Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Mutual Funds
研究发现货币市场基金在借贷中存在摩擦，导致借款人的困境通过基金传导。2011年中，投资欧元区银行的基金遭遇大额赎回，进而减少对非欧洲发行人的短期债务融资，且只有有关系的基金才提供替代融资。
We document frictions in money market mutual fund lending that lead to the transmission of distress across borrowers. Using novel security-level holdings data, we show that funds exposed to Eurozone banks suffered large outflows in mid-2011. These outflows had significant spillovers: non-European issuers relying on such funds raised less short-term debt financing. Issuer characteristics do not explain the results: holding fixed the issuer, funds with higher Eurozone exposure cut lending more. Due to credit market frictions, funds with low Eurozone exposure provided substitute financing only to issuers they had pre-existing relationships with, even though issuers are large, highly rated firms.