@article{oai:nagoya.repo.nii.ac.jp:00008986, author = {小林, 礼実 and KOBAYASHI, Ayami}, issue = {3}, journal = {経済科学}, month = {Dec}, note = {It is commonly agreed that besides back regulators, bank stakeholders such as subordinated debt holders, depositors, and stockholders may share the role of policing banks. This paper first surveys previous empirical studies focusing on the U.S. banking markets, and finds that banks’ stakeholders in the United States have actually imposed market discipline on banks. And then, the paper evaluates whether major financial system reforms that the Japanese government has conducted since the late 1990’s encourage market participants to discipline banks. For new financial system for the 21st century, it is necessary to establish the framework of financial system where market participants fully discipline banks. Further reforms are needed.}, pages = {105--116}, title = {市場規律の確立の必要性とわが国の取り組み}, volume = {52}, year = {2004} }