Transactions Costs and the Term Structure of Interest Rates in the OTC Bond Market in Japan
分析日本场外债券市场近期二级交易扩张如何降低交易成本，并讨论其对利率期限结构的影响，发现交易量和竞争增加缩小了买卖价差，使场外市场利率期限结构趋近欧洲日元市场。
This paper analyzes how the recent expansion of secondary bond trading reduced the transactions cost and discusses the imp lication of this reduced transactions cost for the term structure of interest rates in the over-the-counter (OTC) bond market in Japan. It shows that the increased trading volume and competition reduced the bid-ask price spreads of bonds and, as a result, the term structure o f interest rates in the OTC market converged to the term structure in the Euroyen market. Copyright 1987 by Ohio State University Press.