[20200324]IF11320_货币市场共同基金：金融稳定案例研究.pdf

https:/crsreports.congress.gov Updated March 24, 2020Money Market Mutual Funds: A Financial Stability Case StudyA money market mutual fund (MMF) is a mutual fund that under Securities and Exchange Commission (SEC) Rule 2a-7 can invest only in high-quality, short-term debt securities, such as U.S. Treasury bills or commercial paper (a type of corporate debt). MMFs are commonly considered as safe alternatives to bank deposits, although they are not federally insured like bank deposits. However, this perceived-to-be-safe financial instrument triggered major market disruptions in 2008 that accelerated the 2007-2009 financial crisis. At the time, the Treasury Department and the Fed developed multiple intervention tools. As the 2020 coronavirus-induced market stress continues, some of the same tools are being reconsidered. The Fed reintroduced its MMF facility. The Coronavirus Aid, Relief, and Economic Security Act of 2020 (S. 3548) also proposes to permit a Treasury Department guarantee program for temporary use during the coronavirus (COVID-19) outbreak. MMFs and the 2007-2009 Financial Crisis On September 15, 2008, Lehman Brothers Holdings Inc., an investment bank, filed for bankrupt