文章基本信息

标题：Institutions Of The New Financial Architecture:Hedge Funds
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作者：Slobodan Lakić
期刊名称：Montenegrin Journal of Economics
印刷版ISSN：1800-5845
电子版ISSN：1800-6698
出版年度：2009
卷号：5
期号：10
出版社：Economic Laboratory for Transition Research Podgorica
摘要：Crucial institutions of the new "financial superstructure" have lately determined functioning and evaluati-on of financial flows in an unscrupulous manner. The established domination of the New Wall Street system was not just a dominant strategic idea aimed at facing problems of the American economy, but was rather directed towards simultaneous gaining of enormous profits of selected institutions and "sophisticated" individuals, i.e. maintaining the hegemony of American "capitalism". "New participants, new practices and new dynamics" inaugurated debt, imposed leverage and leisurely redirected responsibility. The dominant theoretical hypothesis of the efficient market has not withstood the trial of time. Unprecedented expansion of the balance sheet is the result of participation of investment managers in the activities of the speculative bubble. Speculative activities of hedge funds - the so-call big players - have had negative consequences to the market liquidity again. Intentional inadequate regulation of hedge funds, followed by extremely aggressive strategies, seems to represent an institutional model in the existing risky environment. Otherwise, the purpose of existence of highly levera-ged institutions will be lost by abolishing the constructed model
关键词：new financial architecture; efficient market hypotesis; shadow banking system; instituional investors; ;financial intermediation; highly leveraged institutions; hedge funds; leverage; financial crisis