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Los activos de las instituciones de inversión colectiva de carácter financiero/Assets by Financial Institutions for Collective Investment

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    (Facultad de CC. EE. y Empresariales - ETEA. Universidad de Córdoba; Dirección: Escritor Castilla Aguayo, 4; 14004 Córdoba. Teléfono: 957 22 21 00; Fax: 957 22 21 01.)



    (Facultad de CC. EE. y Empresariales - ETEA. Universidad de Córdoba. Dirección: Escritor Castilla Aguayo, 4; 14004 Córdoba. Teléfono: 957 22 21 00; Fax: 957 22 21 01.)

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    El pasado 5 de febrero de 2004 entró en vigor de la ley 35/2003, de 4 de noviembre, reguladora de las instituciones de inversión colectiva (IIC) que introduce algunas novedades de interés en relación con estas entidades. Por otra parte, en los últimos años las IIC (especialmente los fondos de inversión) han experimentado primero un fuerte crecimiento y, más recientemente, un cierto retroceso debido a varios factores: el comportamiento de los tipos de interés; la evolución de los mercados de valores, especialmente la bolsa (tanto sus cotizaciones como su volatilidad); los cambios del tratamiento fiscal de las inversiones; etc. Este artículo estudia las principales novedades que supone la nueva norma reguladora de las IIC; igualmente, intenta analizar si su política de inversiones ha estado influida por los fenómenos comentados y si estos hechos han originado variaciones en los mercados de valores. El período contemplado comprende los años 1992 a 2003. The fifth of February 2004 saw the coming into effect of the 35/2003 4 November law, which regulates Collective Investment Institutions (CII), introducing certain interesting innovations concerning these entities. On the other hand, in recent years CII (especially investment funds) had first undergone a strong growth and have lately suffered a slight recession for various reasons: the behaviour of interest rates; evolution of stock markets, especially the stock exchange (not only in values but also in unpredictability); variations in taxation on investment etc. This article looks at the main novelties brought about by the new regulation governing CII; it also attempts to analyse whether their investment policy has been influenced by the developments mentioned, and if these in turn have caused changes to take place on stock markets. The period contemplated spans 1992 to 2003.

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    Article provided by Estudios de Economía Aplicada in its journal Estudios de Economía Aplicada.

    Volume (Year): 23 (2005)
    Issue (Month): (Abril)
    Pages: 93-124

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    Handle: RePEc:lrk:eeaart:23_1_6
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    Beatriz Rodríguez Prado. Facultad de CC.EE. y EE. Avda. Valle del Esgueva. Valladolid 47011 SPAIN

    Phone: (34) 983 423320
    Fax: (34) 983 184568
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    1. Mark Gertler, 1988. "Financial structure and aggregate economic activity: an overview," Proceedings, Federal Reserve Bank of Cleveland, pages 559-596.
    2. Steven M. Fazzari & Bruce C. Petersen, 1993. "Working Capital and Fixed Investment: New Evidence on Financing Constraints," RAND Journal of Economics, The RAND Corporation, vol. 24(3), pages 328-342, Autumn.
    3. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 27-48, Fall.
    4. Steven M. Fazzari & R. Glenn Hubbard & BRUCE C. PETERSEN, 1988. "Financing Constraints and Corporate Investment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1), pages 141-206.
    5. R. Glenn Hubbard & Anil K. Kashyap & Toni M. Whited, 1993. "Internal Finance and Firm Investment," NBER Working Papers 4392, National Bureau of Economic Research, Inc.
    6. Øivind Anti Nilsen & Fabio Schiantarelli, 2003. "Zeros and Lumps in Investment: Empirical Evidence on Irreversibilities and Nonconvexities," The Review of Economics and Statistics, MIT Press, vol. 85(4), pages 1021-1037, November.
    7. Scaramozzino, Pasquale, 1997. "Investment Irreversibility and Finance Constraints," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 59(1), pages 89-108, February.
    8. Ono, Masanori, 2003. "A computational approach to liquidity-constrained firms over an infinite horizon," Journal of Economic Dynamics and Control, Elsevier, vol. 28(1), pages 189-205, October.
    9. Andrew Benito & Ignacio Hernando, 2002. "Extricate: Financial Pressure and Firm Behaviour in Spain," Working Papers 0227, Banco de España;Working Papers Homepage.
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