国际货币基金组织：2025加息周期中货币市场基金增长研究报告：全球视角分析（英文版）（29页）.pdf

1、Money Market Fund Growth During Hiking Cycles A Global Analysis Kleopatra Nikolaou WP/25/WP/25/150 IMF Working Papers describe research in progress by the author(s)and are published to elicit comments and to encourage debate.The views expressed in IMF Working Papers are those of the author(s)and do

2、not necessarily represent the views of the IMF,its Executive Board,or IMF management.2025 JUL*The author would like to thank Benjamin Mosk,Jason Wu and Caio Ferreira.2025 International Monetary Fund WP/25/150IMF Working Paper Monetary and Capital Markets Money Market Fund Growth During Hiking Cycles

3、 A Global Analysis Prepared by Kleopatra Nikolaou*Authorized for distribution by Ana CorbachoJuly 2025IMF Working Papers describe research in progress by the author(s)and are published to elicit comments and to encourage debate.The views expressed in IMF Working Papers are those of the author(s)and

4、do not necessarily represent the views of the IMF,its Executive Board,or IMF management.ABSTRACT:This paper examines the drivers of money market funds(MMFs)growth during monetary policy hiking cycles.Analyzing data from nine countries with notable MMF sectors post-pandemic,it examines three main dri

5、vers:yield differentials between MMFs and bank deposits,banking turmoils that affect perceptions of relative safety for traditional cash options,and structural characteristics(types)of MMFs.The findings indicate that MMFs attract capital during rising interest rates driven primarily by yield-seeking

6、 behavior.This pattern persisted following the 2023 banking turmoil,particularly in the U.S.,where yield remained the dominant driver.After accounting for yield differentials,MMF growth was not unusually high compared to previous hiking cycles,suggesting limited evidence of widespread flight-to-safe