| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13151 |
| DP13151 Liability Structure and Risk-Taking: Evidence from the Money Market Fund Industry | |
| Ramin Baghai; Mariassunta Giannetti | |
| 发表日期 | 2018-09-02 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We exploit a change in regulation of money market funds to investigate how the structure of liabilities impacts financial intermediaries’ asset holdings. We show that following a change in regulation, which has made prime money market funds’ liabilities less money-like, safer funds exited the industry. The remaining funds have increased the riskiness of their portfolios, possibly in response to an increase in the sensitivity of flows to performance. As a result, issuers with lower risk of default have less access to funding from US money market funds. To the best of our knowledge, our paper provides the first evidence in support of theories highlighting that the characteristics of financial intermediaries’ assets and liabilities are jointly determined. |
| 主题 | Financial Economics |
| 关键词 | Money-ness Fund exit Liquidity Money market funds Risk taking |
| URL | https://cepr.org/publications/dp13151 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541954 |
| 推荐引用方式 GB/T 7714 | Ramin Baghai,Mariassunta Giannetti. DP13151 Liability Structure and Risk-Taking: Evidence from the Money Market Fund Industry. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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