The Effect of Mutual Funds on the Financial Equilibrium

Patrick Artus
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Patrick Artus: Caisse des Dépôts et Consignation

No 1994017, Discussion Papers (REL - Recherches Economiques de Louvain) from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)

Abstract: We compare, from a theoretical point of vue, the characteristics of the equilibrium of financial markets (equilibrium prices, volatility, welfare, allocation of portfolios between the different assets) in the case where individuals investors purchase directly financial assets and in the case where they have to invest through open-ended mutual funds (The "SICAV in the French case). We examine the effects of competition between the funds, which influences their asset structure and the level of fees, and of various market imperfections justifying the presence of the funds.

Pages: 13
Date: 1994-03-01
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Persistent link: https://EconPapers.repec.org/RePEc:ctl:louvre:1994017

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