Procyclical Behavior of Institutional Investors During the Recent Financial Crisis : Causes, Impacts, and Challenges »
Series: IMF Working Papers
Author(s): Michael Papaioannou , Joonkyu Park , Jukka Pihlman , and Han Hoorn
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 11 September 2013
Keywords: long-term investments, institutional investors, procyclicality, financial stability, financial system, financial markets, bonds, bond, Portfolio Choice,
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; (i...