Procyclical Behavior of Institutional Investors During the Recent Financial Crisis: Causes, Impacts, and Challenges
- ISBN-10
- 1484375556
- ISBN-13
- 9781484375556
- Category
- Business & Economics
- Pages
- 53
- Language
- English
- Published
- 2013-09-11
- Publisher
- International Monetary Fund
- Authors
- Jukka Pihlman, Han van der Hoorn, Mr. Michael G Papaioannou
Description
This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the global financial crisis; (ii) identifies the main factors that could account for such behavior; (iii) discusses the implications of procyclical behavior; and (iv) proposes a framework for sound investment practices for long-term investors. Such procyclical investment behavior is understandable and may be considered rational from an individual institution’s perspective. However, our main conclusion is that behaving in a manner consistent with longterm investing would lead to better long-term, risk-adjusted returns and, importantly, could lessen the potential adverse effects of the procyclical investment behavior of institutional investors on global financial stability.
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- 2013-09-11
- 53 pages
- Paperback
- International Monetary Fund
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