Banks have long relied on a number of funding sources, including equity capital, non-brokered and brokered deposits, and other liabilities, to make various types of loans and investments. And for almost as long, bank regulatory authorities have imposed various restrictions and costs on those...

Focusing on the 2016 US money market funds (MMFs) reform, this study assesses the impact of removing rating-based rules on the behavior of regulated investors and on market prices. Difference-in-differences fund-level and security-level analyses show a positive impact of the reform on the level...