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套利基金在金融体系中的作用及其对经济的影响

1.0 概要

套利基金的发展为金融市场提供流动性,降低市场的低效率,也能给金融机构和金融市场带来巨大的威胁(帕斯特和斯丹博,2003)。因此,对我们来说，知道套利基金在金融体系的作用及其对经济的影响是非常重要的。

在过去的10年里,套利基金的快速发展无疑已成为国际金融领域中最引人注目的现象。与此同时，伴随着资产规模、投资者基础,参与投资领域的普遍性的不断发展,套利基金已经成为国际主流投资工具,其交易活动的影响已经涉及到全球资产价格的浮动和资金的流动性，他们的影响力已经上升到了一个决定性的地位。

2.0 介绍

上个世纪中期以来,套利基金最早产生于美国,到目前为止，已经以迅雷不及掩耳之势迅速发展起来。2011年4月,全球套利基金的数量已经达到9000多,管理资产的规模高达2.02万亿美元。在世界上主要的股票市场,除了中国,套利基金的交易量账户创建迅速增加，达到大约40% ~ 50%的总成交量账户，套利基金已成为一种对全球经济产生重大影响的力量。

Role of Hedge Fund in the financial system and their impact on the economy

1.0 executive summary

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 (Pastor and Stambaugh, 2003). Therefore, it is very important for us to know about the role of hedge fund in the financial system and their impact on the economy.

In the past 10 years, the rapid growth of hedge funds undoubtedly has become the most high-profile phenomenon in the international finance field. With its asset scale, investors’ basis, universalities involved in the investment field, hedge funds 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.

2.0 Introduction

Since the middle of the last century hedge funds was birth in the United States, it has already got very strong development so far. By April 2011, the global number of hedge funds has reached more than 9000, the scale of management asset up to 2.02 trillion dollars. At the world's major stock markets except China, the trading volume accounts of hedge founds reached about 40% ~ 50% of total trading volume accounts, hedge funds have become a power which has a significant impact on the global economy.

As a broker, the bank directly provides leverage to hedge funds, which makes hedge funds directly exposing under its risk. If some unfavorable factors lead to the loss of lever parts and these losses do not get support of sufficient liquidity (Brunnermeier, 2009), it will lead to defaults which hedge funds to broker debt, thus will transfer the risk to banking institutions. The size of this kind of overflow sexual risk depends on the size of the hedge fund scale and also depends on relative importance of its position in the market.

3.0 Hedge funds and financial system

The channel of hedge funds influence the financial system has two kinds: one kind is through the prime brokers business; another is by trade relationship. Brokers provide service through hedge funds (McKinsey Global Institute, 2007), they can better understand part position of hedge funds related. But because a hedge fund may use several brokers, which also makes the broker (Hildebrand, 2007) can only obtain part of the position of hedge fund (Blundell-Wignall, 2007). Generally speaking, the brokerage business is very concentrated; the first three big brokers alm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。