Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/251196 
Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
Deutsche Bundesbank Discussion Paper No. 03/2022
Verlag: 
Deutsche Bundesbank, Frankfurt a. M.
Zusammenfassung: 
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 largely motivated by the search for stable net asset value instruments rather than by the introduction of gates and fees. Consistent with an easing of competitive pressure, institutional prime funds in the euro area reduced their risk-taking. However, the industry became more concentrated overall and more exposed to run risk from foreign investors. This risk materialized during the COVID-19-induced stress period.
Schlagwörter: 
cross-border effects
regulation
money market funds
risk-taking
JEL: 
E41
G23
G28
ISBN: 
978-3-95729-869-0
Dokumentart: 
Working Paper
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