGATEDFROMTHEGENERALACCOUNTINORDERTOKEEPFISCALDISCIPLINEINADDITIONTOTHESEREFORMMEASURES,SUBSEQUENTCABINETDECISI

26、ONSANDTHELAWADMINISTRATIVEREFORMPROMOTIONLAWSTIPULATEDTHATTHEFISCALINVESTMENTSANDLOANSBASEDONTHEFILPSYSTEMSHOULDBEREDUCEDBYCAREFULLYSELECTINGMOSTINDISPENSABLEPROJECTSTHEGOVERNMENTHASBEENUNDERTAKINGFUNDAMENTALREVIEWOFEACHPROJECTANDREDUCINGTHEAMOUNTSOFFISCALLOANS13SEPARATIONOFPRODUCTIONANDSALESINFINAN

27、CIALFUNCTIONSBECAUSEOFTHESEPARATIONOFPRODUCTIONANDSALES,POSTALSAVINGSBANKWILLNEEDTODECIDEITSBUSINESSDIRECTIONWHETHERTOBUILDUPITSOWNNETWORKNATIONWIDE,ORTOUTILIZEPOSTOFFICECOMPANYASANAGENTINORDERTOMAINTAINRETAILORIENTEDBUSINESSCONSIDERINGTHEHUGEINVESTMENTNECESSARYTOBUILDARETAILNETWORKFROMTHEGROUNDUPAN

28、DTHENEEDTOMAINTAINCONTINUOUSGOODRELATIONSHIPSWITHPOSTOFFICECUSTOMERS,THELATTERWOULDSEEMTOBEAMOREADVANTAGEOUSROUTEACCORDINGLYATLEASTFORSOMEYEARSAFTERPRIVATIZATION,FINANCIALSERVICESWILLPROBABLYBEPROVIDEDINTHESAMEWAYASISCURRENTLYPROVIDEDBYJAPANPOSTNATIONWIDETHROUGHTHEPOSTOFFICES,WHICHAREBRANCHOFFICESOF

29、POSTOFFICECOMPANYHOWEVER,PROGRESSOFICTSUCHASTHEINTERNETORMOBILEPHONES,MIGHTCAUSECONSIDERABLECHANGESINPOSTALSAVINGSBANKSSTRATEGYFORCUSTOMERRELATIONSINAFEWYEARSWIDESPREADANDADVANCEDSERVICESMIGHTBEPROVIDEDTHROUGHICTCHANNELS,WHILELIMITEDANDBASICCOMPLEMENTARYSERVICESWOULDBEPROVIDEDVIAOVERTHECOUNTERCHANNE

30、LSINPOSTOFFICESMAINLYFORTHEBENEFITOFAGEDPEOPLEINSOMESENSE,THISSCENARIOCANBESEENASACONSEQUENCEOFTHESOCALLEDDIGITALDIVIDELEADINGTOFINANCIALEXCLUSIONINSUMMARY,ITWOULDSEEMDESIRABLETHATPOSTALSAVINGSBANKANDPOSTOFFICECOMPANYMAINTAINACLOSERELATIONSHIPINTHEINITIALSTAGEOFPRIVATIZATIONIEBEFORETHEDISPOSALOFSHAR

31、ESTOREDUCETHEPOSSIBILITYTHATFINANCIALEXCLUSIONWOULDOCCURINTHELONGTERM,POSTALSAVINGSBANKSBUSINESSSTRATEGYWILLREFLECTSHAREHOLDERSCONCERNSANDADVANCEINICTTHESEPOLICYANDSTRATEGYCHANGESWILLNEEDTOBECONTINUOUSLYANDCAREFULLYMONITOREDWITHAVIEWTOENSURINGTHEPUBLICROLESOFTHEPOSTALSAVINGSSYSTEM译文国家发展的经验及未来展望，日本邮政

32、储蓄在一个全球化的世界11邮政储蓄系统和FILP系统FILP在2001年之前大纲各国政府采取的经济活动被称为“财政政策”，主要是由税收资助。在日本，从税收结构分开的情况下，一个机制，推出了明治时代初期的保管和存放资金的管理或由政府聚集。直到1897年，几乎所有这些资金投资于公债。大约从1910年日本经济发展和新政府的活动成为必要这些资金来在由特别用途的银行发行的债券进行投资。由于财政活动领域扩大，由政府收集的资金使用方式并不是只作为政府债券的替代品，而且也为财政活动的新领域的金融资源。1951年，信托基金法颁布和FILP制度建立，提供作为财政政策的一部分，有针对性的政策范畴，政府付息的资金。因

