Market Discipline and Conflicts of Interest Between Banks and Pension Funds:
We study the behavior of private pension funds as large depositors in a banking system. Using panel data analysis, we examine whether, and if so how, pension funds influence market discipline in Argentina in the period 1998-2001. We find evidence that pension funds exert market discipline and this d...
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2011
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Schriftenreihe: | IMF Working Papers
Working Paper No. 11/282 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | We study the behavior of private pension funds as large depositors in a banking system. Using panel data analysis, we examine whether, and if so how, pension funds influence market discipline in Argentina in the period 1998-2001. We find evidence that pension funds exert market discipline and this discipline gets stronger as the share of pension fund deposits in a bank rises. However, conflicts of interest undermine the disciplining role of pension funds. Specifically, pension funds allocate deposits to banks with weak fundamentals that own pension fund management companies. We conclude that forbidding banks'' ownership of companies involved in pension fund management can enhance market discipline |
Beschreibung: | 1 Online-Ressource (44 p) |
ISBN: | 1463926634 9781463926632 |
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index_date | 2024-07-03T20:13:18Z |
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spelling | Barajas, Adolfo Verfasser aut Market Discipline and Conflicts of Interest Between Banks and Pension Funds Barajas, Adolfo Washington, D.C International Monetary Fund 2011 1 Online-Ressource (44 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 11/282 We study the behavior of private pension funds as large depositors in a banking system. Using panel data analysis, we examine whether, and if so how, pension funds influence market discipline in Argentina in the period 1998-2001. We find evidence that pension funds exert market discipline and this discipline gets stronger as the share of pension fund deposits in a bank rises. However, conflicts of interest undermine the disciplining role of pension funds. Specifically, pension funds allocate deposits to banks with weak fundamentals that own pension fund management companies. We conclude that forbidding banks'' ownership of companies involved in pension fund management can enhance market discipline Online-Ausg Catalán, Mario Sonstige oth http://elibrary.imf.org/view/IMF001/12333-9781463926632/12333-9781463926632/12333-9781463926632.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Barajas, Adolfo Market Discipline and Conflicts of Interest Between Banks and Pension Funds |
title | Market Discipline and Conflicts of Interest Between Banks and Pension Funds |
title_auth | Market Discipline and Conflicts of Interest Between Banks and Pension Funds |
title_exact_search | Market Discipline and Conflicts of Interest Between Banks and Pension Funds |
title_exact_search_txtP | Market Discipline and Conflicts of Interest Between Banks and Pension Funds |
title_full | Market Discipline and Conflicts of Interest Between Banks and Pension Funds Barajas, Adolfo |
title_fullStr | Market Discipline and Conflicts of Interest Between Banks and Pension Funds Barajas, Adolfo |
title_full_unstemmed | Market Discipline and Conflicts of Interest Between Banks and Pension Funds Barajas, Adolfo |
title_short | Market Discipline and Conflicts of Interest Between Banks and Pension Funds |
title_sort | market discipline and conflicts of interest between banks and pension funds |
url | http://elibrary.imf.org/view/IMF001/12333-9781463926632/12333-9781463926632/12333-9781463926632.xml |
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