“The great recession taught us that although we cohabit with financial institutions we know little about them. Often we only discover their significance when things go wrong. Before the crash financial markets persuaded regulators to deal with them lightly. This inspired a misplaced confidence as financial complexity came to collapse under its own weight.
Baklanova and Tanega have collected a group of experts who delve into the innards of this complexity by examining money market funds. MMFs are protean shape shifters whose appearance provides what the observer desires to see. Are they banks? Are they shadow banks? What kind of entity are they? And how should they be regulated?
The authors in this important collection examine every aspect of money market funds from their history, through their functions, their types, to the appropriate forms of regulation. This monumental work will be the standard reference text for the foreseeable future.” – John Flood, University of Westminster Law School
“This is the most detailed and comprehensive account of money fund regulation to date. It’s a must-read for every money market professional or anyone interested in the short term markets.” – Zak Green, Western Asset Management
“The book will provide useful information on the evolution of the European (and non-US) money market fund industry.” – Jeffrey Gordon, Columbia Law School
“This collection of essays edited by two recognized finance experts represents cutting edge and balanced thinking in the mechanics, legal status and operations of Money Market Funds. It is an indispensable companion for policy-makers, lawyers, regulators and scholars with an interest in this fast-moving field.” – Emilios Avgouleas, Chair in International Banking Law and Finance, University of Edinburgh