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State financial interests and changes in investment behavior of institutional investors: the case of financial market development in Israel
Socio-Economic Review ( IF 4.058 ) Pub Date : 2021-04-29 , DOI: 10.1093/ser/mwab024
Daniel Maman 1
Affiliation  

Institutional investors are key actors in the financial markets of diverse developed economies. Their tendency toward diversification and risk-taking behavior is well documented, yet insufficient attention has been paid to the sources of this behavior. Based on the case of emerging financial markets in Israel, this paper argues that in adopting various neoliberal reforms, state agencies induced institutional investors to change their investment behavior toward diversification and greater risk-taking. Until the early 2000s, Israel’s institutional investors were marginal actors in a financial system designed to support state-building, primarily investing in government bonds and bank deposits. As changing state financial interests induced market changes, institutional investors emerged as autonomous actors, diversifying their investments to also include corporate bonds, stocks and investments in foreign financial markets. With individuals’ growing dependency on institutional investors for their financial security, greater insight into the role of state agencies in financial markets could help identify factors affecting their functioning in financial capitalism.

中文翻译:

国家金融利益与机构投资者投资行为的变化:以以色列金融市场发展为例

机构投资者是不同发达经济体金融市场的主要参与者。他们的多样化和冒险行为的倾向有据可查,但对这种行为的根源却没有给予足够的重视。基于以色列新兴金融市场的案例,本文认为,在采取各种新自由主义改革的过程中,国家机构引导机构投资者将其投资行为转向多元化和更大的风险承担。直到 2000 年代初,以色列的机构投资者都是旨在支持国家建设的金融体系中的边缘参与者,主要投资于政府债券和银行存款。随着国家金融利益的变化引发市场变化,机构投资者成为自主行为者,使他们的投资多样化,还包括公司债券、股票和对外国金融市场的投资。随着个人越来越依赖机构投资者的金融安全,更深入地了解国家机构在金融市场中的作用可能有助于确定影响他们在金融资本主义中运作的因素。
更新日期:2021-04-29
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