tailieunhanh - Credit Risk in Japan’s Corporate Bond Market

In recent years, Japan’s major corporations have increasingly relied on the corporate bond market as a source of debt finance. From 1996 to 1998, the issuance of corporate bonds increased more than 46 percent, from trillion yen to about 45 trillion yen (Table 1).1 At the same time, loans from Japan’s banking sector decreased about 17 trillion yen. As the corporate bond market grew, the spreads between the yields on Japanese corporate and government bonds widened dramatically. In this edition of Current Issues, we investigate the reasons for the pronounced increase in spreads in Japan’s corporate bond market. We first consider the effect of weak macroeconomic conditions on spreads. Slowed economic growth,. | federal reserve bank of new York CURRENT ISSUES in economics and finance November 1999 Volume 5 Number 15 Credit Risk in Japan s Corporate Bond Market Frank Packer From the fall of1997 to the spring of1999 yield spreads in Japan s corporate bond market increased sharply. An analysis of this rapid rise suggests that Japanese investors in corporate bonds may be paying closer attention to the credit risk of individual issuers. Such a shift in investor focus would represent a major change in the structure of this market. In recent years Japan s major corporations have increasingly relied on the corporate bond market as a source of debt finance. From 1996 to 1998 the issuance of corporate bonds increased more than 46 percent from trillion yen to about 45 trillion yen Table 1 .1 At the same time loans from Japan s banking sector decreased about 17 trillion yen. As the corporate bond market grew the spreads between the yields on Japanese corporate and government bonds widened dramatically. In this edition of Current Issues we investigate the reasons for the pronounced increase in spreads in Japan s corporate bond market. We first consider the effect of weak macroeconomic conditions on spreads. Slowed economic growth increased bankruptcies and financial market turbulence helped bring about a decline in the credit quality of Japan s outstanding bond issues. With lower credit ratings suggesting an increased likelihood of future defaults the spreads between the yields on corporate bonds and government bonds widened. Economic and financial conditions however cannot fully account for the rise in spreads. Structural changes in the Japanese bond market also appear to have contributed to the increase in spreads. We uncover two developments that support this view. First bond yields have become increasingly correlated with credit ratings a key measure of credit risk over the past few years. This change suggests that credit risk historically a minor factor in the pricing of .

• Ngân hàng - Tín dụng
• problem specific
• of different possible buildings
• Alcoholism
• Russian Mortality Crisis
• Current Concepts
• Epidemiology
• Reproductive epidemiology
• Modern epidemiology
• Nutritional epidemiology
• Environmental epidemiology
• Clinical epidemiology
• Veterinary epidemiology
• The development
• Veterinary medicine
• The scope of epidemiology
• Describing disease occurrence
• Comparative epidemiology
• Maintenance of infection
• Cancer epidemiology
• Molecular classification
• Genetic epidemiology
• Causal inference
• Cancer incidence
• Molecular epidemiology
• Late blight
• Review on molecular epidemiology
• Molecular epidemiology in relation
• Devastating late blight pathogen
• Fractures in dogs
• Clinical epidemiology of fractures in dogs
• Clinical epidemiology of fractures
• Showing fractures in dogs
• Lecture Introduction to Epidemiology
• Introduction to Epidemiology
• Infectious disease epidemiology
• Disease prevention and control
• Disease screening
• Epidemics investigation
• public health
• healthcare
• epidemiology principles
• analytic epidemiology
• Health Practice
• Principles of Epidemiology
• Ecologic studies
• Social epidemiology
• Using secondary data
• Improve study accuracy
• C ausal diagrams
• Design strategies
• Questionnaire in clinical epidemiology
• Survey sheet for medica
• Medical survey layout
• Medical questionnaire development
• Epidemiology of Dermatomycoses
• Infections Observed
• Humans and Animals
• Great Concern
• MRSA Epidemiology
• Emphasis on MLST
• Epidemiology in gynecological diseases
• Gynecological diseases
• Basic epidemiology
• Models of causation
• Environmental factors
• Childhood Obesity
• Epidemiology and Risk Factors
• Epidemiological
• Clinical Aspects
• Developing Country
• Early Infant
• Medical device regulation
• Medical device epidemiology
• Active surveillance
• Necessary conditions
• Medical device nomenclature
• Data sources
• effective surveillance
• Epidemiology Cluster
• Data Analysis
• Biology Cluster
• Carcinogenesis Cluster
• Prevention Cluster
• Descriptive Studies
• Disease Registers
• Cohort Studies
• Intervention Trials
• Epidemiological FieldWork
• Epidemiological Studies
• Population Based Studies
• Risk Factors
• Hepatocellular Carcinoma
• Surgical Treatment
• Liver Metastases
• Evidence based medicine
• Systematic reviews
• Health economics
• Health improvement
• Demonstrating association
• Observational studies
• Design considerations
• Clinical trials
• Statistical modeling
• Mathematical modeling
• Clinical gastroenterology
• The changing epidemiology of IBD
• The pathogenesis
• The mesalamine based therapies
• The adult patient
• Journal of Science and Technology
• Complex environment representation in epidemiology ABM
• Application on H5N1 propagation
• Individual based epidemiological model
• Climate change
• Climate change and epidemiology
• Human parasitosis in Egypt
• Future of such parasitic diseases
• Scenarios for climate change
• Ovine brucellosis
• Caprine brucellosis
• Serodiagnosis and epidemiology
• Brucellosis in sheep
• Goats and its serodiagnosis
• Infectious bursal disease
• Broiler chickens
• Broiler chickens in Haryana
• Retrospective study on epidemiology
• IBD outbreaks
• BMC Pediatrics
• Rotavirus causing diarrhea
• Children hospitals
• Enzyme Linked Immunosorbent Assay
• Decision making
• Lay epidemiology
• Risk evaluation
• Patient provider communication
• Vaccine safety concerns
• Heterologous immunity