Since the 2008 financial crisis, in which the Reserve Primary Fund "broke the buck," money market funds (MMFs) have been the subject of ongoing policy debate. Many commentators view MMFs as a key contributor to the crisis because widespread redemption demands during the days following the Lehman...

4207 The system of non-bank financial intermediaries (NBFI; i.e., shadow banks) has grown rapidly in recent decades up to a roughly size of about Dollar 71 trillion. Shadow banks moved for a number of reasons into the focus of regulatory authorities: (1) the risks associated with circumventing...

Evaluating creation of systemic risk is an ongoing regulatory activity and a difficult task given the dynamic linkages found in the financial system among multiple counterparties. This study evaluates the contributions to systemic risk in U.S. institutional prime money market funds (MMFs) from...