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

1、原文：Postal Savings for National DevelopmentThe Experience of Japan and Future Perspective in a Globalized World11 Postal savings system and the FILP outline of the FILP system before 2001Economic activities undertaken by governments are called “fiscal policy” and are primarily funded by taxes. In the

2、 case of Japan, separate from the tax structure, a mechanism was introduced in the early Meiji Era for custody and management of funds deposited with or gathered by the government. Until 1897, almost all these funds were invested in public bonds. Starting around 1910, as the Japanese economy develop

3、ed and new government activities became necessary; these funds came to be invested in bonds issued by special-purpose banks. As the areas of fiscal activity expanded, the use of funds gathered by the government served not only as a substitute for government bonds, but also as financial resources for

4、 new areas of fiscal activity. In 1951, the Trust Fund Law was enacted and the FILP system was established to provide interest-bearing funds for targeted policy areas as a part of fiscal policy administration. Thus, Japans fiscal activities depended upon tax revenues and funds from the FILP. The FIL

5、P system was a unique financing system operated by the government and frequently referred to as the second budget. It has been used by the government as a policy instrument in a manner similar to the regular budget to achieve policy objectives. More specific, the FILP system served as a financial in

6、termediary to the implementation of fiscal policy by pooling funds collected from the ordinary citizens and allocating them to public institutions. As for the fund raising side of the FILP, main financial resources were funds from postal savings and pension reserves, compulsory deposited in the Trus

7、t Fund Bureau of the Ministry of Finance by laws. In addition, the reserves and surpluses of government special accounts as well as premiums of the postal life insurance were also included in the sources for the FILP. As for the fund operation side, the FILP system allocated the funds as investments

8、 or loans to various government special accounts, government-affiliated financial institutions, local governments, public corporations and other public institutions. These agencies are called as FILP agencies and can be roughly classified into two groups: financial institutions, such as the former J

9、apan Development Bank (current Development Bank of Japan) and public corporations that undertake public works such as the former Japan Highway Corporation (current three regional expressway companies). In the case of financial institutions, they lend the allocated FILP funds to the private sector to

10、 realize certain policy objectives such as fostering advanced technologies, supporting small businesses and preventing environmental pollutions. The public corporations carry out construction of such social infrastructures as toll-roads and airports based on the government policy. The most prominent

11、 characteristics of the FILP system is that it has been providing long-term, fixed and low-interest financing the private financial institutions could not provide. As the FILP financial resources were interest-bearing funds (postal savings, pension reserves etc.), the great priority was placed on th

12、e possibility of repayment from the projects. 1.2 Current reform of the FILP and postal savings systemThe core of the FILP funds was the Trust Fund Bureau Fund. The bureau managed public funds including postal savings, pension reserves and surpluses in other special accounts in an integrated manner

13、and invested them in Japanese government bonds, or loaned them to such public entities as local governments and FILP agencies. Since the start of the FILP system, the deposit interest rates to the Trust Fund Bureau were determined by laws. At that time, the financial market was strictly regulated an

14、d the interest rate system was maintained in such an order from deposit rates of banks and postal savings, government bond interest rates, lending rates of the FILP agencies to long-term prime rate. According to Noguchi (1995), interest rates were set at levels under which marginal financial institu

15、tions could survive and most banks must have experienced excess profits. Under such circumstances, the FILP system could provide long-term loans at below market lending rates. After the oil crises, the Japanese economy was deep in depression and the government spending rapidly expanded for emergent

16、economic measures. To acquire necessary funding for economic revitalization measures with tax revenue decreasing, the government forced to issue huge amounts of bonds in the market. Thus, the government bond market was newly established. In the early 1980s, the amounts of offshore money transaction

17、increased and arbitrating relationship between offshore financial assets and inland financial assets was created. Because of these changes, the liberalization of interest rates was accelerated. In the late 1980s, the private financial institutions faced reduced corporate demands for credit and the i

18、nterest rates came to be lower as the yen was getting stronger. The long-term prime rate was drastically down and below the deposit rate to the Trust Fund Bureau in January 1987. To cope with these changes, the law was revised in February 1987 to set up as new rule for determining the deposit rates

19、to the Trust Fund Bureau. Under the new rule, deposit rates were to be determined by cabinet orders by taking account of market rates including Japanese government bond interest rates as well as by ensuring the sound management of postal savings and pension reserves. Thus, the deposit rates to the T

