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Tomas Garbaravicius

26 August 2005
OCCASIONAL PAPER SERIES - No. 34
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Abstract
The paper provides an overview of the hedge fund industry, mainly from a financial stability and European angle. It is primarily based on an extensive analysis of information from the TASS database. On the positive side of the financial stability assessment, hedge funds have a role as providers of diversification and liquidity, and they contribute to the integration and completeness of financial markets. Possible negative effects occur through their impact on financial markets (e.g. via crowded trades) and financial institutions (e.g. via prime brokerage). Several initiatives have been launched to address these concerns and most of them follow indirect regulation via banks. If any direct regulation were to be considered, it would probably have to be implemented in a coordinated manner at the international level. At the EU level there is currently no common regulatory regime, although some Member States have adopted national legislation.
JEL Code
G15 : Financial Economics→General Financial Markets→International Financial Markets
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G24 : Financial Economics→Financial Institutions and Services→Investment Banking, Venture Capital, Brokerage, Ratings and Ratings Agencies
29 May 2013
FINANCIAL STABILITY REVIEW - ARTICLE
Financial Stability Review Issue 1, 2013
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Abstract
In the run-up to the global financial crisis that began in mid-2007, leverage and risk-taking in the financial system increased substantially, in particular in the shadow banking system. This increase was facilitated by an erosion of credit terms in securities financing and over-the-counter (OTC) derivatives markets, which served as important conduits for leverage in the financial system. Recognising the lack of information on such developments, a number of major central banks, including the ECB, have started to conduct regular qualitative surveys on changes in credit terms and conditions in these wholesale credit markets. This special feature presents the key features and some of the first results of the recently launched quarterly ECB survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD). It also discusses how the survey could be used for macro-prudential monitoring purposes.
JEL Code
G00 : Financial Economics→General→General