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Autor:innen: 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
ECB Working Paper No. 1772
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
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 intermediaries on each other through firesales in the money market. I then use the model to analyze the effects of imposing a floating net asset value and capital requirements on MMFs. I find that general equilibrium effects, which are mostly ignored in the policy discussion, can overturn conventional intuition.
Schlagwörter: 
fire sales
money market funds
regulation
runs
support
JEL: 
G01
G21
G28
ISBN: 
978-92-899-1585-4
Dokumentart: 
Working Paper

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