The regulatory dialectic in bank-sponsored money market funds

IF 4.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability Pub Date : 2025-09-01 Epub Date: 2025-08-06 DOI:10.1016/j.jfs.2025.101454

Stefan Jacewitz , Jonathan Pogach , Haluk Unal , Chengjun Wu

引用次数: 0

Abstract

The regulatory dialectic describes the dynamic process of banks and regulators continuously acting and reacting to one another. We provide empirical evidence of the regulatory dialectic in the prime institutional money market fund (PI-MMF) industry. Regulations on commercial deposits fueled growth in bank-sponsored PI-MMFs as a form of shadow banking in a relatively less regulated market. Re-regulation following the 2008 financial crisis halted this rapid growth, and the industry shifted from PI-MMFs to government institutional MMFs. We conjecture that this dialectical process will continue, and the decline of the PI-MMF may engender a shift toward structurally similar products, like stablecoins.

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银行发起的货币市场基金的监管辩证法

监管辩证法描述了银行和监管机构不断相互作用和相互反应的动态过程。我们提供了主要机构货币市场基金（PI-MMF）行业监管辩证法的实证证据。对商业存款的监管推动了银行赞助的pi - mmf的增长，作为监管相对较少的市场中的一种影子银行。2008年金融危机后的重新监管阻止了这种快速增长，行业从个人mmf转向政府机构mmf。我们推测，这种辩证过程将继续下去，PI-MMF的下降可能会导致向结构类似的产品（如稳定币）的转变。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Stability Multiple-

CiteScore

7.70

自引率

9.30%

发文量

审稿时长

34 days

期刊介绍： The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.