Commercial Paper Markets : a Survey

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By -- Julian Alworth, C. E. V. Borio

Published by -- Bank for International Settlements, Monetary and Economic Department, 1993, Basel Switzerland, 115 Pages, Trade paperback, Charts & Graphs, 8.25" X 5.75" X .25", 7 oz., ISBN -- 9291310352 / 9789291310357

Series - BIS Economic Papers, No. 37

[INTRODUCTION]

"Commercial paper is a type of fixed-maturity unsecured short-term nego- tiable debt issued generally in bearer form and primarily by non-banks. At the beginning of the 1980s issuance of commercial paper was confined to the United States, Canada and Australia. The years which followed saw the opening of commercial paper markets in several countries and the establishment of a market for Euro-commercial paper. Although the US market has been the model for several of these new markets, there are many significant differences in the way in which each is organized, the characteristics of the instruments traded, the type of issuer and the nature of the regulations applicable. This study has three objectives. The first is to consider the role of commercial paper as a source of funding and form of investment relative to other financial instruments. The second is to provide a better under- standing of the features common to the various markets and the major differences between them. The third is to examine their pattern of development."

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