Arbeitspapier

You can't always get what you want (where you want it): Cross-border effects of the US money market fund reform

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.

ISBN: 978-3-95729-869-0

Language: Englisch

Bibliographic citation: Series: Deutsche Bundesbank Discussion Paper ; No. 03/2022

Classification: Wirtschaft
Demand for Money
Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
Financial Institutions and Services: Government Policy and Regulation

Subject: cross-border effects
regulation
money market funds
risk-taking

Event: Geistige Schöpfung

(who): Fricke, Daniel
Greppmair, Stefan
Paludkiewicz, Karol

Event: Veröffentlichung

(who): Deutsche Bundesbank

(where): Frankfurt a. M.

(when): 2022

Handle: http://hdl.handle.net/10419/251196

Last update: 10.03.2025, 11:42 AM CET

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Arbeitspapier

Associated

Fricke, Daniel
Greppmair, Stefan
Paludkiewicz, Karol
Deutsche Bundesbank

Time of origin

2022

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You can't always get what you want (where you want it): Cross-border effects of the US money market fund reform

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