Direkt zur Hauptnavigation springen Direkt zum Inhalt springen
info(at)avldigital.remove-this.de
Deutsch English
Letzte Suchanfragen

Ergebnisse für *

Zeige Ergebnisse 1 bis 11 von 11.

  1. The Money Market Mutual Fund Liquidity Facility
    Autor*in: Anadu, Kenechukwu; Cipriani, Marco; Craver, Ryan M.; La Spada, Gabriele
    Erschienen: [2021]
    Verlag:  Federal Reserve Bank of New York, New York, NY

    In this article, we discuss the run on prime money market funds (MMFs) that occurred in March 2020, at the onset of the COVID-19 pandemic, and describe the Money Market Mutual Fund Liquidity Facility (MMLF), which the Federal Reserve established in... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 207
    Fernleihe:
    keine Fernleihe

     

    In this article, we discuss the run on prime money market funds (MMFs) that occurred in March 2020, at the onset of the COVID-19 pandemic, and describe the Money Market Mutual Fund Liquidity Facility (MMLF), which the Federal Reserve established in response to it. We show that the MMLF, like a similarly structured Federal Reserve facility established during the 2008 financial crisis, was an important tool in stemming investor outflows from MMFs and restoring calm in short-term funding markets. The usage of the facility was higher by funds that suffered larger outflows. After the facility's introduction, outflows from prime MMFs decreased more for those funds that had a larger share of illiquid securities. Importantly, following the introduction of the MMLF, interest rates on MMLF-ineligible securities decreased at a slower rate than those on MMLF-eligible securities, even after controlling for credit risk.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/247903
    Schriftenreihe: Staff reports / Federal Reserve Bank of New York ; no. 980 (September 2021)
    Schlagworte: COVID-19; money market funds; runs; Federal Reserve lending facilities
    Umfang: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  2. Money market fund vulnerabilities
    a global perspective
    Autor*in: Bouveret, Antoine; Martin, Antoine; McCabe, Patrick E.
    Erschienen: [2022]
    Verlag:  Federal Reserve Bank of New York, New York, NY

    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... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 207
    Fernleihe:
    keine Fernleihe

     

    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 features similar to those of bank deposits. Hence, they are vulnerable to runs that arise from liquidity transformation and from sudden changes in investor perceptions of the funds' ability to serve as moneylike assets. Since 2000, MMF runs have occurred in many countries and under many regulatory regimes. The global pattern of runs and crises shows that MMF vulnerabilities are not unique to a particular set of governing arrangements, and that mitigating these vulnerabilities requires fundamental reforms that either place MMFs more clearly within the investment-fund sector or establish protections for MMFs similar to those for deposits.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/262059
    Schriftenreihe: Staff reports / Federal Reserve Bank of New York ; no. 1009 (March 2022)
    Schlagworte: money market funds; liquidity transformation; runs; nonbank financial institutions; short-term funding markets; information-insensitive assets; financial stability
    Umfang: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  3. You can‘t always get what you want (where you want it)
    cross-border effects of the US money market fund reform
    Autor*in: Fricke, Daniel; Greppmair, Stefan; Paludkiewicz, Karol
    Erschienen: [2022]
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    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... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 12
    Fernleihe:
    keine Fernleihe

     

    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.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9783957298690
    Weitere Identifier:
    hdl: 10419/251196
    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; no 2022, 03
    Schlagworte: cross-border effects; regulation; money market funds; risk-taking
    Umfang: 1 Online-Ressource (circa 64 Seiten), Illustrationen
  4. Investment funds and financial stability
    policy considerations
    Beteiligt: Garcia Pascual, Antonio (HerausgeberIn); Singh, Ranjit A. (HerausgeberIn); Surti, Jay (HerausgeberIn)
    Erschienen: 2021
    Verlag:  International Monetary Fund, Publication Services, Washington, DC, U.S.A.

