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 …

companies hold another 14%, with all other investors combined (banks, non-financial corporations, pension funds, etc …

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 …

-series dynamics of runs and the equilibria that develop. We propose two identification approaches to test predictions of recent …

banks …

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 …

.S. and European institutional prime MMFs, the runs were more severe in funds for which the imposition of redemption gates and … are also required to adopt the same system of gates and fees, their outflows did not depend on fund liquidity … studying the runs on prime money market funds (MMFs) of March 2020, at the beginning of the COVID-19 pandemic. For both U …

runs in times of stress. In this paper, we investigate similarities and differences between the two, comparing investor … behavior during the stablecoin runs of 2022 and 2023 to investor behavior during the money market fund runs of 2008 and 2020 … historically materialized only in prime funds, with stablecoins, runs occurred in different stablecoin types across the 2022 and …