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论文作者:www.51lunwen.org论文属性:短文 essay登出时间:2014-09-22编辑:felicia点击率:6652
论文字数:2707论文编号:org201409150000292331语种:英语 English地区:中国价格:免费论文
关键词:套利基金金融体系金融机构金融市场Hedge Fundfinancial systemeconomy
摘要:很多留学生对于写套利基金这类的论文都觉得比较棘手,不知道从哪个角度、哪些方面、哪些内容着手才更能出彩。本文是一篇留学小essay,为大家分析了写作要点和写作方向,希望大家从中可以学到留学essay的写作方法。
Secondly, more importantly, in order to profit, hedge funds use a large-scale of financial leverage. For example, in 1998 the United States LTCM’s (long-term capital management company) capital is 4.8 billion dollars but the management of the portfolio value reached $200 billion and having $1.2 million principal of financial derivatives. When influenced by Russia financial crisis, LTCM loss is as much as $4.3 billion. Their positions huge, almost financing to all the big Banks and it can not compare to the general state of the foreign exchange reserve (Mustier and Dubois, 2007). If forced to close or gets out of debts, it will lead to the huge bad debts to the relevant bank. Matured claim about trillions of dollars can’t cash, which will also cause the world financial market big fluctuation, and even cause financial systemic risk. It is out of such consideration, the New York fed had to intervened, coordinates ten big banks transferring more than $300 million, absorbing 90% shares of it. Greenspan decided to lower interest rates and to deal with LTCM financial impact caused by operation mistake.
5.0 The concept of indirect supervision mode
The U.S. government's mainstream supervision idea is not advocated for hedge fund direct supervision or comparative strict supervision. But it should be carried out the principle of indirect supervision for hedge funds. This is because at the supervision authorities’ view, hedge-fund’s regulation mainly solves two problems: Firstly, business operation of hedge fund has already constituted a threat on the financial market stability. Secondly, hedge fund investors if need extra regulatory protection. According to PWG analysis, the collapse of large hedge funds and has nothing to do with the direct supervision (Shadab, 2008).
To protect investors is not the reason of implement direct supervision. Because it is different from mutual funds which open to general investors. Hedge funds are usually representative organizations and limited partnership organizations of high net investment of individuals. Only open to the qualified investors by legalization, investors range was limited. Thus hedge funds are more similar to private equity fund in many ways and do not have the nature of the public product. Therefore, direct control measures shall not apply to hedge funds which have the purpose to protect the mutual fund investors.
In short, hedge funds did not bring unique challenges to system risk management and the existing regulatory tools and monitoring program is enough to meet the needs of the investor protection (Larosiere and chair, 2009). Although hedge fund activities increase potential risks of financial market and investor base, it is necessary to strengthen the prevention of hedge fund system risk and pay attention to investor protection, but should maintain the current management structure. Because it works well and is beneficial to strengthen energy of capital market in the United States. Regulators make new laws or the approach of new rules which may unknowingly affect the market development本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。