2024-03-29T02:31:29Zhttps://repositorio.bde.es/oai/requestoai:repositorio.bde.es:123456789/139332023-11-30T13:37:18Zcom_123456789_21com_123456789_11761com_123456789_5861col_123456789_5901col_123456789_12928
Developments in the collective investment industry in Spain between 2008 and 2019
Álvarez Román, Laura
Mayordomo, Sergio
Collective investment undertakings
Market structure
Interconnection with the banking system
Portfolio composition
Monetary policy
Financial analysis
Economy of the European Union
Artículo de revista
This article shows that collective investment undertakings (CIUs) have grown notably in recent years, both in Spain and other European countries. These developments have come in step with greater sector concentration and a rising percentage of assets managed by entities registered abroad. In line with the evidence documented internationally, the investment portfolios of CIUs domiciled in Spain reflect an increase in risk-taking over the last few years, although the weight of lower credit quality fixed-income instruments is very low. There are very close links between the Spanish banking sector and CIUs. First, a very sizeable share of the assets of Spanish CIUs is managed by subsidiaries of Spanish deposit-taking institutions. Second, a very significant proportion of CIUs’ investment portfolios comprises financial assets issued by the banks themselves. Therefore, in-depth analysis of these interconnections is essential to assess the resilience of CIUs and that of the financial sector as a whole.
2020-10-13
Artículo
https://repositorio.bde.es/handle/123456789/13933
eng
Economic Bulletin / Banco de España, 4/2020
Versión en español 123456789/13932
https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
http://rightsstatements.org/vocab/InC-NC/1.0/
Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
In Copyright - Non Commercial Use Permitted
España
Banco de España
Madrid : Banco de España, 2020