ヘッジファンドと金融市場の安定化問題(坂 昌樹准教授追悼号)
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In the Financial Stability Report in the spring of 2007 Bank of England(BOE)mentioned six factors which would make UK financial markets unstable. One of them is that large complex financial institutions(LCFIs)such as Citigroup and UBS have increased their weights in the markets. It means that the markets would be heavily damaged if any single company of LCFIs is in financial trouble. In addition BOE argued that hedge funds activities had expanded rapidly, for example, their portion of value terms in the international derivative market had already increased to 60%. BOE also alarmed that the enlargement of transaction between hedge funds and LCFIs had increased the possibility of financial systemic risk. This fear of systemic risk has come true due to the subprime loan shocks in the summer of 2007. Hedge funds have two typical features. The first is their excess return over a market average. However not a few research articles testified that neither an excess return nor risk hedge ability were found in hedge funds. It means that hedge funds are not necessarily distinguished from institutional investors. The other is high leverage. Hedge funds' leverage impact on financial markets will be much bigger than visible and lead the markets to huge turmoil when the unexpected risk of leverage comes to be realized. As conclusion hedge funds have no advantage but risk with leverage. Even under these circumstances G8 governments at Toya-ko Summit in July of 2008 did not reach any agreement to launch regulation against hedge funds. Financial authorities in major countries have insisted that hedge funds' risks can be effectively monitored through their counterparts such as banks and securities companies. However it is meaningless to monitor hedge funds through large financial institutions because they themselves have increased speculating business. Hedge funds have been increasing speculation in order to get high returns. Disrupt of hedge funds obviously let financial markets be disorder and it leads the real economy to deterioration. Now we should discuss the framework of direct regulation system on hedge funds at the global level.
- 2008-06-10
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