Arbeitspapier
Fund Management and Systemic Risk: Lessons from the Global Financial Crisis
Fund managers play an important role in increasing efficiency and stability in financial markets. But research also indicates that fund management in certain circumstances may contribute to the buildup of systemic risk and severity of financial crises. The global financial crisis provided a number of new experiences on the contribution of fund managers to systemic risk. In this article, we focus on these lessons from the crisis. We distinguish between three sources of systemic risk in the financial system that may arise from fund management: insufficient credit risk transfer to fund managers; runs on funds that cause sudden reductions in funding to banks and other financial entities; and contagion through business ties between fund managers and their sponsors. Our discussion relates to the current intense debate on the role the so-called shadow banking system played in the global financial crisis. Several regulatory initiatives have been launched or suggested to reduce the systemic risk arising from non-bank financial entities, and we briefly discuss the likely impact of these on the sources of systemic risk outlined in the article.
- Sprache
-
Englisch
- Erschienen in
-
Series: CITYPERC Working Paper ; No. 2013-06
- Klassifikation
-
Wirtschaft
- Thema
-
Systemic risk
shadow banking
fund management
credit risk transfer
liquidity risk
financial crisis
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Bengtsson, Elias
- Ereignis
-
Veröffentlichung
- (wer)
-
City, University of London, City Political Economy Research Centre (CITYPERC)
- (wo)
-
London
- (wann)
-
2013
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Bengtsson, Elias
- City, University of London, City Political Economy Research Centre (CITYPERC)
Entstanden
- 2013
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