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Maddalena Ghio

25 November 2020
FINANCIAL STABILITY REVIEW - BOX
Financial Stability Review Issue 2, 2020
Details
Abstract
In the most turbulent week during the coronavirus-related market turmoil in March 2020, euro-denominated money market funds experienced very high outflows. But which investors withdrew from these funds and why did they do so? This box suggests that the increase in variation margin on derivatives contracts held by euro area insurance corporations and pension funds was one of the key drivers behind these outflows.
JEL Code
G01 : Financial Economics→General→Financial Crises
G22 : Financial Economics→Financial Institutions and Services→Insurance, Insurance Companies, Actuarial Studies
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G15 : Financial Economics→General Financial Markets→International Financial Markets