- ISBN-10: 0262041928
- ISBN-13: 9780262041928
- Author:
- Language: English
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.