    The paper's analysis underscores the importance of the ongoing Financial Stability Board-led process of identifying policy options, involving national authorities and the International Organization of Securities Commissions and other standard... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Braunschweig
    Fernleihe:
    keine Fernleihe

    Standort:
    Staats- und Universitätsbibliothek Bremen
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Erfurt / Forschungsbibliothek Gotha, Universitätsbibliothek Erfurt
    Fernleihe:
    keine Fernleihe

    Standort:
    Bibliothek der Pädagogischen Hochschule Freiburg/Breisgau
    Fernleihe:
    keine Fernleihe

    Standort:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
    Fernleihe:
    keine Fernleihe

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    Technische Universität Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    Duale Hochschule Baden-Württemberg Heidenheim, Bibliothek
    Signatur:
    e-Book Nationallizenz
    Fernleihe:
    keine Fernleihe

    Standort:
    Thüringer Universitäts- und Landesbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    Fachhochschule Kiel, Zentralbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 297
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Leipzig
    Fernleihe:
    keine Fernleihe

    Standort:
    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    Duale Hochschule Baden-Württemberg Mosbach, Bibliothek
    Signatur:
    E-Book Nationallizenz IMF
    Fernleihe:
    keine Fernleihe

    Standort:
    Hochschule Offenburg, University of Applied Sciences, Bibliothek Campus Offenburg
    Signatur:
    E-Book International Monetary Fund
    Fernleihe:
    keine Ausleihe von Bänden, nur Papierkopien werden versandt

    Standort:
    Hochschulbibliothek Pforzheim, Bereichsbibliothek Technik und Wirtschaft
    Signatur:
    e-Book International Monetary Fund eLibrary
    Fernleihe:
    keine Ausleihe von Bänden, nur Papierkopien werden versandt

    Standort:
    Duale Hochschule Baden-Württemberg Ravensburg, Bibliothek
    Signatur:
    E-Book IMF
    Fernleihe:
    keine Fernleihe

    Standort:
    Hochschule Albstadt-Sigmaringen, Bibliothek Sigmaringen
    Fernleihe:
    keine Ausleihe von Bänden, nur Papierkopien werden versandt

     

    The paper's analysis underscores the importance of the ongoing Financial Stability Board-led process of identifying policy options, involving national authorities and the International Organization of Securities Commissions and other standard setters. In this context, the global nature of the investment fund business and fungibility of financial flows makes it vital to ensure consistency of global policy choices that can secure financial stability by precluding regulatory arbitrage

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
  5. Bank deposit flows to money market funds and ON RRP usage during monetary policy tightening
    Autor*in: Morgan, Luke; Sarver, Anthony; Tase, Manjola; Zlate, Andrei
    Erschienen: July 2022
    Verlag:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 412
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Finance and economics discussion series ; 2022, 060
    Schlagworte: Monetary policy tightening; bank deposits; money market funds; overnight reverserepo facility; private repo funding; Treasury bills
    Umfang: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  6. Is the EU money market fund regulation fit for purpose?
    lessons from the COVID-19 turmoil
    Autor*in: Capotă, Laura-Dona; Grill, Michael; Molestina Vivar, Luis; Schmitz, Niklas; Weistroffer, Christian
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    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... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 534
    Fernleihe:
    keine Fernleihe

     

    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 investment in private debt assets exposes MMFs to liquidity risk. Second, we find that low volatility net asset value (LVNAV) funds, which invest in non-public debt assets while offering a stable NAV, face higher redemptions than other fund types. The risk of breaching the regulatory NAV limit may have incentivised outflows among some LVNAV investors in March 2020. Third, MMFs with lower levels of liquidity buffers use their buffers less than other funds, suggesting low levels of buffer usability in stress periods. Our findings suggest fragility in the EU MMF sector and call for a strengthened regulatory framework of private debt MMFs.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289953856
    Weitere Identifier:
    hdl: 10419/269144
    Schriftenreihe: Working paper series / European Central Bank ; no 2737 (October 2022)
    Schlagworte: money market funds; financial fragility; COVID-19; regulation
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  7. Banks' balance-sheet costs, monetary policy, and the ON RRP
    Autor*in: Afonso, Gara; Cipriani, Marco; La Spada, Gabriele
    Erschienen: [2022]
    Verlag:  Federal Reserve Bank of New York, New York, NY

    In June 2022, the Federal Reserve started reducing the size of its balance sheet, which had expanded to just under $9 trillion in response to the COVID-19 pandemic. However, whereas banks' reserves at the Federal Reserve have decreased, the... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 207
    Fernleihe:
    keine Fernleihe

     

