Alternative funds play key role in spreading shocks – study
Spillovers rose dramatically during Covid-19 stresses, authors find
Alternative investment funds were the most likely to spread shocks to other parts of the financial system during Covid-19 market stresses, a study by the European Securities and Markets Authority finds.
The work by Massimo Ferrari, Monica Gentile and Antoine Bouveret, published in Esma’s latest risks report, investigates contagion in the European fund industry. The authors divide funds up according to whether they are net receivers or transmitters of shocks.
The results show mixed and
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