By Yasuyuki Fuchita and Robert E. Litan; eds.
Japan's monetary associations and tools are heavily on the topic of the us version. In either international locations, new monetary tools, reminiscent of dependent monetary items and exchange-traded money (ETFs), and new monetary institutions--which contain hedge cash and personal fairness funds--present possibilities in addition to coverage and regulatory demanding situations. This well timed booklet provides very important and unique learn on those new associations and tools, illustrating the similarities and transformations around the international locations. It maintains the effective collaboration among the Brookings establishment and the Nomura Institute of Capital Markets study in reading present matters in capital and monetary markets. Innovation and fast swap are inherent within the monetary undefined. As this booklet indicates, Japan's economy is absolutely evolving extra speedy than many within the usa become aware of. The members spotlight the cutting edge ways that jap financiers and executive officers have discovered from their American opposite numbers. specialists from the monetary and academia clarify the jobs of tools equivalent to ETFs and genuine property funding trusts (REITs) in every one kingdom, whereas additionally contrasting the improvement of suggestions resembling hedge cash, deepest fairness money, and securitized residential mortgages. The Tokyo membership origin for worldwide stories has underwritten the construction of latest monetary tools and associations. participants contain Jennifer E. Bethel (Babson College), Thomas Boulton (Indiana University), Todd J. Broms (Managed ETFs), Franklin R. Edwards (Columbia University), Allen Ferrell (Harvard legislation School), Gary L. Gastineau (Managed ETFs), Kenneth Lehn (Univ. of Pittsburgh), Frank Partnoy (University of San Diego legislation School), Adam E. Posen (Peterson Institute for overseas Economics), Kenneth E. Scott (Stanford legislation School), Steven Segal (Boston University), Yuta Seki (NICMR), Randall Thomas (Vanderbilt legislation tuition)
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Extra resources for New Financial Instruments and Institutions: Opportunities and Policy Challenges
Example text
Although the expense ratio of these ETFs that are linked to international stocks is higher than that of other ETFs, they have gained popularity. S. markets are being recognized as a tool for international diversification by the investors. In the United States, ETFs were developed, in a way, as part of the competitive strategies of stock exchanges. For instance, AMEX, which once thrived with the initial public offerings of the new companies that did not meet the listing standards of NYSE, was losing listings to the Nasdaq Stock Market.
The first ETF in the United States was SPY (Standard & Poor’s Depositary Receipts or SPDRs, called “Spiders”), which was listed on the American Stock Exchange (AMEX). Then DIAMONDS (Diamonds Trust Series I), QQQQ (NASDAQ-100 Index Tracking Stock or “Cubes,” former ticker is QQQ), and others followed. In the 1990s the ETF market in the United States developed mainly through the broad-based stock indexes that tracked funds, represented by the three mentioned above. In those days, SPDRS and QQQQ dominated the ETF market in terms of asset size and the daily trading volume.
REIT refers to the status of a corporation with regard to tax laws. Japanese tax laws do not have any eligibility requirements for REITs as do those of the United States; therefore, corporations cannot choose the REIT status in their tax treatment. J-REIT is an investment trust in which the main investment asset is real estate. Although the Investment Trust Act of Japan provided for the creation of investment trusts (contract-type investment trusts) and 02-2983-9-CH 02 5/17/07 2:22 PM Page 41 etfs and reits in japan: innovation and future growth 41 investment corporations (company-type investment trusts), currently all of the listed J-REITs are structured as investment corporations.