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Is the EU money market fund regulation fit for purpose? : lessons from the COVID-19 turmoil
Capotă, Laura-Dona; Grill, Michael; Molestina Vivar, Luis - 2022
The market turmoil in March 2020 highlighted key vulnerabilities in the EU money market fund (MMF) sector. This paper assesses the effectiveness of the EU's regulatory framework from a financial stability perspective, based on a panel analysis of EU MMFs at a daily frequency. First, we find that...
Persistent link: https://www.econbiz.de/10013390997
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Fragility in Money Market Funds : Sponsor Support and Regulation
Parlatore, Cecilia - 2015
I develop a model of money market funds (MMFs) to study the ability of sponsor support to provide stability to the industry. I find that strategic complementarities in the sponsors' support decisions can make MMFs vulnerable to runs different from the canonical bank-runs: it may lead to runs of...
Persistent link: https://www.econbiz.de/10013025469
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Regulatory Constraints for Money Market Funds : The Impossible Trinity?
Baes, Michel; Bouveret, Antoine; Schaanning, Eric - 2021
Despite substantial regulatory reforms, MMFs exposed to private assets experienced severe stress in March 2020. In the EU, Low Volatility Net Asset Value (LVNAVs) MMFs faced acute challenges to meet regulatory requirements while facing high redemptions. Such funds have to maintain their...
Persistent link: https://www.econbiz.de/10013216709
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Investors' appetite for money-like assets : the money market fund industry after the 2014 regulatory reform
Cipriani, Marco; La Spada, Gabriele; Mulder, Philip - 2017
We document the reaction of money market fund (MMF) investors and portfolio managers to a new SEC regulation that came … into effect in October 2016. This regulation forces all prime and municipal MMFs to adopt a system of redemption gates and … by the new regulation, as opposed to traditional flight-to-safety motives. Third, the outflow from prime and muni MMFs …
Persistent link: https://www.econbiz.de/10011667713
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U.S. Prime Money Market Funds after Lehman : The Quest to Regain Safe-Asset-Status
Thierfelder, Felix - 2013
The behavior of MMFs since fall 2008 suggests that in evaluating the systemic risk posed by prime MMFs it is not enough to focus on the funds' ability to meet large investor withdrawals during severe stress periods. Instead, today it appears to be even more important to look at the tendency of...
Persistent link: https://www.econbiz.de/10013086455
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Money Market Funds and the Prospect of a U.S. Treasury Default
Gallagher, Emily - 2015
U.S. debt ceiling crises in 2011 and 2013 were marked by significant outflows from money market funds (MMFs). This study evaluates the behavior and motivations of investors redeeming from MMFs during these crises. We find that the majority of redemptions reflect a generalized flight-to-liquidity...
Persistent link: https://www.econbiz.de/10013017140
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The broken buck stops here : embracing sponsor support in money market fund reform
Fisch, Jill E. - 2014
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...
Persistent link: https://www.econbiz.de/10010428143
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Is the EU Money Market Fund Regulation Fit for Purpose? Lessons from the COVID-19 Turmoil
Capotă, Laura-Dona; Grill, Michael; Molestina Vivar, Luis - 2022
The market turmoil in March 2020 highlighted key vulnerabilities in the EU money market fund (MMF) sector. This paper assesses the effectiveness of the EU's regulatory framework from a financial stability perspective, based on a panel analysis of EU MMFs at a daily frequency. First, we find that...
Persistent link: https://www.econbiz.de/10014236736
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Money Market Funds in the EU : a review of recent literature and regulatory developments
Staunton, David - In: Themes in alternative investments, (pp. 45-59). 2024
Persistent link: https://www.econbiz.de/10014636795
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You can‘t always get what you want (where you want it) : cross-border effects of the US money market fund reform
Fricke, Daniel; Greppmair, Stefan; Paludkiewicz, Karol - 2022
This paper documents significant cross-border effects of the 2014 US money market fund (MMF) reform on MMFs in the euro area. As US-based prime MMFs became less money-like due to the reform, euro area-based prime MMFs received large inflows from foreign investors. These cross-border flows were...
Persistent link: https://www.econbiz.de/10012876146