intermediary to impose redemption fees or gates in a crisis - a form of suspension of convertibility - can lead to preemptive runs … uncertainty is resolved before redeeming if redemption fees or gates cannot be imposed, but those same investors would redeem … preemptively if fees or gates are possible. Second, we show that for the intermediary, which maximizes the expected utility only of …

intermediary to impose redemption fees or gates in a crisis--a form of suspension of convertibility--can lead to preemptive runs … uncertainty is resolved before redeeming if redemption fees or gates cannot be imposed, but those same investors would redeem … preemptively, if fees or gates are possible. Second, we show that for the intermediary, which maximizes expected utility of only …

In recent years, U.S. banks have increasingly relied on deposits from financial intermediaries, especially money market … funds (MMFs), which collect funds from large institutional investors and lend them to banks. In this paper, we show that …). However, since MMFs are themselves subject to runs from their own investors, a banking system intermediated through MMFs is …

In recent years, U.S. banks have increasingly relied on deposits from financial intermediaries, especially money market … funds (MMFs), which collect funds from large institutional investors and lend them to banks. In this paper, we show that …). However, since MMFs are themselves subject to runs from their own investors, a banking system intermediated through MMFs is …

In recent years, U.S. banks have increasingly relied on deposits from financial intermediaries, especially money market … funds (MMFs), which collect funds from large institutional investors and lend them to banks. In this paper, we show that …, since MMFs are themselves subject to runs from their own investors, a banking system intermediated through MMFs is more …

runs that arise from liquidity transformation and from sudden changes in investor perceptions of the funds' ability to … serve as moneylike assets. Since 2000, MMF runs have occurred in many countries and under many regulatory regimes. The … global pattern of runs and crises shows that MMF vulnerabilities are not unique to a particular set of governing arrangements …

runs that arise from liquidity transformation and from sudden changes in investor perceptions of the funds' ability to … serve as moneylike assets. Since 2000, MMF runs have occurred in many countries and under many regulatory regimes. The … global pattern of runs and crises shows that MMF vulnerabilities are not unique to a particular set of governing arrangements …

that would reduce the vulnerability of MMFs to runs and protect investors who do not redeem quickly in crises. …