This is the first study to look at the characteristics of funds accepting the $2.7 trillion taxpayer guarantee of money market mutual funds during the 2008 financial crisis. Fund shares that benefited from Federal Reserve’s asset-backed commercial paper program were significantly more likely to get bailed out by taxpayers and sponsors. The paper tests if funds adhering to the SEC’s 2010 liquidity reforms prior to their enactment were less likely to be bailed out in 2008. Finally, it examines if funds subject to the 2014 floating NAV regulations were more likely to be bailed out in 2008.

中文翻译：

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破钱：2008年获得纳税人担保的货币基金

这是第一项研究针对2008年金融危机期间接受2.7万亿美元纳税人货币市场共同基金担保的基金特征的研究。受益于美联储资产支持商业票据计划的基金份额，更有可能被纳税人和保荐人纾困。该论文测试了在法案颁布之前遵守SEC 2010年流动性改革的资金是否不太可能在2008年获得保释。最后，本文研究了受2014年浮动净资产值监管的资金是否更有可能在2008年得到保释。