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Twenty-Eight Money Market Funds That Could Have Broken the Buck: New Data on Losses during the 2008 Crisis

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Abstract
During the financial crisis in 2008, just one money market fund (MMF) ?broke the buck??that is, its share price dropped below one dollar. The Reserve Primary Fund announced on September 16 that the value of its shares had dropped to 97 cents. As we discussed in a previous post, Reserve?s announcement helped spark a widespread, damaging run on MMFs that slowed only when the federal government intervened three days later to backstop the funds.

Suggested Citation

  • Marco Cipriani & Michael Holscher & Antoine Martin & Patrick E. McCabe, 2013. "Twenty-Eight Money Market Funds That Could Have Broken the Buck: New Data on Losses during the 2008 Crisis," Liberty Street Economics 20131009, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:86898
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    File URL: https://libertystreeteconomics.newyorkfed.org/2013/10/twenty-eight-money-market-funds-that-could-have-broken-the-buck-new-data-on-losses-during-the-2008-c.html
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    Keywords

    Money Market Funds; NAV;

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services

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