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US Dollar Money Market Funds and Non-US Banks

BIS Quarterly Review, March 2009

17 Pages Posted: 27 Jul 2012

See all articles by Naohiko Baba

Naohiko Baba

Bank of Japan - Financial Markets Department

Robert N. McCauley

University of Oxford - Oxford Centre for Global History; Boston University, Global Development Policy Center

Srichander Ramaswamy

Bank for International Settlements (BIS)

Date Written: March 2, 2009

Abstract

The Lehman Brothers failure stressed global interbank and foreign exchange markets because it led to a run on money market funds, the largest suppliers of dollar funding to non-US banks. Policy stopped the run and replaced private with public funding.

JEL Classification: E58, F34, G28, G29

Suggested Citation

Baba, Naohiko and McCauley, Robert N. and McCauley, Robert N. and Ramaswamy, Srichander, US Dollar Money Market Funds and Non-US Banks (March 2, 2009). BIS Quarterly Review, March 2009, Available at SSRN: https://ssrn.com/abstract=1516354

Naohiko Baba

Bank of Japan - Financial Markets Department ( email )

2-1-1, Hongoku-cho
Nihonbashi
Chuo-ku, Tokyo, 103
Japan

Robert N. McCauley (Contact Author)

University of Oxford - Oxford Centre for Global History ( email )

Mansfield Road
Oxford, Oxfordshire OX1 4AU
United Kingdom

Boston University, Global Development Policy Center ( email )

67 Bay State Road
Boston, MA 02215
United States

Srichander Ramaswamy

Bank for International Settlements (BIS) ( email )

CH-4002 Basel, Basel-Stadt
Switzerland

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