Part 1 Money and Finance
貨幣と金融
Chapter 2 Financial Markets and Financial Organizations
金融市場と金融機関
Naotsugu HAYASHI 林 直嗣
Professor of Economics 経済学教授
Faculty of Business Administration 経営学部
Hosei University 法政大学
1. Formation and Role of Financial Markets
金融市場の形成と役割
Financial Markets 金融市場
＝the place where lenders lend money to borrowers and borrowers
issue debt certificates in return 貸し手が貨幣を貸与し、借り手が債
務証書を発行する
＝the place where lenders’ supply of money meets borrowers’
demand for money 貸し手の資金供給と借り手の資金需要とが出会う場所
＝the place where surplus units lend money to deficit units 黒字主
体から赤字主体に資金を融通する場所
Financial Organizations 金融機関
＝the ones that intermediate
these financial transactions
この取引を仲立ちする専門の機関
2. Effects of Financial Markets
金融市場の効果
Flow Effect to Intermediate Fund Transfer フローの資金仲介効果
＝to intermediate a transfer of funds from surplus units to deficit units
and to promote investment and enhance economic growth
黒字主体から赤字主体に資金移転を仲介し、投資や成長を促進
Stock Effect to Transfer Assets ストックの資産移転効果
＝to increase financial assets of surplus units, and to promote capital
accumulation of deficit units
黒字主体の金融資産を増加させ、赤字主体の資本蓄積を促す
3.Direct Financing and Indirect Financing
直接金融と間接金融
Direct Financing 直接金融
＝a method of financing that ultimate lender lend money to ultimate borrowers
in exchange for primary securities 最終的な借り手に最終的な貸し手が資金
を直接貸与
Primary Securities 本源的証券
＝debt certificates issued by ultimate borrowers 資金の最終的な借り手が発
行する債務証書
Indirect Financing 間接金融
＝financial intermediaries such as banks borrow money from ultimate lenders
and lend money to ultimate borrowers 銀行等が最終的な貸し手から資金を
一旦借り受け、それを最終的な借り手に間接的に貸与
Indirect Securities 間接証券
＝debt certificates issued by
non-ultimate borrowers
最終的でない借り手が発行する
債務証書
4. Financial Institutions and Financial Intermediaries
金融機関と金融仲介機関
To adjust the terms and conditions of loan and facilitate financial transactions under
direct financing
⇒Financial institutions such as securities companies
they do not receive interests but a transaction fee
直接金融で両者の間で貸借の諸条件を調整し、取引を円滑化
⇒証券会社などの金融機関
証券会社は債務証書を発行しないので取引手数料を取る
To finance money to ultimate borrowers indirectly
⇒Financial intermediaries such as banks
banks receive interests from borrowers and pay interests to depositors
banks receive primary securities and issue indirect securities (deposit certificates)
間接金融で両者の間で間接的に貸与
⇒銀行等の金融仲介機関
銀行は本源的証券を受け取り間接証券を発行するので貸出金利を取り、預金金利を
払う
⇒The Ratio of Financial Relation = the ratio of financial assets against tangible assets
becomes higher
⇒金融連関比率＝金融資産残高／有形資産残高が高まる
5. Customers' Market and Open Market
顧客市場と公開市場
Customers’Markets 顧客市場 相対市場
＝ the market where transaction conditions are determined
depending on the individual customers' credibility, profitability and
assets; traditional market
個々の顧客の信用度、収益力、資産などを考慮して、取引条件を決め
る市場、伝統的市場
Open Markets 公開市場
＝ the terms and conditions of transaction are determined while
unspecified large number of people is competing to each other;
contemporary market
不特定多数の取引相手の間で公開で競り合いながら、取引条件を決め
る市場、現代的市場
6. Short-term Market and Long-term Market
短期金融市場と長期金融市場
Short-term Financial Markets 短期金融市場
＝ the market where participants transact the financial assets
whose maturity is less than a year
Called the money market because people transact money and
other financial assets with higher liquidity
満期が１年以内の金融資産を取引する市場
流動性が高いので貨幣市場
Long-term Financial Markets 長期金融市場
