Academic Commons

Reports

The commercial paper market in Japan

McKenzie, C. R.

The purpose of this paper is to investigate some of the macroeconomic and microeconomic properties of the commercial paper market in Japan. The commercial paper market is a relatively new market in Japan having been established in November 1987. As a result, little is known about its characteristics at either the macroeconomic or microeconomic level. In the United States, it has been found that issuance of commercial paper is counter cyclical in the aggregate but pro-cyclical at the firm level. The first set of questions investigated relate to cyclical nature of the Japanese market at the firm and aggregate level. Secondly, using a new panel data set, the characteristics and behaviour of individual issuers of commercial paper are also examined. The micro analysis uses data over the period 1988-90 when the commercial paper market was just developing and exhibits some apparent anomalies.

Geographic Areas

Subjects

Files

More About This Work

Academic Units
Center on Japanese Economy and Business
Publisher
Center on Japanese Economy and Business, Graduate School of Business, Columbia University
Series
Center on Japanese Economy and Business Working Papers, 118
Published Here
February 9, 2011
Academic Commons provides global access to research and scholarship produced at Columbia University, Barnard College, Teachers College, Union Theological Seminary and Jewish Theological Seminary. Academic Commons is managed by the Columbia University Libraries.