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important role in the financial system and have significant impact on the economy. The development of hedge fund provides liquidity for financial market reduces the low efficiency of market and also brings banking institutions and financial market about huge threat. In recently years, the development of hedge fund is very fast. Hedge fund has become the international mainstream investment tools, its trading activities’ effects on global asset prices and the influence of liquidity has risen to a decisive position.

However, although hedge fund plays an important role in the financial system and the economy, it also brings about many threats to the operation of economy, such as system risk of financial system. Therefore, measures should be taken to solve these problems. Government departments and banking institutions must pay attention to the development of hedge fund. Besides, government departments should attach importance to supervision to hedge fund and its operation.

9.0 Reference list

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Blundell-Wignall, A (2007), “An Overview of Hedge Funds and Structured Products: Issues in Leverage and Risk”, Financial Market Trends, No 92, Vol. 2007/1, OECD.

Brunnermeier, M.K. (2009), “Deciphering the Liquidity and Credit Crunch 2007-2008”, Journal of Economic Perspectives, Vol.23, No.1.

Larosiere, J.,chair, (2009),” Report by the High-Level Group on Financial Supervision in the EU”, Brussels, 25th February.

McKinsey Global Institute (2007), The New Power Brokers: How Oil, Asia, Hedge Funds, and Private Equity are Shaping Global Capital Markets.

Mustier, J.P and Dubois (2007), “Risks and return on banking activities related to hedge funds”, Financial Stability Review, Banque de France, April.

House of Commons (2008), “Treasury Committee, Report on Financial Stability and Transparency”, 26th February, 2008.

Brunnermeier, M.K. and Pedersen, L.H (2009), “Market Liquidity, Funding Liquidity”, Review of Financial Studies, Vol.22, No 6.

Mustier, J.-P. , A. Dubois (2007), Risks and return of banking activities related to hedge funds, Banque de France, Financial Stability Review 10, April 2007, pp. 85-94.

Pastor, L. and R. Stambaugh (2003), Liquidity Risk and Expected Stock Returns, Journal of Political Economy 111, pp. 642-685.

Morrison, A. (2005), Credit derivatives, disintermediation and investment decisions. Journal of Business, 78, 621–647.

Hildebrand, Ph. (2007), Hedge funds and prime broker dealers: Steps towards a “best practice proposal”, Banque de France, Financial Stability Review 10, April 2007, pp.67-76.

Shadab, H.B (2008), “Testimony before the House Committee on Oversight and Government Reform”, November 13th.

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