＝ the market where participants transact the financial assets
whose maturity is more than a year
Called the capital market because people transact capital and
other financial assets with lower liquidity
満期が１年超の金融資産を取引する市場
流動性が低いので資本市場
7-1. Types of Short-term Financial Markets
短期金融市場の種類
Interbank Markets 銀行間市場
main participants in these markets are banks,and so they are
usually called inter-bank market
主な市場参加者が銀行なので、インターバンク市場と呼ばれる
① Call Market ⇒ Commercial banks and other financial institutions
lend and borrow very short-term money to each other in order to
adjust their daily payments balance of funds
コール市場＝金融機関が日々の資金過不足を調節するために資金
を貸借し合う市場
② Bills market ⇒ deals with short-term money whose maturity is
more than 2 months and less than a year by discounting bills
手形市場＝コール市場よりやや長めの資金貸借を手形の割引によっ
て行う市場
7-2. Types of Short-term Financial Markets
短期金融市場の種類
Open Markets オープン市場
③ Repurchase Market = a market where securities companies deal with repurchase
and resale agreements of bonds for 1 to 3 months, which is called “Saiken Gensaki”
債券現先市場＝証券会社などが買戻しや売戻しの条件を付けた１～３カ月の債券売買
④ Certificates of Deposit (CD) Market = a market where banks issue negotiable
certificates of time deposit and business corporations trade them
譲渡性預金（CD）市場＝銀行が譲渡可能な定期預金証書を発行し、事業法人などが売買
する市場
⑤ Commercial Paper Market = a market where good business corporations can issue
a promissory note to obtain short-term operating funds without any collateral of real
estate.
コマーシャル・ぺーパー（CP）市場＝一般事業法人が無担保の約束手形を振り出して、短
期運転資金を借り入れる市場
⑥ Short-term government securities and short-term government bond markets =
markets for short-term securities and bonds issued by the government政府短期証
券・短期国債市場＝政府が発行する短期の証券や国債の市場
8. DEPOSIT Market and LOAN Market
預金市場と貸出市場
Deposits Market 預金市場
＝Individuals and firms deposit their surplus money to banks and
Post Bank
個人や企業などが銀行や郵便局などに預金する市場
Loan Market 貸出市場
＝banks lend this money to firms and individuals
預金を主な原資として企業などに貸し付ける市場
Demand Deposits and Time Deposits 要求払預金と定期預金
= You can withdraw demand deposits by demanding withdraw but
cannot withdraw time deposits even by demanding withdraw until
the maturity date 要求払預金は引き出しの要求をすれば引き出しが
できる。定期預金は引き出しの要求をしても満期日がくるまでは引き
出しができない。
9. Type of Long-term Financial Market
長期金融市場の種類
Capital Market 資本市場
Long-term financial markets mainly deal with long-term funds for investment and
therefore are called capital market
① Long-term Loan Market 長期貸出市場
…long-term loan for equipment investment
設備投資資金など長期の貸出
② Securities Markets 証券市場
Bond Market 公社債市場…
National Bonds issued by the government国債＝国が発行する
Municipal Bonds issued by local governments 地方債＝地方公共団体が発行
Corporate Bonds issued by corporations 事業債＝事業法人が発行
Financial Debenture issued by financial institutions 金融債＝金融機関が発行
Stock Market 株式市場…
stocks, convertible bonds, warrant bonds 株式、転換社債、ワラント債
Issuing Market 発行市場
＝a market where securities are issued newly
新規に証券が売り出される市場
Circulating (Secondary) Market 流通市場
＝a market where issued securities are traded before the maturity date
既発の証券が満期前に売買される市場
10-1. Nature and Function of Interest
利子の本質と機能
Interest 利子
＝a price or rent for lending money for a certain period
資金を一定期間賃貸借する賃貸料、貨幣を一定期間手放す報酬
Interest Rate 利子率
＝a ratio of interest against the amount of money lent
利子／貸付資金額
Agio theory 時差説
＝funds lent to borrowers increase in value over time as if wine
becomes mature.ワインが時間とともに熟成するように利子は時間ととも
に増える
Patience Theory 待忍説
