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Hedge Funds, Financial Intermediation, and Systemic Risk: A Reprint from the Federal Reserve Bank of New York “Economic Policy Review”
Hedge funds have become important players in the U

 
Our Price: $15.00
By John Kambhu (au); Til Schuermann (au); Kevin J. Stiroh (au)
Year: 2007
Pages: 18
Binding Paperback

Product Code: 1428988769

Description
 
Hedge funds have become important players in the U.S. & global capital markets. These largely unregulated funds use: a variety of complex trading strategies & instruments, in their liberal use of leverage, in their opacity to outsiders, & in their convex compensation structure. These differences can exacerbate market failures associated with agency problems, externalities, & moral hazard. Counterparty credit risk mgmt. (CCRM) practices are the first line of defense against market disruptions with potential systemic consequences. This article examines how the unique nature of hedge funds may generate market failures that make CCRM for exposures to the funds intrinsically more difficult to manage, both for regulated institutions & for policymakers. Ill.

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