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KCI 후보
헤지펀드와 시스템리스크에 관한 고찰 -최근 미국의 사례를 중심으로-
Hedge Funds and Systemic Risks: Focusing on the Recent Cases in America
배준석 ( Joon Suk Bae )
금융법연구 5권 2호 121-146(26pages)
UCI I410-ECN-0102-2012-320-001856228

Hedge funds are in the center of the American sub-prime mortgage crisis that led to the world`s financial crisis. These are funds that have the potential to significantly disrupt financial markets because they are managed outside regulation. Hedge funds have a high risk of default since they use greatly speculative and highly-leveraged investment strategies. If these go into default, the related counterparties are in danger of liquidity deficiency. A hedge fund`s default can set off a chain reaction of bankruptcies of counterparties, paralyzing the entire financial system. This is called systemic risk, and it can lead to crisis in the entire market. One policy issue regarding hedge funds is investor protection. Investor protection is needed because of the high risk-high return strategies of hedge funds. Regulation is essential for investor protection, but it also obstructs the development of the hedge fund industry. Investors in hedge funds consist of institutional investors and a small number of individuals who invest huge amounts of money. These investors have the ability to analyze and evaluate the characteristics and risks of their investments. So, compared to other funds, hedge funds have a lower need for investor protection. Another policy issue, which is more significant with regard to hedge funds, is systemic risk prevention. Financial supervisory authorities may avert systemic risks by monitoring the management of hedge funds. They can also impose reporting duties on counterparties when hedge funds are in danger of default. It is desirable that supervisory authorities prevent crises well in advance. However, these authorities have limited tools for systemic risk prevention since hedge funds are basically outside regulation. Ultimately, a central bank`s liquidity provision can protect against systemic risks. When liquidity problems in financial markets are serious, the central bank as lender of last resort can provide the solution, since it has the right to issue the country`s money. Yet central banks hesitate to serve as lender of last resort. The fear is for the moral hazard of market participants if the banks frequently take the role of lender of last resort. If market participants expect the central bank to solve problems that result from their own lax management, it would be an obstacle to the sound management of financial institutions. Nevertheless, the Bank of Korea, Korea`s central bank, should prepare to play the role of lender of last resort. The Korean government is going to permit hedge funds to be established in Korea. This requires preparation of legal supports such as the ability of the central bank to access a wide range of information. As a comparison, the Federal Reserve Board, the U.S. central bank, has played a major role in systemic risk prevention since the sub-prime mortgage crisis. Looking at American examples, including the Fed policies, provides useful suggestions for anticipating the introduction of hedge funds to the Bank of Korea and the Korean economy.

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