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Flight-to-quality—Money market mutual funds and stablecoins during the March 2023 banking crisis

Author

Listed:
  • Oefele, Nico
  • Baur, Dirk G.
  • Smales, Lee A.

Abstract

The March 2023 banking crisis prompted a flight-to-quality, with inflows into money market mutual funds and outflows from stablecoins. Similar flows from riskier to safer categories within both asset classes highlight the important role of reserve assets and issuer size.

Suggested Citation

  • Oefele, Nico & Baur, Dirk G. & Smales, Lee A., 2024. "Flight-to-quality—Money market mutual funds and stablecoins during the March 2023 banking crisis," Economics Letters, Elsevier, vol. 234(C).
    • Handle: RePEc:eee:ecolet:v:234:y:2024:i:c:s0165176523004901
    DOI: 10.1016/j.econlet.2023.111464
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    More about this item

    Keywords

    Silicon valley bank; Signature bank; Flight-to-quality; Money market mutual fund; Stablecoin;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G1 - Financial Economics - - General Financial Markets
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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