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Asset bubbles : re-thinking policy for the age of asset management / / Bradley Jones



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Autore: Jones Bradley Visualizza persona
Titolo: Asset bubbles : re-thinking policy for the age of asset management / / Bradley Jones Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2015
Descrizione fisica: 1 online resource (60 pages)
Disciplina: 332.10681
Soggetto topico: Asset-liability management
Financial risk management
Monetary policy
Economic policy
Finance: General
Financial Risk Management
Macroeconomics
Financial Markets and the Macroeconomy
Central Banks and Their Policies
Financial Crises
Information and Market Efficiency
Event Studies
International Financial Markets
General Financial Markets: Government Policy and Regulation
Price Level
Inflation
Deflation
General Financial Markets: General (includes Measurement and Data)
Economic & financial crises & disasters
Finance
Asset prices
Asset bubbles
Asset management
Financial sector stability
Stock markets
Prices
Financial crises
Asset and liability management
Financial sector policy and analysis
Financial markets
Financial services industry
Stock exchanges
Soggetto geografico: United States
Note generali: Description based upon print version of record.
Nota di bibliografia: Includes bibliographical references.
Nota di contenuto: Cover; Abstract; Contents; I. Introduction; Figures; Figure 1. Worldwide Financial Assets and Institutional Assets; Figure 2. Bank Assets vs. Investment Firm Assets under Management; II. The 'Clean vs. Lean' Debate: A Survey; Tables; Table 1. Dimensions of the Traditional 'Clean vs. Lean' Debate; III. Theories of (In)Efficient Markets and Speculative Bubbles; A. Bubbles and the (In)Efficiency of Markets - A Review; B. Competing Models of Bubble Formation and Persistence; Table 2. Stylized Summary of Asset Pricing/Bubble Models; Figure 3. Benchmark Decomposition of Hedge Fund Returns
Figure 4. Subjective vs. Objective Expected Returns IV. Policy Implications; Table 3. Mapping Policy Responses to Bubble Models; Figure 5. Relative 10-year Annualized Out performance of Fundamental-based Indices; V. Concluding Remarks and Future Research
Sommario/riassunto: In distilling a vast literature spanning the rational— irrational divide, this paper offers reflections on why asset bubbles continue to threaten economic stability despite financial markets becoming more informationally-efficient, more complete, and more heavily influenced by sophisticated (i.e. presumably rational) institutional investors. Candidate explanations for bubble persistence—such as limits to learning, frictional limits to arbitrage, and behavioral errors—seem unsatisfactory as they are inconsistent with the aforementioned trends impacting global capital markets. In lieu of the short-term nature of the asset owner—manager relationship, and the momentum bias inherent in financial benchmarks, I argue that the business risk of asset managers acts as strong motivation for institutional herding and ‘rational bubble-riding.’ Two key policy implications follow. First, procyclicality could intensify as institutional assets under management continue to grow. Second, remedial policies should extend beyond the standard suite of macroprudential and monetary measures to include time-invariant policies targeted at the cause (not just symptom) of the problem. Prominent among these should be reforms addressing principal-agent contract design and the implementation of financial benchmarks.
Titolo autorizzato: Asset bubbles  Visualizza cluster
ISBN: 1-4983-9762-X
1-4983-0415-X
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910796903403321
Lo trovi qui: Univ. Federico II
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Serie: IMF Working Papers; Working Paper ; ; No. 2015/027