Transparentność funduszy hedgingowych a ryzyko systemowe

• Autorzy: Waldemar Aspadarec

Warianty tytułu

Hedge Fund Transparency and Systemic Risk

• Języki publikacji: PL

Abstrakty

Celem niniejszego artykułu jest udzielenie odpowiedzi na pytanie: czy fundusze hedgingowe są bezpośrednim kreatorem ryzyka systemowego? W pierwszej części opracowania przedstawiono kwestie odnoszące się do regulacji prawnych funduszy hedgingowych i definicje ryzyka systemowego. W dwóch kolejnych, stanowiących integralną część pracy, ukazano fundusze hedgingowe w aspekcie ryzyka systemowego. (fragment tekstu)

EN

The last decade was presented with a new configuration of players in the financial system, to which hedge funds have contributed profoundly. Structural changes occurring in the financial system during that period had an impact on the dynamics of financial difficulties. People historically involved in introducing regulations and economists paid attention to banks as potential channels giving rise to systemic risk. The characteristics of banks was the main reason behind formulating policy to regulate their functioning. The article analyzes the relationship and consequences following from the effect of hedge funds on the financial system and the real economy. The first part of the paper refers to legal regulations regarding hedge funds. The next section introduces and discusses the notion of systemic risk. The subsequent two parts, and at the same time the body of the article, are dedicated to the analysis of the potential impact that hedge funds may have on creating systemic risk. Furthermore, the author discusses methods for reducing exposure to risk and cushioning shocks on the market under consideration. The analysis enables to draw a conclusion about the rules and their consistent observation as part of counterparty credit risk management (CCRM). At the highest level of institutions subject to regulation, i.e. banks, these rules are effective tools for reducing the effect of hedge funds on systemic risk and thereby the real economy. The conclusion emphasizes that hedge funds, whose characteristics differ from the remaining market players, may hinder adopting CCRM. Such a state of affairs stems from the fact that these funds can generate certain market problems and other challenges. (original abstract)

Słowa kluczowe

PL

Kryzys finansowy; Stabilność finansowa; Fundusze hedgingowe; Ryzyko systemowe; Przejrzystość

EN

Financial crisis; Financial sustainability; Hedge fund; Systemic risk; Transparency

• Czasopismo: Bezpieczny Bank
• Rocznik: 2013
• Numer: nr 1 (50)
• Strony: 54--76

Twórcy

autor

Waldemar Aspadarec

• Uniwersytet Szczeciński

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