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access access to may lead to large withdrawals of funds from the banking system . In other
accord Accordingly even a piece of bad news that only few investors have access to may lead
accordance Accordingly even a piece of bad news that only few investors have access to may lead
achiev achieved in the exhibit The arrows denote the investments into a bank as well as the cost
act act as an amplification mechanism. Whereas under the traditional banking model the slow withdrawal of funds
agreement agreements . They continue In the United States deposits are insured up to 250 000 so bank
allow allows investors to achieve the same diversification gains as they do through direct finance while
also also sound from an economic theory MMF fragility is indeed a concern for the stability
although although intermediated through MMFs. Investors deposit their money in an MMF which in turn invests
am
amplif amplification mechanism. Whereas under the traditional banking model the slow withdrawal of funds from a bank
antoin Antoine Martin and Bruno Maria Parigi it explains Since the financial crisis of 2007 09 and in particular
appeal appealing it s also sound from an economic theory MMF fragility is indeed a concern
approxim approximately 2.5 trillion in assets at the end of 2012. As the table below shows
argu arguing in favor of MMF reform New York Fed President Bill Dudley stated that MMF fragility
argument argument more formally in a recent staff report. We show that MMF intermediation allows investors
arrow arrows denote the investments into a bank as well as the cost to the investor
articl article The Fragility of an MMF Intermediated Financial System libertystreeteconomics.newyorkfed.org 2013 12 the fragility of an mmf intermediated
asset assets usually become impaired. Of course as assets become impaired investors learn about it over
asset assets usually become impaired. Of course as assets become impaired investors learn about it over
awar aware that an MMF is investing in troubled banks will withdraw their funds from the MMF itself
bad bad news that only few investors have access to may lead to large withdrawals of funds
balanc balance sheet and that of other financial institutions. As a result MMF intermediation may contribute
bank bank exposure is by depositing their funds directly in several banks. We show how this
bank bank exposure is by depositing their funds directly in several banks. We show how this
bankruptci bankruptcy of a single banking institution. Since MMFs deposit their funds in banks on behalf
base base somewhat gradually. It continues In contrast in an economy intermediated through MMFs investors who are aware
becom become impaired. Of course as assets become impaired investors learn about it over time. They
behalf behalf of several clients they save the search and monitoring costs that each investor would
benchmarks
bill Bill Dudley stated that MMF fragility may contribute to financial market systemic risk. The idea
blog blog post by economists from the New York Federal Reserve libertystreeteconomics.newyorkfed.org 2013 12 the fragility
boston
brokerage
bruno Bruno Maria Parigi it explains Since the financial crisis of 2007 09 and in particular
but
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