化解货币市场基金风险需要妥协_时事

化解货币市场基金风险需要妥协

该担保计划旨在遏止某些货币市场基金遭遇的集中赎回冲击，并根除非金融类企业和市政当局无法获得短期融资而可能引发的市场动荡。在该案例的基础上过度引申并不恰当（1994年某小型货币市场基金的单位资产净值也曾跌破1美元，不过并未引发严重的市场恐慌），货币市场基金确实是短期信贷市场极为重要的组成部分。

One regulatory proposal to deal with money market funds, originally suggested by Mary Schapiro, chairman of the Securities and Exchange Commission, is for the funds to adopt variable pricing. Unfortunately, a fluctuating NAV would severely diminish the attractiveness of money funds and may even have the unintended consequence of making the potential problem of runs worse.

有一项针对货币市场基金的监管提议是引入可变定价法，最初由美国证交会(SEC)主席玛丽·夏皮罗(Mary Schapiro)提出。但资产净值(NAV)的浮动将显著降低货币市场基金的吸引力，甚至可能意外地加剧集中赎回的潜在风险。

Individuals would be less inclined to use these funds as chequing account repositories for a forthcoming college tuition payment, for example, if they were uncertain what the value of their account would be when the tuition payment was due. Institutional investors are also likely to find a vehicle that provides a fluctuating value unattractive.