Die globale Finanzmarktkrise 2007-2009 hat gezeigt, wie stark ganze Volkswirtschaften von der Stabilität eines reibungslos funktionierenden Finanzsystems abhängen. Problematisch ist beispielsweise die Systemrelevanz einzelner Akteure, da diese im Notfall mit öffentlichen Mitteln gerettet...

This paper introduces a proposal for money market fund (MMF) reform that could mitigate systemic risks arising from these funds by protecting shareholders, such as retail investors, who do not redeem quickly from distressed funds. Our proposal would require that a small fraction of each MMF...

This paper provides a model of systemic panic among financial institutions with heterogeneous fragilities. Concerns about potential spillovers from each other generate strategic interaction among institutions, triggering a preemption game in which one tries to exit the market before the others...