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Experience of Crisis-Hit Asian Countries: Do Asset Management Companies Increase Moral Hazard?

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Author Info
Terada-Hagiwara, Akiko
Pasadilla, Gloria

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Abstract

This paper examines the performances of Asian asset management companies (AMCs). The analysis reveals that the AMCs vary significantly in their design and performances. The authors claim that AMCs can trigger moral hazard-inspired bank lending, especially when the mode of transfer of nonperforming loans (NPLs) from banks to AMCs entails little cost to banks. The new centralized AMC, the Thai Asset Management Company (TAMC), on the other hand, decreased the new NPL ratio, suggesting that TAMC provokes no adverse moral hazard effect on financial institutions. In addition, they find that the same institutional consideration significantly decreases new NPL in foreign banks and finance companies.

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Publisher Info
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
This book is provided by Philippine Institute for Development Studies in its series Research Paper Series with number rps_2005-01 and published in 2006.

Handle: RePEc:phd:rpseri:rps_2005-01

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Related research
Keywords: Asian financial crisis; bank restructuring; asset management company (AMC); Thailand; moral hazard; nonperforming loans (NPLs);

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