稳定币是未来的货币市场共同基金吗？

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Empirical Finance Pub Date : 2024-10-22 DOI:10.1016/j.jempfin.2024.101557

Nico Oefele, Dirk G. Baur, Lee A. Smales

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引用次数: 0

摘要

本文首次对稳定币和货币市场共同基金（MMF）这两种金融工具进行了全面比较。我们观察到，法币储备支持（FRB）的稳定币和货币市场共同基金的储备资产支持相似，赞助商支持的重要性相似，宏观经济指标和挂钩偏差之间的负相关关系相同。这两种工具都是投资者存放资金的短期工具，其一级市场的微观结构也相似。然而，联邦储备银行稳定币与美元挂钩的偏差更大，波动性明显更高，而且其市场基础设施缺乏透明度。与规模较小的稳定币相比，规模较大的 FRB 稳定币显示出较低的波动性，其盯住偏离驱动因素与 MMF 更为相似。我们的结论是，FRB 稳定币与 MMF 非常相似，有可能成为未来的 MMF。

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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Are stablecoins the money market mutual funds of the future?

This paper is the first to provide a comprehensive comparison of two financial instruments: stablecoins and money market mutual funds (MMFs). We observe similar reserve asset backing for fiat reserve backed (FRB) stablecoins and MMFs, similar importance of sponsor support, and the same negative association between macroeconomic indicators and peg deviations. Both instruments serve as short-term facilities for investors to park funds and their primary market microstructure is similar. However, FRB stablecoins exhibit larger dispersions from the dollar peg, significantly higher volatility, and a lack of transparency in their market infrastructure. Larger FRB stablecoins show reduced volatility compared to their smaller counterparts, with peg deviation drivers more closely resembling those of MMFs. We conclude that FRB stablecoins demonstrate remarkable similarities to MMFs and have the potential to become the MMFs of the future.

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来源期刊

Journal of Empirical Finance Multiple-

CiteScore

3.40

自引率

3.80%

发文量

期刊介绍： The Journal of Empirical Finance is a financial economics journal whose aim is to publish high quality articles in empirical finance. Empirical finance is interpreted broadly to include any type of empirical work in financial economics, financial econometrics, and also theoretical work with clear empirical implications, even when there is no empirical analysis. The Journal welcomes articles in all fields of finance, such as asset pricing, corporate finance, financial econometrics, banking, international finance, microstructure, behavioural finance, etc. The Editorial Team is willing to take risks on innovative research, controversial papers, and unusual approaches. We are also particularly interested in work produced by young scholars. The composition of the editorial board reflects such goals.