{"title":"货币市场共同基金流动性融资机制（MMLF）对企业短期借贷成本的影响","authors":"Karen Y. Jang","doi":"10.1111/jfir.12326","DOIUrl":null,"url":null,"abstract":"<p>In this article, I study the effect of the Money Market Fund Liquidity Facility (MMLF) on corporate short-term borrowing costs. Although MMLF loans accept a broader range of collateral acquired from money market funds (MMFs) than Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF) loans, their higher loan rates could make the intervention less effective. I find the average yield has decreased by 20–24 basis points. The yield-decreasing effects of the MMLF are stronger for securities issued by eligible non-US firms, non-asset-backed commercial paper securities that are newly accepted as collateral under the MMLF, and securities held by affiliated MMFs. However, I do not find an additional yield-decreasing effect of the MMLF on lower rated securities or nonfinancial sector securities. After the implementation of the MMLF, domestic MMFs seem to increase the weight of nonfinancial sector securities, which helps them achieve a higher return.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"46 3","pages":"605-629"},"PeriodicalIF":1.5000,"publicationDate":"2023-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.12326","citationCount":"0","resultStr":"{\"title\":\"The effect of the Money Market Mutual Fund Liquidity Facility (MMLF) on corporate short-term borrowing costs\",\"authors\":\"Karen Y. Jang\",\"doi\":\"10.1111/jfir.12326\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>In this article, I study the effect of the Money Market Fund Liquidity Facility (MMLF) on corporate short-term borrowing costs. Although MMLF loans accept a broader range of collateral acquired from money market funds (MMFs) than Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF) loans, their higher loan rates could make the intervention less effective. I find the average yield has decreased by 20–24 basis points. The yield-decreasing effects of the MMLF are stronger for securities issued by eligible non-US firms, non-asset-backed commercial paper securities that are newly accepted as collateral under the MMLF, and securities held by affiliated MMFs. However, I do not find an additional yield-decreasing effect of the MMLF on lower rated securities or nonfinancial sector securities. After the implementation of the MMLF, domestic MMFs seem to increase the weight of nonfinancial sector securities, which helps them achieve a higher return.</p>\",\"PeriodicalId\":47584,\"journal\":{\"name\":\"Journal of Financial Research\",\"volume\":\"46 3\",\"pages\":\"605-629\"},\"PeriodicalIF\":1.5000,\"publicationDate\":\"2023-04-11\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.12326\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Financial Research\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/jfir.12326\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Financial Research","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/jfir.12326","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
The effect of the Money Market Mutual Fund Liquidity Facility (MMLF) on corporate short-term borrowing costs
In this article, I study the effect of the Money Market Fund Liquidity Facility (MMLF) on corporate short-term borrowing costs. Although MMLF loans accept a broader range of collateral acquired from money market funds (MMFs) than Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF) loans, their higher loan rates could make the intervention less effective. I find the average yield has decreased by 20–24 basis points. The yield-decreasing effects of the MMLF are stronger for securities issued by eligible non-US firms, non-asset-backed commercial paper securities that are newly accepted as collateral under the MMLF, and securities held by affiliated MMFs. However, I do not find an additional yield-decreasing effect of the MMLF on lower rated securities or nonfinancial sector securities. After the implementation of the MMLF, domestic MMFs seem to increase the weight of nonfinancial sector securities, which helps them achieve a higher return.
期刊介绍：
The Journal of Financial Research(JFR) is a quarterly academic journal sponsored by the Southern Finance Association (SFA) and the Southwestern Finance Association (SWFA). It has been continuously published since 1978 and focuses on the publication of original scholarly research in various areas of finance such as investment and portfolio management, capital markets and institutions, corporate finance, corporate governance, and capital investment. The JFR, also known as the Journal of Financial Research, provides a platform for researchers to contribute to the advancement of knowledge in the field of finance.
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