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わが国のコモディティ投資信託とETF : 新しいコモディティ投資ビークルの現状と課題
http://hdl.handle.net/10441/9341
http://hdl.handle.net/10441/9341f915f255-3a15-42e6-9a2a-52dbe23b4c0d
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
02家森信善pdf.pdf (2.3 MB)
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| Item type | 紀要論文 / Departmental Bulletin Paper(1) | |||||||
|---|---|---|---|---|---|---|---|---|
| 公開日 | 2012-01-25 | |||||||
| タイトル | ||||||||
| タイトル | わが国のコモディティ投資信託とETF : 新しいコモディティ投資ビークルの現状と課題 | |||||||
| 言語 | ||||||||
| 言語 | jpn | |||||||
| 資源タイプ | ||||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_6501 | |||||||
| 資源タイプ | departmental bulletin paper | |||||||
| 著者 |
家森, 信善
× 家森, 信善
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| 著者(ヨミ) | ||||||||
| 姓名 | ヤモリ, ノブヨシ | |||||||
| 著者別名 | ||||||||
| 姓名 | Yamori, Nobuyoshi | |||||||
| 抄録 | ||||||||
| 内容記述タイプ | Abstract | |||||||
| 内容記述 | This paper analyzes commodity investment trusts and commodity Exchange Traded Funds (ETFs) as methods for investing in commodities, which are expected to be important tools for individual investors who wish to participate in commodity investments. The “Financial Big Bang” reforms initiated by Prime Minister Ryutaro Hashimoto during the latter half of the 1990s substantially changed the Japanese financial system, which had been strictly regulated. However, more than 50% of Japanese households’ financial assets are still cash and bank deposits, and the ratio of risky assets in households’ portfolios remains low. One reason that households hold few risky assets is that individual investors do not feel they have enough knowledge to risk their money on such investments. Therefore, collective investment vehicles such as investment trusts, which allow individual investors to hold risky assets without extensive knowledge, are expected to play an important role in the future. Among commodity investments, commodity investment trusts and ETFs seem most promising. Thanks to substantial deregulation, the listing of various ETFs became possible in the early 2000s. Initially, all ETFs were linked to certain kinds of stock indexes, such as Nikkei 225 and TOPIX. Gradually, new types of ETFs, which are linked to indexes or prices of non-stock ass e ts , have be en introduc ed. The f ir st commodity ETF in Japan, linked to the price of gold in London, was offered in August 2007. Soon, other commodity ETFs followed. Today, thirty commodity ETFs are listed on the Tokyo Stock Exchange and the Osaka Securities Exchange. However, this paper finds that many commodity ETFs are thinly traded. Therefore, we need to implement policies as soon as possible to encourage Japanese investors to participate in the commodity ETF market. Encouraging more commodity ETF transactions may also lead to active arbitrages between ETF markets and commodity future markets. |
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| 抄録 | ||||||||
| 内容記述タイプ | Abstract | |||||||
| 内容記述 | This paper analyzes commodity investment trusts and commodity Exchange Traded Funds (ETFs) as methods for investing in commodities, which are expected to be important tools for individual investors who wish to participate in commodity investments. The “Financial Big Bang” reforms initiated by Prime Minister Ryutaro Hashimoto during the latter half of the 1990s substantially changed the Japanese financial system, which had been strictly regulated. However, more than 50% of Japanese households’ financial assets are still cash and bank deposits, and the ratio of risky assets in households’ portfolios remains low. One reason that households hold few risky assets is that individual investors do not feel they have enough knowledge to risk their money on such investments. Therefore, collective investment vehicles such as investment trusts, which allow individual investors to hold risky assets without extensive knowledge, are expected to play an important role in the future. Among commodity investments, commodity investment trusts and ETFs seem most promising. Thanks to substantial deregulation, the listing of various ETFs became possible in the early 2000s. Initially, all ETFs were linked to certain kinds of stock indexes, such as Nikkei 225 and TOPIX. Gradually, new types of ETFs, which are linked to indexes or prices of non-stock assets, have been introduced. The first commodity ETF in Japan, linked to the price of gold in London, was offered in August 2007. Soon, other commodity ETFs followed. Today, thirty commodity ETFs are listed on the Tokyo Stock Exchange and the Osaka Securities Exchange. However, this paper finds that many commodity ETFs are thinly traded. Therefore, we need to implement policies as soon as possible to encourage Japanese investors to participate in the commodity ETF market. Encouraging more commodity ETF transactions may also lead to active arbitrages between ETF markets and commodity future markets. |
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| 引用 | ||||||||
| 内容記述タイプ | Other | |||||||
| 内容記述 | 彦根論叢, 第390号, pp. 34-49 | |||||||
| 引用 | ||||||||
| 内容記述タイプ | Other | |||||||
| 内容記述 | The Hikone Ronso, No.390, pp. 34-49 | |||||||
| 書誌情報 |
彦根論叢 号 第390号, p. 34-49, 発行日 2011-12 |
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| ISSN | ||||||||
| 収録物識別子タイプ | ISSN | |||||||
| 収録物識別子 | 0387-5989 | |||||||
| 書誌レコードID | ||||||||
| 収録物識別子タイプ | NCID | |||||||
| 収録物識別子 | AN00207196 | |||||||
| タイトル（ヨミ） | ||||||||
| その他のタイトル | ワガクニ ノ コモディティ トウシ シンタク ト ETF アタラシイ コモディティ トウシ ビーグル ノ ゲンジョウ ト カダイ | |||||||
| その他の言語のタイトル | ||||||||
| その他のタイトル | Recent Trends in Commodity Investment Trusts and Commodity ETFs in Japan | |||||||
| 出版者 | ||||||||
| 出版者 | 滋賀大学経済学会 | |||||||
| 資源タイプ | ||||||||
| 内容記述タイプ | Other | |||||||
| 内容記述 | Departmental Bulletin Paper | |||||||
