Eintrag weiter verarbeiten
Verfügbar über Online-Ressource

Money Market Funds Intermediation, Bank Instability, and Contagion

Gespeichert in:

Personen und Körperschaften: Cipriani, Marco (VerfasserIn), Martin, Antoine (Sonstige), Parigi, Bruno Maria (Sonstige)
Weitere Verfasser: Martin, Antoine [Sonstige] • Parigi, Bruno Maria [Sonstige]
Format: E-Book
Sprache: Englisch
veröffentlicht:
[S.l.] SSRN [2013]
Gesamtaufnahme: FRB of New York Staff Report
Quelle: Verbunddaten SWB
Lizenzfreie Online-Ressourcen
Details
Zusammenfassung: In recent years, U.S. banks have increasingly relied on deposits from financial intermediaries, especially money market funds (MMFs), which collect funds from large institutional investors and lend them to banks. In this paper, we show that intermediation through MMFs allows investors to limit their exposure to a given bank (i.e., reap gains from diversification). However, since MMFs are themselves subject to runs from their own investors, a banking system intermediated through MMFs is more unstable than one in which investors interact directly with banks. A mechanism through which instability can arise in an MMF-intermediated financial system is the release of private information on bank assets, which is aggregated by MMFs and could lead them to withdraw en masse from a bank. In addition, we show that MMF intermediation can also be a channel of contagion among banking institutions
Beschreibung: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 1, 2013 erstellt
Umfang: 1 Online-Ressource (31 p)
DOI: 10.2139/ssrn.2213314
Zugang: Open Access