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The Japanese Consumer Finance Market and its Institutional Changes since the 1980s

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  • Adrienne Sala

    (IAO - Institut d'Asie Orientale - ENS de Lyon - École normale supérieure de Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - CNRS - Centre National de la Recherche Scientifique, FFJ - Fondation France-Japon de l'EHESS - EHESS - École des hautes études en sciences sociales)

Abstract

In this article we assert that the joint transformation of public perception about households' over-indebtedness and financial deregulation had important implication on the government decision to reform the overall consumer credit between 2005 and 2010. On the one hand, the development of collective actions by groups of lawyers to defend borrowers from moneylenders' abusive practices represents a source of change in the public opinion about over-indebted individuals in a context of long economic stagnation. A systematic press articles' analysis from 1977 to 2006 shows that the rising number of these collective actions since the early 1990s may have gradually increased the political salience of social issues related to the unsecure loan market. On the other hand, financial deregulation has been a source of change by allowing banks to enter the consumer finance market since the early 2000s. Banks entry on this market transformed the logic of complementarity among traditional consumer credit's actors (Shinpan, credit card companies and sarakin) in a general context of legal consumers protection's reinforcement. Thus evolution of the Japanese consumer finance's regulation is particularly relevant to illustrate forces of institutional change and its consequences.

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  • Adrienne Sala, 2017. "The Japanese Consumer Finance Market and its Institutional Changes since the 1980s," Working Papers halshs-02088335, HAL.
    • Handle: RePEc:hal:wpaper:halshs-02088335
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-02088335
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    References listed on IDEAS

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    1. Janine Aron & John V. Duca & John Muellbauer & Keiko Murata & Anthony Murphy, 2012. "Credit, Housing Collateral, And Consumption: Evidence From Japan, The U.K., And The U.S," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 58(3), pages 397-423, September.
    2. Bruno Amable & Stefano Palombarini, 2009. "A neorealist approach to institutional change and the diversity of capitalism," Post-Print hal-00345887, HAL.
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    1. Martin Hemmert & Adam R. Cross & Ying Cheng & Jae-Jin Kim & Masahiro Kotosaka & Franz Waldenberger & Leven J. Zheng, 2023. "Environmental uncertainty and the entrepreneurial orientation–performance relationship among East Asian new technology-based firms: an institutional perspective," Asian Business & Management, Palgrave Macmillan, vol. 22(4), pages 1683-1711, September.

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