＝interest is a price for patience with being unable to use the money
lent to a borrower for a certain lending period
利子とは貸し手が資金を使うことを一定期間待忍する犠牲に対する代価
10-2. Nature and Function of Interest
利子の本質と機能
Liquidity Preference Theory 流動性選好説
＝interest is a reward for parting with liquidity
利子は流動性（貨幣）を一定期間手放すことへの報酬
Risk Premium リスク・プレミアム
risk of price fluctuation = a risk of depreciation of monetary value due to
inflation during a lending period
貸借期間中にインフレにより貨幣価値が減価する価格変動リスク
default risk = a risk that a borrower 借り手が返済できないデフォルト・リスクが
あるので、その分利子も高くなる
Factors of Demand and Supply 需給要因
The more the demand for money increases relative to the supply of money,
the higher the scarcity and importance of money, and the more interest
increases
資金の供給より需要が大きければ、希少性が高まり、利子も高くなる
11. Interest Rate Function of Adjusting the Supply and Demand
利子率の資金需給調整機能
When an interest rate rises 利子率の上昇
⇒ the supply of money increases and the demand for money
decreases
資金の供給が増加、需要は減少
when an interest rate falls 利子率の下落
⇒ the supply of money decreases and the demand for money
increases
資金の供給は減少、需要は増加
Function of adjusting the supply and demand for money
＝an interest rate adjusts the demand for and supply of money just as a
price of good does
資金の需要と供給を調節する機能＝
資金市場における価格の役割（価格調整機能）
12. Types of Interest Rate
利子率の種類＝金利体系
Short-term Interest Rate 短期金利
＝the interest rate in the short-term financial market
call rate, bills rate, Gensaki(repurchase) rate, CD rate,
CP rate, short-term lending rate
短期金融市場で成立する利子率
コールレート、手形レート、現先レート、CDレート、
CPレート、短期貸出金利
Long-term Interest Rate 長期金利
＝the interest rate in the long-term financial market
long-term lending rate, national bond yield, corporate bond
yield, financial debenture yield, and stock yield
長期金融市場で成立する利子率
長期貸出金利、国債利回り、社債利回り、金融債利回り、
配当利回り
13. Term Structure of Interest Rates and Yield Curve
期間構造と利回り曲線
Financial obligations have different liquidity, repayment period, default risk⇒interest rate
differentials, term structure of interest rates
流動性、返済期間、貸し倒れリスクなどに違い⇒金利格差、期間構造
a system of interest rates = the interest rates lined up from the shortest-term to the longestterm 金利体系（スペクトル）＝短期から長期まで並べた金利の全体
Yield
Yield curve 利回り曲線
＝a curve depicted by a system of interest rates
金利スペクトルのなす曲線
The longer is the maturity of debt
⇒liquidity becomes lower, depreciation risk
by inflation is higher, and default risk is higher
⇒the higher an interest rate is
⇒a yield curve upward sloping to the light
債務の期間が長期化
⇒流動性は低、価格変動リスクは大、貸し倒れリスクも大
⇒金利も高くなる⇒利回り曲線は右上がり
the yield curve may be reversely downward sloping
to the light during depression
利回り曲線の逆転…金融逼迫で投資資金需要が減り資金繰り需要が大きい時
Curve
14-1. Types of Depositary Financial Institutions
金融機関の種類と役割
Financial Institutions or Organizations 金融機関
Financial institutions in the narrow sense intermediate direct financing 狭義の金融機
関＝直接金融の仲立ち
Financial intermediaries intermediate indirect financing
金融仲介機関＝間接金融の仲立ち
Depositary Financial Institutions or Organizations 預金取扱機関
…play a role of credit creation 信用創造機能を果たす
Commercial banks (ordinary banks [city banks, regional banks], foreign banks)商業
銀行（普通銀行[都市銀行、地方銀行]、外国銀行など）
Long-term credit banks (trust banks, long-term credit banks)
長期信用銀行（信託銀行、長期信用銀行など）
financial institutions for medium and small-sized firms (Shinkin bank [credit
cooperatives], credit unions, labour banks, Shoko Chukin bank
中小企業金融機関（信用金庫、信用組合、労働金庫、商工組合中央金庫など）
