论文部分内容阅读
2007-2009年的金融危机,将货币市场基金推至风口浪尖。2008年9月,主要货币市场基金发生的挤提风波,更是让政策制定者头疼,担忧它可能会进一步威胁银行的稳健性。在近期的一次关于货币市场基金改革的文章和演讲中,纽约联储主席比尔?达德利表述了他的观点,认为货币市场基金的脆弱性会引爆金融市场的系统风险。这个判断直觉上是没问题的,而且我们也可以从经济学理论上找到依据。
2007-2009 financial crisis, the money market funds pushed to the cusp. In September 2008, the squeeze in the major money market funds was a headache for policy makers, fearing it might further undermine the bank’s robustness. In a recent article and speech on money market fund reform, New York Fed Chairman Bill Dudley presented his view that the vulnerability of money market funds could detonate systemic risks in financial markets. This judgment intuitively no problem, and we can find the basis of economic theory.