Chris Van Es

货币市场基金的抵抗

发自剑桥——美国证券交易委员会最近否决了一系列旨在令货币市场基金在金融危机中更加安全的提案,令众多观察员和其他监管者大惊失色。而考虑到货币市场基金可能为全球金融系统带来的风险——正如其在2008年所扮演的不稳定角色—自然也不难明白人们为何如此忧虑。

货币市场基金从投资者处吸收多余的资金来从企业,银行和其他金融机构购买短期金融要求权(IOU)。他们通过允许投资者写支票来模仿银行账户,并承诺后者的投资价值不会下跌。

在2012年,购买银行和企业债券的美国“主要”货币市场基金规模达1.5万亿美元。通过这些基金的资金流通往全球许多大型银行,不仅包括常说的那几个美国巨头(摩根大通,美洲银行和花旗银行),还有英格兰银行、德意志银行、东京银行,住友银行,瑞士瑞信银行和荷兰ING银行等欧日大型银行。单单后面这六家国际银行就占了主要货币市场基金总市值的近20%。

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