Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/278647 
Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
ECB Working Paper No. 2825
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
Using a sample of open-end corporate bond funds domiciled in the euro area, we exploit the COVID-19 market turmoil in March 2020 to examine two channels through which liquidity buffers can reduce procyclicality in the investment fund sector. First, we find that liquidity buffers reduced outflows during March 2020 only to a limited extent. Second, we find that funds entering the crisis with higher liquidity buffers were less likely to involve in cash hoarding and more likely to use cash buffers to meet outflows. Our results suggest that higher liquidity buffers can reduce procyclicality primarily through supporting the liquidity management strategies employed by fund managers.
Schlagwörter: 
corporate bond funds
investor redemptions
liquidity management
COVID-19 pandemic
JEL: 
G01
G11
G23
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-6110-3
Dokumentart: 
Working Paper

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