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

  • Terada-Hagiwara, Akiko
  • Pasadilla, Gloria O.
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    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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    File URL: http://serp-p.pids.gov.ph/serp-p/download.php?d=3785&s=3
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    This book is provided by Philippine Institute for Development Studies in its series Research Paper Series with number RPS 2005-01 and published in .
    Handle: RePEc:phd:rpseri:rps_2005-01
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    1. Klingebiel, Daniela, 2000. "The use of asset management companies in the resolution of banking crises - cross-country experience," Policy Research Working Paper Series 2284, The World Bank.
    2. Montgomery, Heather, 2003. "The role of foreign banks in post-crisis Asia: the importance of method of entry," MPRA Paper 33031, University Library of Munich, Germany.
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