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Responding to the Bear Market: Money Market Funds

Matthew P. Fink

in The Rise of Mutual Funds: An Insider’s View

Published in print:
2011
Published Online:
January 2012
ISBN:
9780199753505
eISBN:
9780199918805
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199753505.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

This chapter discusses the impact of the 1970s bear market on the mutual fund industry. Just as three decades of a strong stock market, from 1940 to 1970, spurred mutual fund growth, the prolonged ... More


Responding to the Bear Market: Money Market Funds

Matthew P. Fink

in The Rise of Mutual Funds: An Insider's View

Published in print:
2008
Published Online:
January 2009
ISBN:
9780195336450
eISBN:
9780199868469
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195336450.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

The prolonged bear market of the 1970s devastated mutual funds. Fund assets plummeted due to falling portfolio values and net redemptions of fund shares. Consumers paid high interest rates on their ... More


Modernizing SEC Regulation

Matthew P. Fink

in The Rise of Mutual Funds: An Insider's View

Published in print:
2008
Published Online:
January 2009
ISBN:
9780195336450
eISBN:
9780199868469
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195336450.003.0010
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

The dramatic changes in the fund industry during the 1980s and 1990s led the SEC and the industry to seek to modernize SEC requirements. SEC disclosure requirements relating to fund prospectuses, ... More


The Rise of Mutual Funds: An Insider's View

Matthew P. Fink

Published in print:
2008
Published Online:
January 2009
ISBN:
9780195336450
eISBN:
9780199868469
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195336450.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

The book describes the developments that caused mutual funds to go from a virtually unknown financial product in the 1920s to the largest financial industry in the world today. It covers the ... More


The Rise of Mutual Funds: An Insider’s View

Matthew P. Fink

Published in print:
2011
Published Online:
January 2012
ISBN:
9780199753505
eISBN:
9780199918805
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199753505.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

In 1940 few Americans had heard of mutual funds. Today, US mutual funds are the largest financial industry in the world, with over 88 million shareholders and over $11 trillion in assets. This book ... More


Money Market Mutual Fund Reform

Hal S. Scott

in Connectedness and Contagion: Protecting the Financial System from Panics

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034371
eISBN:
9780262332156
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034371.003.0019
Subject:
Economics and Finance, Economic History

Prime money market mutual funds (MMF) are particularly susceptible to runs given the inherently short-term nature of their liabilities and the riskiness of their assets as compared with government ... More


Money Market Funds

William A. Birdthistle

in Empire of the Fund: The Way We Save Now

Published in print:
2016
Published Online:
August 2016
ISBN:
9780199398560
eISBN:
9780199398591
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199398560.003.0014
Subject:
Economics and Finance, Financial Economics

Today, huge numbers of investors rely on money market funds, investing more than $2.6 trillion in them. The administrators of retirement plans routinely designate money market funds as a default ... More


Money Market Mutual Funds

Anna Agapova

in Mutual Funds and Exchange-Traded Funds: Building Blocks to Wealth

Published in print:
2015
Published Online:
November 2015
ISBN:
9780190207434
eISBN:
9780190207465
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190207434.003.0011
Subject:
Economics and Finance, Financial Economics

Until 2011, money market mutual funds (MMMFs) represented the second largest category of the mutual fund industry in the United States. With $2.7 trillion in total net assets (TNA) as of December ... More


Insuring Money Market Funds

Hal S. Scott

in Connectedness and Contagion: Protecting the Financial System from Panics

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034371
eISBN:
9780262332156
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034371.003.0013
Subject:
Economics and Finance, Economic History

This chapter analyzes the possible need for insurance of money market mutual funds. The issue is of particular concern given the vulnerability of those funds, in particular, prime institutional ... More


Liability Connectedness: Money Market Funds and Tri-Party Repo Market

Hal S. Scott

in Connectedness and Contagion: Protecting the Financial System from Panics

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034371
eISBN:
9780262332156
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034371.003.0005
Subject:
Economics and Finance, Economic History

Modern financial markets are a highly complex system of financial institutions with a high degree of interdependence and interconnections. Financial institutions are not only connected through ... More


The United States as an ILLR during the Great Panic of 2008–2009

Daniel McDowell

in Brother, Can You Spare a Billion?: The United States, the IMF, and the International Lender of Last Resort

Published in print:
2017
Published Online:
December 2016
ISBN:
9780190605766
eISBN:
9780190609504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190605766.003.0007
Subject:
Political Science, Political Economy, International Relations and Politics

In late 2008, the freezing of global credit markets on fears of exposure to subprime mortgages in the United States led to an acute shortage of dollars in international financial markets. With the ... More


Life-Cycle Funds

Luis M. Viceira (ed.)

in Overcoming the Saving Slump: How to Increase the Effectiveness of Financial Education and Saving Programs

Published in print:
2009
Published Online:
February 2013
ISBN:
9780226497099
eISBN:
9780226497105
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226497105.003.0006
Subject:
Economics and Finance, Public and Welfare

This chapter describes how human capital is equivalent to an implicit investment in bonds for an investor who knows his income in advance with perfect certainty, and argues that properly designed ... More


Asset Managers and Stability

John Armour, Dan Awrey, Paul Davies, Luca Enriques, Jeffrey N. Gordon, Colin Mayer, and Jennifer Payne

in Principles of Financial Regulation

Published in print:
2016
Published Online:
October 2016
ISBN:
9780198786474
eISBN:
9780191828782
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198786474.003.0022
Subject:
Law, Constitutional and Administrative Law, Company and Commercial Law

Collective investment vehicles, and the asset managers that sponsor them, are key market intermediaries in the financial system. In this chapter, we explore their impact on financial stability. Many ... More


Resurgence, Part I: Federal Agencies and Courts Opened Loopholes in the Glass-Steagall Act During the 1980s and 1990s

Arthur E. Wilmarth Jr. Jr.

in Taming the Megabanks: Why We Need a New Glass-Steagall Act

Published in print:
2020
Published Online:
September 2020
ISBN:
9780190260705
eISBN:
9780190260736
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190260705.003.0008
Subject:
Economics and Finance, Financial Economics

The Glass-Steagall Act created a decentralized financial system composed of three separate and independent financial sectors—commercial banking, securities markets, and insurance. The Bank Holding ... More


Comments by Howell E. Jackson

Roger B. Porter, Robert R. Glauber, and Thomas J. Healey

in New Directions in Financial Services Regulation

Published in print:
2011
Published Online:
August 2013
ISBN:
9780262015615
eISBN:
9780262295789
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262015615.003.0010
Subject:
Economics and Finance, Economic Systems

This chapter discusses the diagnosis of the economic crisis presented by previous chapters. The chapter first argues against the statement that the Glass-Steagall Act disrupted the period of ... More


Regulatory Structure and Reform: The Purpose Should Guide the Outcome

David G. Nason

in New Directions in Financial Services Regulation

Published in print:
2011
Published Online:
August 2013
ISBN:
9780262015615
eISBN:
9780262295789
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262015615.003.0012
Subject:
Economics and Finance, Economic Systems

This chapter introduces the first signs that the United States is emerging from a period of failure of liquid markets such as markets for money-market mutual funds, for asset-backed commercial paper, ... More


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