How is investment financed? A study of Germany, Japan, the United Kingdom and the United States
Article Abstract:
An examination of the financing of investment in Japan, Germany, the UK and US from 1970 to 1994 challenges traditional views of Japan and Germany as bank-financed and the US and UK as market-financed. The data show a distinction between internally financed investment predominant in Germany, the US and UK, on the one hand, and Japan, on the other hand, where bank finance is important, though becoming less so. The link between low investment levels and external finance appears in the UK but is less notable in the US. The UK and US could still be called market-based for other reasons, but it is less clear whether Japan and Germany are bank-based.
Publication Name: The Manchester School of Economic and Social Studies
Subject: Social sciences
ISSN: 0025-2034
Year: 1997
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Real interest rates and index-linked gilts
Article Abstract:
A method in obtaining estimate of the ex ante path is demonstrated to predict future real interest rates of the observed set of prices from UK index-linked bonds. Present-value formula is used to derive bond prices with the calculated observable nominal term structure. These determine the full future shot real interest rate path at each date from 1st qtr 1984 to 2nd qtr 1992. They also show the monetary policy impact and the nature of the expected formation in the bond market.
Publication Name: The Manchester School of Economic and Social Studies
Subject: Social sciences
ISSN: 0025-2034
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
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