Edited by William A. Birdthistle and John Morley
Chapter 10: Tales from the dark side: money market funds and the shadow banking debate
The chapter considers money market funds and the shadow banking debate by tracing their evolution from their inception in the 1970s. It focuses particularly on the events of September 2008, when the bankruptcy of Lehman Brothers caused the Reserve Primary Fund to “break the buck” and triggered investors’ redemptions from money market funds. It explains the political interplay among government regulators regarding the need for reform and the ensuing regulations adopted by the SEC. The chapter closes by offering thoughtful observations about the likely structure of the money market fund industry in the future.
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