| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w4167
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| 来源ID | Working Paper 4167
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| Determinants of Shrt-Term Real Interest Differentials Between Japan and the United States |
| Richard C. Marston
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| 发表日期 | 1992-09-01
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| 出版年 | 1992
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| 语种 | 英语
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| 摘要 | Many past studies of relative financing costs in the United States and Japan have relied on interest rates from the 1970s and earlier when Japanese financial markets were subject to numerous regulations and controls and were shielded by capital controls from financial markets abroad. Interest rates on bank loans, the most important source of financing in Japan, in fact, systematically underestimated the true costs of borrowing. In the United States, capital controls were being dismantled by the early 1970s, but the prime loan rate used in past studies had by then become an unreliable measure of the true cost of borrowing in the United States. This study shows that most of the reported gap in short term financing costs between the two countries can be traced to past features of the national markets which have largely disappeared Now that markets have been deregulated and international capital flows liberalized, national interest rates are closely related to those in the unregulated Eurocurrency markets. And, as this study shows, average real interest differentials in the Eurocurrency markets have been close to zero over the last twenty years. |
| URL | https://www.nber.org/papers/w4167
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561521
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推荐引用方式
GB/T 7714 |
Richard C. Marston. Determinants of Shrt-Term Real Interest Differentials Between Japan and the United States. 1992.
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文件名：
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w4167.pdf
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格式：
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Adobe PDF
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