Asset Management and Systemic Risk

摘要: As regulators around the world progress towards prudential reforms of global financial system to address issue systemic risk, sweeping scope task touches areas and actors markets that have typically not been seen as systemically important before. The idea asset management industry can contribute risk is new, warrants detailed examination in order shape adequate policies. In this paper, after reviewing definition how banks insurance are designated, we review activities ways they transmission risk. We then look detail at March 2015 proposal by FSB-IOSCO for an assessment methodology identification non-bank non-insurance institutions. compare discuss with empirical data fairs against what literature aftermath 2007-2008 crisis reveals about role contributing find current part fails adequately identify natural candidates designation perhaps confuses large institutions strategic giving wealth loss too much importance over potential real economic disruption market dislocation. Finally, call a more robust risk-sensitive approach identifying