کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
998500 936667 2009 15 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Hedge funds and financial stability: Regulating prime brokers will mitigate systemic risks
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد، اقتصادسنجی و مالیه (عمومی)
پیش نمایش صفحه اول مقاله
Hedge funds and financial stability: Regulating prime brokers will mitigate systemic risks
چکیده انگلیسی

We review key characteristics of the hedge fund industry, and identify conditions under which this sector can pose a threat to financial stability. Direct regulation of hedge funds that increases transparency does not appear feasible, may create a moral-hazard problem, and may reduce market liquidity. Indirect regulation by prime brokers and market discipline by creditors, counterparties, and investors have been effective in limiting the risks from the hedge fund sector. To reduce systemic risks, more regulation of prime brokers is warranted to avoid competitive dynamics from undermining counterparty risk management practices.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Stability - Volume 5, Issue 3, September 2009, Pages 283–297
نویسندگان
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