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La interconexión en las instituciones de inversión colectiva no alternativas y el riesgo sistémico

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  • Ramiro Losada
  • Ricardo Laborda

Abstract

Este trabajo analiza la interconexión entre las instituciones de inversión colectiva (IIC) no alternativas gestionadas y comercializa-das en España, y con respecto a los mercados de valores en los que operan. Los resultados muestran que las IIC no alternativas no deben considerarse importantes en términos de propagación de impactos negativos y desempeñarían un papel limitado desde un punto de vista sistémico. Esta conclusión puede complementarse con el segundo resultado principal del trabajo: no existe una relación a largo plazo (cointegración) entre la interconexión de las IIC no alternativas y sus mercados subyacentes y el riesgo sisté-mico en los mercados financieros. Además, a corto plazo, se observa que un impacto negativo en el riesgo sistémico financiero provocaría un aumento en el nivel de interconexión, sin embargo no se podría afirmar lo contrario: que un impacto negativo sobre el nivel de interconexión no causaría un aumento en la medida de riesgo sistémico.

Suggested Citation

  • Ramiro Losada & Ricardo Laborda, 2020. "La interconexión en las instituciones de inversión colectiva no alternativas y el riesgo sistémico," CNMV Documentos de Trabajo CNMV Documentos de Trabaj, CNMV- Comisión Nacional del Mercado de Valores - Departamento de Estudios y Estadísticas.
    • Handle: RePEc:cnv:docutr:dt_71es
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    References listed on IDEAS

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