Abstract
With the potential demise of more aggressively leveraged hedge funds and the remediation of their function through financial institutions, as proposed by the BIS, a very serious question remains unanswered for the developing world: How will growth be funded in emerging markets? The authors raise numerous questions as to the degree to which hedge funds foster systemic risk, and, moreover, the trade-off between the benefits the various strategies provide in investment growth and the possible costs in periods of market turbulence.
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