European Money Market Fund Investors Demand Liquidity
研究了英国“增长计划”公告对欧洲货币市场基金的影响，发现固定净值型基金出现资金外流，表明流动性费用和赎回门槛促使投资者在市场压力下快速行动。
ABSTRACT We analyze the impact of the United Kingdom's “Growth Plan” announcement on European Money Market Funds (MMFs). EU MMF regulations allow fixed net asset value (NAV) with liquidity fees and redemption gates and floating NAV without liquidity restrictions. The new regulations are designed to make MMFs more resilient under financial market stress. We find that Pounds denominated and/or UK‐domicile fixed NAV MMFs experience fund outflows following the announcement. Our results suggest that the fixed NAV MMF liquidity fees and redemption gates prompted investors to move quickly in response to the market stress of the Growth Plan.