financial institutions for agriculture and fisheries (Norinchukin bank, agricultural and
fisheries cooperatives )
農林漁業金融機関（農林中央金庫、農協、漁協）
14-2. Types of Depositary Financial Institutions
金融機関の種類と役割
Non-depositary Financial Institutions 非預金取扱機関
indirect financial institutions that do not take deposits
⇒no credit creation
預金取扱をしない間接金融機関⇒信用創造をしない
Non-bank 非銀行金融機関⇒those that are not regulated by the Banking Act
銀行法で規制されない機関
Insurance companies (life insurance companies, casualty insurance companies, mutual
aid system) 保険会社（生命保険会社、損害保険会社、各種共済制度）
Mortgage finance companies 住宅金融会社
Consumer finance companies 消費者金融機関
Consumer credit companies 信販会社
Credit card companies クレジットカード会社
Leasing companies リース会社
Securities finance companies 証券金融会社
Venture capital ベンチャー・キャピタル
15. Central Bank
中央銀行
Central Bank 中央銀行 the Bank of Japan 日本銀行, the Federal
Reserve System, the Bank of England, Banque de France
① the government’s bank = a watchdog of the government vault
政府の銀行＝政府の金庫番としての銀行
② the bank of banks = that supervises all private banks
銀行の銀行＝民間銀行を統括する銀行
③ the issuing bank = that has the right of issuing currencies
発券銀行＝造幣権をもつ銀行
watchdog of currency ＝ to have a responsibility to stabilize the value of
the currency that the Bank issued by itself
通貨の番人= 自らが発行する通貨の価値の安定に責任を持つ
the ultimate objective of the Bank = the stability of the currency's value
= the stability of general prices
中央銀行の最高目標=通貨価値（一般物価）の安定
The central bank as a watchdog is responsible for conducting monetary
policy in order to pursue its ultimate objective of stabilizing the value
of the currency issued by itself as the guardian of the currency; that is
price stability.
16. Government-affiliated Financial Institutions
政府系金融機関
Government-affiliated Financial Institutions 政府系金融機関
＝to play a role of complementing private financial institutions
民間金融機関を補完する役割を果たす
Postal savings deposits 郵便貯金
... has the largest deposits with the balance in the world, but does not engage in
lending money
⇒ to distribute its funds through the Fiscal Investment and Loan Program
(FILP)
Ministry of Communications in 1885, Ministry of Posts and
Telecommunications in 1949,Ministry of Internal Affairs and
Communications in 2001,Japan Post in 2003, Japan Post, Inc. in 2007
holding company 100% owned (Japan Post, Japan Post Service Co., Japan
Post Bank Co., Kanpo Life Insurance Co.)
郵便貯金…預金は取り扱うが貸出はしない⇒財政投融資で資金配分
1885年逓信省、1949年郵政省、2001年総務省・郵便事業庁、2003年日本郵政公
社、2007年日本郵政株式会社＝持株会社、100％国有（郵便局株式会社、郵便
事業株式会社、株式会社ゆうちょ銀行、株式会社かんぽ生命保険）
17. Fiscal Investment and Loan Program agencies
財政投融資機関
According to the "Fiscal Investment and Loan Program" in 2008 fiscal year, the total
amount was 13.9 trillion yen: 9.4 trillion yen was distributed to finance loans, 0.1
trillion yen to industrial investment, and 4.4 trillion yen to government-guarantee
Stock Company, Ltd. 株式会社
Japan Finance Corporation日本政策金融公庫 ,
Development Bank of Japan Inc.日本政策投資銀行
Independent Administration Corporation (Agency)独立行政法人
Japan Housing Finance Agency住宅金融支援機構 ,
Japan International Cooperation Agency国際協力機構,
Urban Renaissance Agency都市再生機構 ,
National Hospital Organization国立病院機構 ,
National University Finance and Management Center国立大学財務・経営センター
Promotion of Mutual Aid Corporation for Private Schools of Japan日本私立学校振興・共
済事業団 ,
Japan Student Services Organization日本学生支援機構 ,
Railway Construction, Transport and Service Organization鉄道建設・運輸施設整備支援
機構