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Sayuri Shirai

Japanese automobile industry, where it has experienced a small amount of import penetration and substantial net exports. The paper concludes that the sales - distribution system limited foreign manufacturers’ access to the dealers owned by domestic manufacturers. Because of the high initial set-up costs to establish new dealer networks, foreign manufacturers depended heavily on the sole representative importers. This dependence may have provided retail price-setting power to these importers, which probably increased distribution margins. The high distribution margins set

Sayuri Shirai and Mr. Peter Wickham

similar products distributed their products through their exclusive dealer networks. These studies reinforced the view that the Japanese distribution system limited foreign firms’ access to the Japanese market by increasing set-up costs, or that it lowered the import market share by enlarging price differences between Japanese and imported products. Such a view made a substantial impact on the Structural Impediments Initiative (SII) talks that began at the end of the 1980s. The purpose of SII talks was to narrow the trade gaps between Japan and the United States by

Sayuri Shirai
This paper surveys the recent literature on the Japanese distribution system to consider two propositions: first, that the system is inefficient, and second that prices of imported products tend to be higher in Japan than in other markets. Most of the literature demonstrates that the system is efficient. However, the efficiency has not necessarily resulted in high social welfare as consumers have had limited access to various product lines or paid high prices for some products. This paper examines the distribution system in the automobile industry to promote understanding about the impacts of the system on price differentials.
DONALD J. MATHIESON and RICHARD D. HAAS

banks will accept less than the highest price in order to distribute open market operations across a dealer network. 3 Even if a bank presents eligible paper, the central bank would still make an administrative judgment about whether the bank has already presented “too much” paper for discounting. If so, the central bank can refuse to discount more eligible paper for that bank. 4 It is nonetheless well recognized that the presence of government guarantees such as deposit insurance or the belief that a financial institution will be assisted by the

International Monetary Fund

infrastructure, such as payment, securities trading and settlement systems, is modern and efficient. There is also a primary dealers network to facilitate the trade in government securities. However, the development of the corporate capital market has lagged behind that of the banking sector. Inflation targeting framework 91. Mauritius’s informal inflation targeting regime encompasses five main elements : (1) the public announcement of an annual target for aggregate inflation (CPI inflation) instead of nontradable inflation; (2) an express commitment to price

Mr. Nathan Porter and James Yudong Yao

, securities trading and settlement systems, is modern and efficient. There is also a primary dealers network to facilitate the trade in government securities. However, the foreign exchange market is very thin and its secondary government bond market is relatively illiquid and underdeveloped. In addition, development of the corporate capital market has lagged behind that of the banking sector. B. Inflation Targeting Lite Framework According to Stone (2003) , inflation targeting lite regimes typically share some common features: (1) multiple monetary policy

Ms. Ritu Basu, Mr. Ananthakrishnan Prasad, Mr. Sergio L. Rodriguez, and Mr. Zeine Zeidane

assets of its shareholders and is rated as A-1 by Standard & Poor’s, which falls under the upper-medium investment grade rating for short-term instruments. The program is the first money market instrument globally to be backed by sovereign assets while being distributed through a diverse primary-dealer network of nine banks across different regions. To date, the IILM has issued a total of 11 tranches amounting to US$6.7 billion, of which three remain outstanding as of December 5, 2014. The total value of the three outstanding Sukuk is US$1.85 billion (IFSB, 2015

International Monetary Fund

, Ford, and Chrysler—had been getting bleaker for some time. The U.S. auto manufacturers have been steadily losing market share to imported brands over the past 15 years. They faced structural problems including high labor costs and oversized dealer networks. Compounding their problems, sharp increases in oil and gasoline prices further suppressed sales of domestic automobiles from an average of 13½ million units over 1995–2005 to 12½ million over 2006–07. The onset of the financial crisis had dire implications for the auto industry. Worldwide, auto production

Silvia Iorgova and Li Lian Ong

available in some countries ( Szilagyi, Fetherston and Batten, 2004 ). Trading in the secondary market is usually thin, reflecting in part the underdevelopment of broker-dealer networks and investors’ preference for holding bonds to maturity, due to inadequate clearing and settlement processes and high transaction costs. EU integration has also had an impact on the development of trading infrastructure. With government bond issuance and trading for Eurozone countries migrating to pan-European systems, it may be difficult to encourage the infrastructure investment

Peter J. Quirk

-term monetary policy, and a suitably broad monitoring mechanism for data in the financial markets. Institution building may also be necessary to accelerate banking, equities, and securities markets development; these include settlement arrangements and improvements in broker and dealer networks. An important corollary to greater currency convertibility is the development of sufficient flexibility in interest rate policy. In economies that do not have full market determination of interest rates, key market-determined rates are often used as pivots for other major interest