国际货币基金组织：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）

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 drivers: 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