有一段历史或能揭示货币市场基金带来的潜在风险。四年前,美国财政部前所未有地为货币市场基金的资产价值提供担保,以防止其遭遇集中赎回,进而影响非金融类企业获得短期融资的能力。
The run began when the Reserve Primary Fund, the first US money market fund, “broke the buck in falling to 97 cents after suffering large losses from the holdings of Lehman Brothers and other risky paper. The resulting investor anxiety led to billions of dollars of outflows from money funds that were only stemmed when the Treasury announced a temporary guarantee of the $1 net asset value for all funds that paid a fee to participate in the programme.
引发集中赎回的导火索是Reserve Primary基金的每单位资产净值跌至97美分,跌破了1美元的票面价值,因该基金所持雷曼兄弟以及其他风险票据发生了重大损失。Reserve Primary是美国第一家货币市场基金。该事件引发了投资者的焦虑情绪,并导致数十亿美元资金流出了货币市场基金。赎回风潮直到美国财政部公布了一项临时担保计划方才得到遏制,财政部将担保所有付费参与该计划基金的单位资产净值不低于1美元。
The guarantee was designed to stop the run that certain institutional money funds were experiencing and to stem the potential disruptions that could result if non-financial corporations and municipalities were unable to finance their short-term needs. While it would be wrong to generalise too much from this example (a small money fund broke the buck in 1994 without triggering a big panic), money market funds are certainly a critically important component of the short-term credit markets.
【化解货币市场基金风险需要妥协】相关文章:
★ 数字时代的零售业
最新
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15