Institutional Investors

  • 10h 23m
  • Benn Steil, E. Philip Davis
  • The MIT Press
  • 2001

One of the most important recent developments in financial markets is the institutionalization of saving associated with the growth of pension funds, life insurance companies, and mutual funds. An increasing proportion of household saving is now managed by professional portfolio managers instead of being directly invested in the securities markets or held in the form of bank deposits. With the aging of the population and its adverse impact on public pension systems, the shift of individual savings to institutional investors is likely to become even more marked in the coming years.

This book provides a comprehensive economic assessment of institutional investment. It charts the development and performance of the asset management industry and analyzes the implications of rising institutionalized saving for the development of the securities trading industry, the financial sector as a whole, and the wider economy. The book draws extensively on international experience, particularly in the United States, Western Europe, and Japan.

About the Authors

E. Philip Davis is Professor of Economics and Finance at Brunel University and Visiting Fellow at the National Institute of Economic and Social Research, London.

Benn Steil is Senior Fellow and Linda J. Wachner Chair in Foreign Economic Policy at the Council of Foreign Relations and Editor of the journal International Finance.

In this Book

  • The Development of Institutional Investors
  • Investment Behavior and Performance of Institutional Investors
  • The Industrial Structure and Dynamics of Asset Management
  • Influences on the Future of the Asset Management Industry
  • Implications of the Growth of Institutional Investors for the Financial Sectors
  • Implications of the Growth of Institutional Investors for the Nonfinancial Sectors
  • Automation, Trading Costs, and the Structure of the Securities Trading Industry
  • Institutional Trading Costs: The Impact of Market Structure and Trading Practices

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