The past two decades have seen a significant shift from active to passive investment strategies. We examined how this shift affects financial stability through its impacts on (1) funds’ liquidity and redemption risks, (2) asset market volatility, (3) asset management industry concentration, and (4) comovement of asset returns and liquidity. Overall, the shift appears to be increasing some risks and reducing others. Some passive strategies amplify market volatility, and the shift has increased industry concentration but has diminished some liquidity and redemption risks. Evidence on the links between indexing and comovement of asset returns and liquidity is mixed. Disclosure: The authors report no conflicts of interest. Editor’s Note Submitted 23 January 2020 Accepted 22 May 2020 by Stephen J. Brown

中文翻译：

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从主动投资到被动投资的转变：金融稳定的风险？

过去二十年见证了从主动投资策略到被动投资策略的重大转变。我们研究了这种转变如何通过对 (1) 基金流动性和赎回风险、(2) 资产市场波动、(3) 资产管理行业集中度以及 (4) 资产回报和流动性的联动影响来影响金融稳定。总体而言，这种转变似乎增加了一些风险并减少了其他风险。一些被动策略放大了市场波动，这种转变提高了行业集中度，但降低了一些流动性和赎回风险。关于指数化与资产回报和流动性联动之间联系的证据不一。披露：作者报告没有利益冲突。编者按 2020 年 1 月 23 日提交 2020 年 5 月 22 日斯蒂芬·布朗接受