33、此，日本的财政活动的税收收入依赖于从FILP资金。该FILP系统是一种独特的融资制度，由政府经营，经常被称为第二个预算。它已被用来作为一个由政府类似的方式向经常预算，以实现政策目标的政策工具。更具体来说，FILP系统作为金融中介机构对财政政策执行情况的汇集，从普通市民募集的资金和分配给公共机构。至于筹款的FILP方面，主要的财政资源是从邮政储蓄和退休金储备基金，强制信托基金局财政部沉积法。此外，储备和政府的特别帐户盈余以及邮政寿险保费收入也列入为FILP的来源。至于基金的运作方面，FILP系统分配作为投资或政府各专户贷款，政府下属的金融机构，地方政府，公共机构及其他公共机构的资金。这些机构称为

34、FILP机构，大致可分为两类一类金融机构，如前日本开发银行（现日本政策投资银行）和公共机构，即采取诸如前日本道路公司的公共工程（目前的三个区域高速公路公司）。在金融机构而言，他们借给资金分配FILP私营部门实现如树立先进的技术，支持小企业，防止污染环境的某些政策目标。公营机构开展等社会收费的道路和对政府政策为基础的机场基础设施建设。在FILP系统最突出的特点是它一直提供长期，固定和低息融资的民营金融机构不能提供的。由于财政资源FILP息基金（邮政储蓄，养老储备金等），伟大的首要任务是对从项目还款的可能性上。12当前改革的FILP和邮政储蓄系统该FILP基金的核心是信托基金局基金。该局管理，包括

35、邮政储蓄，养老储备，以综合的方式其他特别账户盈余和公共资金投资于日本政府债券，或借给他们作为地方政府和FILP机构等公共实体。自FILP系统启动，存款利率向信托基金局确定了法律。当时，金融市场严格管制，利率维持在这种制度是存款利率从银行和邮政储蓄，政府债券利率秩序，贷款利率的FILP机构长期优惠利率。据野口（1995年），利率水平下分别设在边际金融机构可以生存，大部分银行必须有经验丰富的超额利润。在这种情况下，FILP系统能够提供低于市场贷款利率的长期贷款。石油危机后，日本经济处于萧条和政府开支的紧急经济措施，迅速扩大深。为了掌握与税收减少经济振兴措施所需的资金，政府被迫在市场上发行债券，数额

36、巨大。因此，政府新成立的债券市场。在1980年代初期，离岸资金交易的数量增加与境外金融资产和金融资产内陆仲裁的关系已建立。由于这些变化，利率自由化步伐加快。在80年代后期，私人金融机构面临的信贷和降低利率来公司要求较低的日圆越来越强。长期优惠利率的大幅下降，低于存款利率在1987年1月向信托基金局。为了应付这些变化，该法于1987年2月修订，将其设置为确定存款利率的信托基金局的新规则了。根据新规则，存款利率则是由内阁决定，采取订单，确保邮政储蓄和退休金准备完善的管理，包括市场息率的日本政府债券的利息率，以及。因此，存款利率的信托基金局在原则来确定的基础上，日本政府债券利率。除了这些改革措施，随

37、后内阁的决定和法律（行政改革推进法）的规定，财政投资和贷款的FILP系统为基础，应通过仔细选择最不可缺少的项目减少。政府一直在开展的每个项目基本审查和减少财政贷款的数额。13分离的生产和销售的财务职能由于生产和销售分离，邮政储蓄银行将需要决定其业务方向，是否要建立自己的网络全国，或利用邮政署作为一个代理公司，以维持零售为导向的业务。考虑到巨大的投资需要从头开始建立起来，必须保持与客户不断邮局良好的关系，一个零售网络，后者似乎是一个更有利的路线。因此至少在私有化后几年，金融服务可能会提供的，目前由日本邮政所提供的相同的方式，通过全国邮局，这是邮政公司的分公司。然而，信息和通信技术的进步，例如互联网或移动电话，可能会造成相当大的客户关系邮政储蓄银行的战略转变。在广泛和先进的服务可能会提供渠道，通过信息通信技术，而有限的，基本的配套服务将提供超过在邮局的柜台渠道，通过主要为老年人造福几年。从某种意义上说，这种情况可以看出，作为所谓的数字鸿沟，导致的后果金融排斥。总之，似乎可取的邮政储蓄银行和邮局公司保持在私有化的初期阶段（即出售股份前），以减少金融排斥的可能性会发生密切的关系。从长远来看，邮政储蓄银行的业务战略将反映股东的关注，在信息和通讯技术的进步。这些政策和策略的变化将需要不断仔细，以确保邮政储蓄系统的公共角色查看监控。