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  1. 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

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    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.

     
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    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
  2. Money market fund vulnerabilities
    a global perspective
    Autor*in: Bouveret, Antoine; Martin, Antoine; McCabe, Patrick E.
    Erschienen: 8 March 2022
    Verlag:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 412
    Fernleihe:
    keine Fernleihe
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
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    Schriftenreihe: Finance and economics discussion series ; 2022, 012
    Schlagworte: Money market funds; liquidity transformation; runs; nonbank financial institutions; short‐term funding markets; information‐insensitive assets; financial stability
    Umfang: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  3. The development of local currency bond markets and uncovered interest rate parity
    Autor*in: Park, Cyn-Young; Shin, Kwanho
    Erschienen: 2023
    Verlag:  Asian Development Bank, Metro Manila, Philippines

    This paper investigates whether the uncovered interest parity (UIP) will hold more firmly if the local currency bond markets (LCBMs) are more developed, and the presence of nonbank financial institutions (NBFIs) is expanded. Deviations in UIP... mehr

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    Verlag (kostenfrei)
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 496
    Fernleihe:
    keine Fernleihe

     

    This paper investigates whether the uncovered interest parity (UIP) will hold more firmly if the local currency bond markets (LCBMs) are more developed, and the presence of nonbank financial institutions (NBFIs) is expanded. Deviations in UIP decrease as LCBMs develop, while the patterns of the UIP premium in emerging markets increasingly resemble patterns in advanced economies. Capital flows respond more sensitively to the UIP premium for emerging markets when LCBMs are more developed. These suggest the development of LCBMs and NBFIs might induce more active cross-border carry trades and reduce UIP deviations. However, greater carry trade positions may increase a country's exposure to market disruptions and exchange rate volatility. Empirical results show that gross portfolio debt inflows increase (decrease) when the exchange rate appreciates (depreciates). While LCBMs becoming more developed can mitigate the negative effect of the original sin redux hypothesis in advanced economies, this aggravates the impact of exchange rate depreciation in emerging markets.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
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    Schriftenreihe: ADB economics working paper series ; no. 677 (February 2023)
    Schlagworte: uncovered interest parity; local currency bond markets; emerging economies; nonbank financial institutions; capital inflows
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen