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

以未来需要支付大学学费的个人投资者为例，引入可变定价法将导致个人将支票账户余额存入货币市场基金的意愿降低，因为他们无法预知需要支付学费时基金账户的资产价值究竟是多少。机构投资者同样也可能认为价值浮动的投资工具缺乏吸引力。

The unintended consequences of a regulatory requirement to shift to floating NAVs need also to be considered. Runs on money market funds could be even more likely if investors become more sensitive to fluctuating prices. So-called “ultra short investment funds with floating prices experienced substantial outflows during the financial crisis. Floating NAVs would not make money funds more robust during adverse liquidity conditions. And the shifting of money fund deposits to banks could increase systemic risks by making too-big-to-fail institutions even larger. Shifting money fund assets offshore to the unregulated sector would also be undesirable.

切换至浮动资产净值的监管要求可能引发的后果也值得考虑。如果投资者对资产净值浮动变得更为敏感，货币市场基金遭遇集中赎回的可能性甚至将会增大。金融危机期间，所谓的“极短期浮动定价投资基金领域发生了大规模资本外流。浮动资产净值无助于使货币市场基金在不利的流动性条件下变得更加稳剑储蓄资金从货币市场基金流入银行，可能使这些本已“大而不倒的机构变得更为庞大，进而增大系统风险。货币市场基金的资产转移至不受监管的离岸市场也将带来不良影响。

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★ 20世纪最无聊一天：1954年4月11日