20、rust Fund Bureau came to be determined in principle based on the Japanese government bond interest rates. Since then, as the financial market continued to be liberalized, the discrepancy between the Trust Fund lending rate and the long-term prime rate continued to shrink. There appeared competition

21、between the private banks and the FILP agencies in the market and it became more and more difficult for the FILP to provide preferential financing. During the economic slowdown following the collapse of the bubble economy, the FILP provided additional funds to cope with private financial institution

22、s reluctance to lend money to businesses. Later, however, it came under criticism. As a result of implementation of anti-cyclical measures by utilizing the FILP, government financial institutions have become bloated and come to squeeze private institutions. These circumstances prompted a drastic ref

23、orm of the FILP to make it harmonize with market principles and to contribute to reforming the FILP agencies for more efficient operation. In 1996, Mr. Hashimoto (prime minister, 19961998) initiated a drastic government-wide reform undertaking by establishing the Administrative Reform Council. At th

24、e council, headed by Mr. Hashimoto, various reform measures were deliberated. As for the reform of the FILP system, the working group of the Fund Management Council of the Ministry of Finance deliberated the reform measures from the viewpoint of financial experts. The report of the working group was

25、 prepared in November 1997 and its contents were included in the final report of the Administrative Reform Council completed in December 1997. Moreover, the Administrative Reform Council deliberated how to reorganize the postal service organization. The blueprint of the drastic government reform, dr

26、awn under the leadership of Mr. Hashimoto by the Administrative Reform Council, was enacted in 1998. The law stipulated that the FILP system was to be reformed based on the market principles and the direct link between the postal savings and pension reserves and the FILP was to be abolished. It also

27、 stated the postal service organization was to be transformed from a government ministry to a state-run public corporation. The FILP system was fundamentally reformed in April 2001. Both fund raising and fund operation mechanisms were changed. As for the fund raising, the mandatory deposit of the po

28、stal savings and pension reserves was abolished and these funds are to be discretionarily invested on the financial market. Actually they are mainly invested in bonds especially Japanese government bonds. As for the fund operation, the FILP agencies are in principle to issue their own bonds in the f

29、inancial market to get necessary funds to carry out their projects. When the FILP agencies are unable to fulfill their funding needs entirely through own bond issues, the government may allocate funds that are raised through Japanese government bonds (FILP bonds) if their projects are deemed indispe

30、nsable in view of the policy objectives. FILP bonds are issued under a new special account, Fiscal Loan Fund Special Account, which is segregated from the general account in order to keep fiscal discipline. In addition to these reform measures, subsequent cabinet decisions and the law (Administrativ

31、e Reform Promotion Law) stipulated that the fiscal investments and loans based on the FILP system should be reduced by carefully selecting most indispensable projects. The government has been undertaking fundamental review of each project and reducing the amounts of fiscal loans. 13 Separation of pr

32、oduction and sales in financial functionsBecause of the separation of production and sales, Postal Savings Bank will need to decide its business direction; whether to build up its own network nationwide, or to utilize Post Office Company as an agent in order to maintain retail-oriented business. Con

33、sidering the huge investment necessary to build a retail network from the ground up and the need to maintain continuous good relationships with post office customers, the latter would seem to be a more advantageous route. Accordingly at least for some years after privatization, financial services wi

34、ll probably be provided in the same way as is currently provided by Japan Post; nationwide through the post offices, which are branch offices of Post Office Company. However, progress of ICT such as the internet or mobile phones, might cause considerable changes in Postal Savings Banks strategy for

35、customer relations. In a few years widespread and advanced services might be provided through ICT channels, while limited and basic complementary services would be provided via over the counter channels in post offices mainly for the benefit of aged people. In some sense, this scenario can be seen a

36、s a consequence of the so-called Digital Divide leading to Financial Exclusion. In summary, it would seem desirable that Postal Savings Bank and Post Office Company maintain a close relationship in the initial stage of privatization (i.e. before the disposal of shares) to reduce the possibility that

37、 Financial Exclusion would occur. In the long term, Postal Savings Banks business strategy will reflect shareholders concerns and advance in ICT. These policy and strategy changes will need to be continuously and carefully monitored with a view to ensuring the public roles of the postal savings syst

38、em. 译文. 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

39、政政策的一部分，有针对性的政策范畴，政府付息的资金。因此，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