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Money Market Funds Intermediation, Bank Instability, and Contagion

Cipriani, Marco - 2013

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 intermediation through MMFs allows investors to limit...

Persistent link: https://www.econbiz.de/10013087142

Investor Information Acquisition and Money Market Fund Risk Rebalancing During the 2011-12 Eurozone Crisis

Gallagher, Emily - 2019

We study investor redemptions and portfolio rebalancing decisions of prime money market mutual funds (MMFs) during the Eurozone crisis. We find that sophisticated investors selectively acquire information about MMFs' risk exposures to Europe, which leads managers to withdraw funding from...

Persistent link: https://www.econbiz.de/10012902532

Money Market Fund Capital Buffers

Lewis, Craig M. - 2015

This paper considers the economic implications of supporting prime money market funds with capital buffers. The main findings are twofold. First, relatively small capital buffers are capable of absorbing daily fluctuations between a fund's shadow price and its amortized cost. The ability to...

Persistent link: https://www.econbiz.de/10013012404

Money Market Fund Vulnerabilities : A Global Perspective

Bouveret, Antoine; Martin, Antoine; McCabe, Patrick E. - 2022

Money market funds (MMFs) are popular around the world, with over $9 trillion in assets under management globally. From their origins in the 1970s, MMFs have operated in a niche between the capital markets and the banking system, as investment funds that offer private money‐like assets with...

Persistent link: https://www.econbiz.de/10013293232

Derivative margin calls : a new driver of MMF flows

Ghio, Maddalena; Rousová, Linda; Salakhova, Dilyara; … - 2023

During the March 2020 market turmoil, euro area money-market funds (MMFs) experienced significant outflows, reaching almost 8% of assets under management. This paper investigates whether the volatility in MMF flows was driven by investors' liquidity needs related to derivative margin payments....

Persistent link: https://www.econbiz.de/10014278618

Runs and flights to safety : are stablecoins the new money market funds?

Anadu, Kenechukwu; Azar, Pablo D.; Cipriani, Marco; … - 2023

Stablecoins and money market funds both seek to provide investors with safe, money-like assets but are vulnerable to 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...

Persistent link: https://www.econbiz.de/10014391283

Runs and flights to safety : are stablecoins the new money market funds?

Anadu, Kenechukwu; Azar, Pablo D.; Cipriani, Marco; … - 2023 - This version: September 2023

Persistent link: https://www.econbiz.de/10014414304

Money Market Fund Capital Buffers

Lewis, Craig M. - 2015

This paper considers the economic implications of supporting ``prime" money market funds with capital buffers. The main findings are twofold. First, relatively small capital buffers are capable of absorbing daily fluctuations between a fund's shadow price and its amortized cost. The ability to...

Persistent link: https://www.econbiz.de/10013034284

Financial Engineering Coupled with Regulatory Incentives : Is There a Strong Market Case for Sovereign Bond-Backed Securities (SBBSs) in the Euro-Area? A Brief Analysis of the Euro...

Gortsos, Christos - 2018

's proposal for a Regulation of the European Parliament and the Council, whose objective is to lay down a general framework for … proposed Regulation (Sub-section 2).(2) Section B addresses the proposed Regulation's subject matter and scope, as well as the …) Section C analyses Articles 4-8 of the proposed Regulation concerning:• the eligibility and composition of the underlying …

Persistent link: https://www.econbiz.de/10012911693

A Regulatory Framework for Exchange-Traded Funds

Hu, Henry T. C. - 2018

Persistent link: https://www.econbiz.de/10012925355