    In June 2022, the Federal Reserve started reducing the size of its balance sheet, which had expanded to just under $9 trillion in response to the COVID-19 pandemic. However, whereas banks' reserves at the Federal Reserve have decreased, the investment of money market funds (MMFs) at the Federal Reserve's overnight reverse repo (ON RRP) facility has continued to increase, reaching $2.4 trillion in September 2022. In this paper, we causally identify the drivers of ON RRP take-up through a diff-in-diff approach. By exploiting a temporary change in the computation of banks' Supplementary Leverage Ratio (SLR) implemented in 2020-21, we show that banks' balance sheet costs incentivize them to push deposits toward MMFs and to reduce their overnight borrowing from MMFs, leading to an increase in MMF investment at the ON RRP. Furthermore, we show that monetary policy tightening, and Treasury bill scarcity are two additional factors contributing to the recent increase in ON RRP usage.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/272854
    Schriftenreihe: Staff reports / Federal Reserve Bank of New York ; no. 1041 (December 2022)
    Schlagworte: balance sheet constraints; banks; leverage ratio; monetary policy; money market funds; ONRRP
    Umfang: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  8. Money Market Funds and the Pricing of Near-Money Assets
    Autor*in: Dörr, Sebastian; Eren, Egemen; Malamud, Semyon
    Erschienen: 2023
    Verlag:  SSRN, [S.l.]

    US money market funds (MMFs) play an important role in short-term markets as large investors of Treasury bills (T-bills) and repurchase agreements (repos) with banks and the Federal Reserve, some of the world’s safest and most liquid assets. We build... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    US money market funds (MMFs) play an important role in short-term markets as large investors of Treasury bills (T-bills) and repurchase agreements (repos) with banks and the Federal Reserve, some of the world’s safest and most liquid assets. We build a theoretical model in which MMFs’ strategic interactions generate a trade-off between their market power in the repo market and their price impact in the T-bill market. Empirically, we show that MMFs’ portfolio allocation decisions between repos and T-bills have an economically significant impact on T-bill rates and market liquidity, and the liquidity premium on T-bills. Guided by our model, we devise instrumental variables to establish a causal effect. Using a granular holding-level dataset we confirm the model’s prediction that MMFs internalize their price impact in the T-bill market when they set repo rates. Moreover, when Treasury market liquidity is low, MMFs tilt their portfolios away from T-bills towards repos with the Federal Reserve. Our results have broad implications

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Swiss Finance Institute Research Paper ; No. 23-04
    Schlagworte: T-bills; repo; market power; price impact; liquidity premium; money market funds
    Weitere Schlagworte: Array
    Umfang: 1 Online-Ressource (69 p)
    Bemerkung(en):

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 27, 2023 erstellt
  9. Derivative margin calls
    a new driver of MMF flows
    Autor*in: Ghio, Maddalena; Rousová, Linda; Salakhova, Dilyara; Villegas Bauer, Germán
    Erschienen: [2023]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    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... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 534
    Fernleihe:
    keine Fernleihe

     

    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. We combine three highly granular unique data sources (EMIR data for derivatives, SHSS data for investor holdings of MMFs and Refinitiv Lipper data for daily MMF flows) to construct a daily fund-level panel dataset spanning from February to April 2020. We estimate the effects of variation margin paid and received by the largest holders of EUR-denominated MMFs on flows of these MMFs. The main findings suggest that variation margin payments faced by some investors holding MMFs were an important driver of the flows of EUR-denominated MMFs domiciled in euro area.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289959964
    Weitere Identifier:
    hdl: 10419/278476
    Schriftenreihe: Working paper series / European Central Bank ; no 2800 (March 2023)
    Schlagworte: liquidity risk; money market funds; big data; interconnectedness; non-bank financial intermediaries
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  10. Money market funds and the pricing of near-money assets
    Autor*in: Dörr, Sebastian; Eren, Egemen; Malamud, Semyon
    Erschienen: May 2023
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 546
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: BIS working papers ; no 1096
    Schlagworte: T-bills; repo; money market funds; near-money assets; liquidity
    Umfang: 1 Online-Ressource (circa 69 Seiten), Illustrationen
  11. Investment funds and financial stability
    policy considerations
    Beteiligt: Garcia Pascual, Antonio (HerausgeberIn); Singh, Ranjit A. (HerausgeberIn); Surti, Jay (HerausgeberIn)
    Erschienen: 2021
    Verlag:  International Monetary Fund, Publication Services, Washington, DC, U.S.A.

    The paper's analysis underscores the importance of the ongoing Financial Stability Board-led process of identifying policy options, involving national authorities and the International Organization of Securities Commissions and other standard... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

     

    The paper's analysis underscores the importance of the ongoing Financial Stability Board-led process of identifying policy options, involving national authorities and the International Organization of Securities Commissions and other standard setters. In this context, the global nature of the investment fund business and fungibility of financial flows makes it vital to ensure consistency of global policy choices that can secure financial stability by precluding regulatory arbitrage

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format