ecb-评估流动性管理工具对投资基金的宏观审慎影响 全系统分析 Assessing the macroprudential impact of liquidity management tools for investment funds a system-wide analysis.pdfVIP

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ecb-评估流动性管理工具对投资基金的宏观审慎影响 全系统分析 Assessing the macroprudential impact of liquidity management tools for investment funds a system-wide analysis.pdf

Assessingthemacroprudentialimpact

ofliquiditymanagementtoolsfor

investmentfunds:asystem-wide

analysis

PreparedbyAntoineBaena,MatthiasSydowandGarbrandWiersema

PublishedaspartoftheFinancialStabilityReview,May2026.

Liquiditymismatchesinopen-endedfundscangeneratesystemicriskwhen

redemptionpressuresmeetilliquidmarkets.Duringstressepisodes,largeoutflows

mayforcerapidassetsalesatdiscountedprices.Asassetvaluesfall,investorsmay

accelerateredemptionstoavoidlosses,creatingrun-likedynamics.Suchfeedback

loopsbetweenoutflowsand

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