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文章基本信息

  • 标题:A theoretical model analysing investment funds’ liquidity management and policy measures
  • 本地全文:下载
  • 作者:Margherita Giuzio ; Michael Grill ; Dominika Kryczka
  • 期刊名称:Euro Area Balance of Payments and International Investment Position Statistics
  • 印刷版ISSN:1830-3420
  • 电子版ISSN:1830-3439
  • 出版年度:2021
  • 卷号:2021
  • 语种:English
  • 出版社:European Central Bank
  • 摘要:Large differences between the liquidity of investment funds’ assets and liabilities (i.e. liquidity mismatches) can create vulnerabilities in the financial system and expose funds to a risk of large outflows and sudden drops in market liquidity. From a macroprudential perspective, the current regulatory framework may not sufficiently address the risks stemming from liquidity mismatches in investment funds. By modelling the liquidity management of an openended fund, this article provides theoretical justification for preemptive policy measures such as cash buffers that enhance financial stability by helping to increase the resilience.
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