Nie je k dispozícii v slovenčine.
Antoine Baena
- 27 May 2026
- FINANCIAL STABILITY REVIEW - BOXFinancial Stability Review Issue 1, 2026Details
- Abstract
- Liquidity mismatches in open-ended funds can generate systemic risk when redemption pressures meet illiquid markets, potentially triggering fire-sale spirals and spillovers to banks and other financial institutions. This box uses a system-wide agent-based model of the European financial system to assess the macroprudential impact of liquidity management tools in open-ended investment funds. The analysis evaluates two types of tool applied to second-round redemptions under the adverse scenario of the 2025 EU-wide stress test: redemption gates, which limit withdrawals, and anti-dilution levies, which pass liquidation costs on to redeeming investors. The results suggest that appropriately calibrated redemption gates can redistribute liquidity pressure away from more fragile and less liquid funds towards more resilient funds, thereby reducing the risk of destabilising fire sales while only marginally restricting aggregate liquidity. Anti-dilution levies generate meaningful liquidity transfers to funds facing high liquidation costs and are particularly effective in reducing tail losses in the fund sector. Both tools have limited effects on banks’ capital ratios, indicating that they do not materially constrain banks’ access to liquidity. Overall, the findings suggest that strictly and consistently implemented liquidity management tools can strengthen the resilience of investment funds and reduce systemic spillover risks, although potential incentives for pre-emptive redemptions due to gates or anti-dilution levies remain outside the model’s scope.
- JEL Code
- G01 : Financial Economics→General→Financial Crises
G17 : Financial Economics→General Financial Markets→Financial Forecasting and Simulation
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation