| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14375 |
| DP14375 Investors' Appetite for Money-Like Assets: The MMF Industry after the 2014 Regulatory Reform | |
| Marco Cipriani; Gabriele La Spada | |
| 发表日期 | 2020-02-02 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper uses a quasi-natural experiment to estimate the premium for money-likeness. The 2014 SEC reform of the money market fund (MMF) industry reduced the money-likeness of prime MMFs by increasing their information sensitivity, while leaving government MMFs unaffected. Investors fled from prime to government MMFs, with total outflows exceeding 1 trillion dollars. Using a difference-in-differences design, we estimate the premium for money-likeness to be between 20 and 30 basis points. These premiums are not due to changes in investors' risk tolerance or funds' risk taking. Our results support recent developments in monetary theory identifying information insensitivity as a key feature of money. |
| 主题 | Financial Economics |
| 关键词 | Money-like assets Information sensitivity Money market funds Money market funds reform |
| URL | https://cepr.org/publications/dp14375 |
| 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/543269 |
| 推荐引用方式 GB/T 7714 | Marco Cipriani,Gabriele La Spada. DP14375 Investors' Appetite for Money-Like Assets: The MMF Industry after the 2014 Regulatory Reform. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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