Impact of US Monetary Fund Reform on Offshore USD Liquidity  

作　　者：MAMiaoxian 

机构地区：[1]XingyeSecuritiesHangzhouQingtaiStreetSecuritiesBusinessDepartment,Hangzhou310018,China

出　　处：《外文科技期刊数据库(文摘版)经济管理》2022年第4期127-132,共6页

摘　　要：In recent years, emerging markets have experienced frequent currency problems. As the world currency, the US dollar has brought various risks to emerging markets through a series of economic policies. In October 2016, the implementation of the new regulation on the supervision and reform of US money market funds (Rule 2a-7) increased the short-term financing costs of financial institutions and transmitted them to the world through the offshore market. The global demand for USD was tight, which ultimately changed the USD liquidity pattern. Therefore, the research on the reform of American money market funds is of practical significance. Starting from the offshore USD market, this paper introduces the development process of US money market funds, studies the impact changes on the money market brought by the new regulation reform of US money market funds (Rule 2a-7) in 2016, and the transmission mechanism of the impact on the USD liquidity in the offshore market. The empirical research proves that the new regulation has an impact on the USD liquidity in the offshore market. The new regulation of US money market funds changed the pattern of US money market funds. The scale of high-quality funds invested in short-term financing decreased, which in turn affected the supply of offshore US dollars and the liquidity of US dollars was tight. Finally, combined with the problems existing in the development of money market funds in the United States, this paper puts forward some suggestions on the supervision and reform of money market funds.

关 键 词：US money market fund regulatory reform offshore USD LIQUIDITY 

分 类 号：F[经济管理]