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Experience of Asian Asset Management Companies (AMCs): Do they Increase Moral Hazard? - Evidence from Thailand

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Author Info
Akiko Terada-Hagiwara (Asian Development Bank)
Gloria Pasadilla (Philippines Institute for Development Study)

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Abstract

This paper examines the performances of Asian asset management companies (AMCs). The analysis reveals that AMCs vary in their design and performance. Asset management companies can trigger moral hazard- inspired bank lending. Empirical examination of the Thai experience reveals that the moral hazard-inspired bank lending resulted in creating more new NPLs in the case of public asset management companies. Alternatively, the centralized Thai Asset Management Company (TAMC) decreases the new NPL ratio, suggesting that TAMC provokes no adverse moral hazard effect on financial institutions.

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File URL: http://129.3.20.41/eps/fin/papers/0410/0410001.pdf
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Publisher Info
Paper provided by EconWPA in its series Finance with number 0410001.

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Length: 41 pages
Date of creation: 04 Oct 2004
Date of revision:
Handle: RePEc:wpa:wuwpfi:0410001

Note: Type of Document - pdf; pages: 41
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Web page: http://129.3.20.41

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Related research
Keywords: Bank restructuring; Asset Management Company; Thailand; Moral Hazard; Asia Financial Crisis;

Find related papers by JEL classification:
G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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