민주당 정권 탄생 이후 일본 금융규제정책결정과정의 변화 -일본 민주당 정권의 중소기업대출 ‘상환유예(모라토리엄)’ 구상을 중심으로-

The process of policy making in financial regulation under the convoy-fleet system can be characterized by the followings: First, the MOF(Okurasho) enjoyed extensive discretionary power based on the close collaboration between the Liberal Democratic Party, the ruling party, and financial industry. Second, the cabinet (Prime Minister and Minister) had limited influence. Since the Financial Reform and Administrative Reform in the 1990s, such policy making process in financial regulation has been evolving. Furthermore, the birth of the Democratic Party who aspires to the transition from ‘Bureaucracy lead’ to ‘Policy lead’ seems to make substantial influence in the process of policy making in financial regulation. In this article, we analyse the change in the process of policy making in financial regulation with the focus on the ‘Moratorium initiative’ as a case study. The ‘Moratorium initiative’ was one of the primary electoral commitments and was led by the politicians utilizing election as part of agenda setting procedure. On one hand, the role of politicians can be considered enlarged as the three key state officials - Minister, vice minister, and Parliamentary Secretary – obtained enhanced authority in the process of legislation. On the other hand, the power of the ruling party has decreased. As for the bureaucrat’s influence, their discretionary power has somewhat decreased due to increased authority of three key state officials. However, the bureaucrat still possesses large influence in concrete contents of legislations.