地缘政治溢出：俄罗斯-乌克兰入侵及其对货币市场基金的影响

IF 2.4 3区经济学 Q2 ECONOMICS

European Journal of Political Economy Pub Date : 2025-08-14 DOI:10.1016/j.ejpoleco.2025.102734

Vaibhav Keshav , Meghana Vaidya

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引用次数: 0

摘要

本研究首次探讨了俄乌冲突对美国货币市场基金（MMF）行业的影响。使用细粒度数据，我们观察到与政府mmf相比，美国Prime mmf的大量流出为220亿美元。这表明投资者在“避险”。我们报告欧洲MMF中没有优质MMF资产外流。我们的结果对于各种基金水平的控制和多种固定效应是稳健的。这项研究为地缘政治事件（如俄乌冲突）如何影响资本市场提供了新的见解。最后，我们讨论了它对投资者、政策制定者和监管机构在地缘政治动荡期间关心维持金融稳定的影响。

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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Geopolitical spillover: The Russia–Ukraine invasion and its effects on money market funds

This study is the first to examine the impact of the Russia–Ukraine Conflict on the United States (US) Money Market Fund (MMF) industry. Using granular data, we observe a significant outflow of $22 billion in US Prime MMFs compared to government MMFs. This suggests a “flight for safety” among investors. We report no prime MMF asset outflows in the European MMFs. Our results are robust for various fund-level controls and multiple fixed effects. This study provides new insights into how geopolitical events, like the Russia–Ukraine conflict, affect capital markets. Finally, we discuss its implications for investors, policymakers, and regulators concerned about maintaining financial stability during geopolitical turmoil.

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来源期刊

European Journal of Political Economy Multiple-

CiteScore

3.40

自引率

10.00%

发文量

106

期刊介绍： The aim of the European Journal of Political Economy is to disseminate original theoretical and empirical research on economic phenomena within a scope that encompasses collective decision making, political behavior, and the role of institutions. Contributions are invited from the international community of researchers. Manuscripts must be published in English. Starting 2008, the European Journal of Political Economy is indexed in the Social Sciences Citation Index published by Thomson Scientific (formerly ISI).